A security interest that is enforceable immediately before this chapter takes effect 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 this chapter takes effect; (2) Remains enforceable thereafter if the security interest becomes enforceable under § 6A-9-203 when this chapter takes effect or within one year thereafter; and (3) Becomes perfected: (i) Without further action, when this chapter takes effect if the applicable requirements for perfection under this chapter are satisfied before or at that time; or (ii) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Rhode Island Legal Code