§7-9A-704. Security interest unperfected before January 1, 2002.  


Latest version.
  • A security interest that is enforceable immediately before January 1, 2002, 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 year after January 1, 2002;

    (2) remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within one year thereafter; and

    (3) becomes perfected:

    (A) without further action, on January 1, 2002, if the applicable requirements for perfection under this article 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.

(Act 2001-481, p. 647, §1.)