Utah Code 70A-9a-703. Security interest perfected before effective date
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(1) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
Terms Used In Utah Code 70A-9a-703
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(2) Except as otherwise provided in Section
70A-9a-705 , if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:(2)(a) is a perfected security interest for one year after this act takes effect;(2)(b) remains enforceable thereafter only if the security interest becomes enforceable under Section70A-9a-203 before the year expires; and(2)(c) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.