Utah Code 70A-9a-704. Security interest unperfected before effective date
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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;
Terms Used In Utah Code 70A-9a-704
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(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:(3)(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(3)(b) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.