Statute 104 9703

1. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this article if, when this article as amended takes effect, the applicable requirements for enforceability and perfection under this article as amended are satisfied without further action. 2. Except as otherwise provided in NRS 104.9705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this article as amended are not satisfied on July 1, 2001, the security interest: (a) Is a perfected security interest for 1 year after July 1, 2001; (b) Remains enforceable thereafter only if the security interest becomes enforceable under NRS 104.9203 before the year expires; and (c) Remains perfected thereafter only if the applicable requirements for perfection under this article as amended are satisfied before the year expires. (Added to NRS by 1999, 362)