Idaho Code 28-9-704 – Security Interest Unperfected Before Effective Date
Current as of: 2023 | Check for updates
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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 (1) year after this act takes effect;
Terms Used In Idaho Code 28-9-704
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114
(2) Remains enforceable thereafter if the security interest becomes enforceable under section 28-9-203 when this act takes effect or within one (1) 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.