Section 4-9-704 - Security interest unperfected before effective date

A security interest that is enforceable immediately before July 1, 2001, but that would be subordinate to the rights of a person that becomes a lien creditor at that time:(1) Remains an enforceable security interest for one year after July 1, 2001;(2) Remains enforceable after June 30, 2002, only if the security interest becomes enforceable under section 4-9-203 on or before June 30, 2002; and(3) Becomes perfected:(A) Without further action, on July 1, 2001, if the applicable requirements for perfection under this act are satisfied on or before July 1, 2001; or(B) When the applicable requirements for perfection are satisfied if the requirements are satisfied after July 1, 2001.L. 2001: Entire article R&RE, p. 1424, § 1, effective July 1.