(a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before the effective date of this act is a perfected security interest under this act if, on the effective date of this act, the requirements for enforceability and perfection under this act are satisfied without further action.
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(b) Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before the effective date of this act, but the requirements for enforceability or perfection under this act are not satisfied on the effective date of this act, the security interest:
(1) is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this act or the adjustment date;(2) remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under Section 7-9A-203, as amended by this act, before the adjustment date; and(3) remains perfected thereafter only if the requirements for perfection under this act are satisfied before the time specified in paragraph (1).
