§ 6A-9-704 - Security interest unperfected before effective date.
SECTION 6A-9-704
§ 6A-9-704 Security interest unperfectedbefore effective date. – A security interest that is enforceable immediately before this chapter takeseffect but which would be subordinate to the rights of a person that becomes alien creditor at that time:
(1) Remains an enforceable security interest for one yearafter this chapter takes effect;
(2) Remains enforceable thereafter if the security interestbecomes enforceable under § 6A-9-203 when this chapter takes effect orwithin one year thereafter; and
(3) Becomes perfected:
(i) Without further action, when this chapter takes effect ifthe applicable requirements for perfection under this chapter are satisfiedbefore or at that time; or
(ii) When the applicable requirements for perfection aresatisfied if the requirements are satisfied after that time.