§ 400-9-704

Title XXVI TRADE AND COMMERCE Chapter 400 • Effective - 01 Jul 2001, see footnote 400.9-704. 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 for one year after July 1, 2001; (2) Remains enforceable thereafter if the security interest becomes enforceable under section 400.9-203 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 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. ­­-------- (L. 2001 S.B. 288) Effective 7-01-01