(a) This chapter does not affect an action or proceeding commenced before this chapter takes effect.
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Terms Used In Tennessee Code 47-8-601

  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) If a security interest in a security is perfected on January 1, 1998, and the action by which the security interest was perfected would suffice to perfect a security interest under this chapter, no further action is required to continue perfection. If a security interest in a security is perfected on January 1, 1998, but the action by which the security interest was perfected would not suffice to perfect a security interest under this chapter, the security interest remains perfected for a period of one (1) year after January 1, 1998, and continues perfected thereafter if appropriate action to perfect under this chapter is taken within that period. If a security interest is perfected on January 1, 1998, and the security interest can be perfected by filing under this chapter, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect. A financing statement securing only investment property filed during the one-year period permitted in this section shall not be subject to the indebtedness tax on recorded instruments imposed under § 67-4-409(b).
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