Section 55-9-704 - Temporary transition provision; security interest unperfected before effective date.
55-9-704. Temporary transition provision; security interest unperfected before effective date.
A security interest that is enforceable immediately before July 1, 2001, 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 until midnight June 30, 2002;
(2) remains enforceable on and after July 1, 2002 if the security interest becomes enforceable pursuant to Section 55-9-203 NMSA 1978 before June 30, 2002; and
(3) becomes perfected:
(A) without further action on July 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after the time specified in Paragraph (A) of this subsection.