SECTION 9-704. Security Interest Unperfected Before Effective Date

Latest version.

A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1) remains an enforceable security interest for 1 year after this act takes effect;

(2) remains enforceable thereafter if the security interest becomes enforceable under Section 9-203 when this act takes effect or within 1 year thereafter; and

(3) becomes perfected:

(A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or

(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

                    
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