Texas Business and Commerce Code 9.704 – Security Interest Unperfected Before Effective Date
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Terms Used In Texas Business and Commerce Code 9.704
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
A security interest that is enforceable immediately before the revision takes effect but that would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest until July 1, 2002;
(2) remains enforceable after June 30, 2002, if the security interest becomes enforceable under § 9.203, as revised, before July 1, 2002; and
(3) becomes perfected:
(A) without further action, when the revision takes effect, if the applicable requirements for perfection under this chapter, as revised, are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after the revision takes effect.