TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 7.

TRANSITION

28-9-709.  Priority. (a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former chapter 9, title 28, determines priority.

(b)  For purposes of section 28-9-322(a), the priority of a security interest that becomes enforceable under section 28-9-203 of this act dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former chapter 9, title 28. This subsection does not apply to conflicting security interests, each of which is perfected by the filing of such a financing statement.

History:

[28-9-709, added 2001, ch. 208, sec. 2, p. 800.]