30-9A-703. Security interest perfected before July 1, 2001.
30-9A-703. Security interest perfected before July 1, 2001. (1) If a security interest is enforceable and has priority over the rights of a lien creditor immediately before July 1, 2001, and the applicable requirements for enforceability and perfection under this chapter are satisfied without further action on July 1, 2001, the security interest is a perfected security interest under this chapter.
(2) Except as otherwise provided in 30-9A-705, if a security interest is a perfected security interest under former chapter 9 immediately before July 1, 2001, but the applicable requirements for enforceability or perfection under this chapter 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 30-9A-203 before the year expires; and
(c) remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
History: En. Sec. 162, Ch. 305, L. 1999.