47-9-704 - Security interest unperfected before effective date.
47-9-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before this act 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 (1) year after this act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under § 47-9-203 on July 1, 2001 or within one (1) year thereafter; and
(3) becomes perfected:
(A) without further action, on July 1, 2001 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 that time.
[Acts 2000, ch. 846, § 1.]