2404

A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:\n(1) Remains an enforceable security interest for one (1) year after this act takes effect;\n(2) remains enforceable thereafter if the security interest becomes enforceable under § 2233 of this title when this act takes effect or within one (1) year thereafter, and\n(3) becomes perfected:\n(A) Without further action, when this act takes effect if the applicable requirements for perfection under this chapter are satisfied before or at that time, or\n(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.\nHistory —Sept. 19, 1996, No. 241, added as § 9–704 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.