§ 70A-9a-704. Security interest unperfected before effective date.

Latest version.

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 year after this act takes effect;

(2)	remains enforceable thereafter if the security interest becomes enforceable under Section 70A-9a-203 when this act takes effect or within one year thereafter; and

(3)

becomes perfected:

(a)	without further action, when this act takes effect 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.

Enacted by Chapter 252, 2000 General Session

                    
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