Louisiana Revised Statutes 10:9-803 – Security interest perfected before effective date
Terms Used In Louisiana Revised Statutes 10:9-803
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
(a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before the Act takes effect is a perfected security interest under Chapter 9 as amended by the Act if, when the Act takes effect, the applicable requirements for attachment and perfection under Chapter 9 as amended by the Act are satisfied without further action.
(b) Continuing perfection: perfection requirements not satisfied. Except as otherwise provided in La. Rev. Stat. 10:9-805, if, immediately before the Act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Chapter 9 as amended by the Act are not satisfied when the Act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Chapter 9 as amended by the Act are satisfied within one year after the Act takes effect.
Acts 2012, No. 450, §2, eff. July 1, 2013.