(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 act if, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied without further action.(b)Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in § 47-9-705, 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 act are not satisfied on July 1, 2001, the security interest: (1) is a perfected security interest for one (1) year after this act takes effect;(2) remains enforceable thereafter only if the security interest becomes enforceable under § 47-9-203 before the year expires; and(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before urity interest becomes enforceable under § 47-9-203 before the year expires; and(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.Acts 2000, ch. 846, § 1.
Tennessee Legal Code