2403

(a) Continuing priority over lien creditor: perfection requirements satisfied.— A security interest that is enforceable immediately before this act takes effect 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 chapter if, when this act takes effect, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.\n(b) Continuing priority over lien creditor: perfection requirements not satisfied.— Except as otherwise provided in § 2405 of this title, if, immediately before this act takes effect, 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 chapter are not satisfied when this act takes effect, the security interest:\n(1) Is a perfected security interest for one (1) year after this act takes effect;\n(2) remains enforceable thereafter only if the security interest becomes enforceable under § 2233 of this title before the year expires, and\n(3) remains perfected thereafter only if the

kes effect;\n(2) remains enforceable thereafter only if the security interest becomes enforceable under § 2233 of this title before the year expires, and\n(3) remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.\nHistory —Sept. 19, 1996, No. 241, added as § 9–703 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.