Section 11-9-704 - Security interest unperfected before effective date

A security interest that is enforceable immediately before July 1, 2001, 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 on and for one year after July 1, 2001;(2) Remains enforceable thereafter if the security interest becomes enforceable under Code Section 11-9-203 on July 1, 2001, or within one year thereafter; and(3) Becomes perfected: (A) Without further action, on July 1, 2001, if the applicable requirements for perfection under this article 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.Added by 2001 Ga. Laws 191, § 1, eff. 7/1/2001.