§ 9—704. Security interest unperfected before effective date

A security interest that is enforceable immediately before July 1, 2001 but would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1) remains an enforceable security interest until June 30, 2002;

(2) remains enforceable thereafter if the security interest becomes enforceable under the provisions of section 9—203 of this title as in effect on and after July 1, 2001, either on July 1, 2001, at any time thereafter through and including June 30, 2002; and

(3) becomes perfected:

(A) without further action, on July 1, 2001 if the applicable requirements for perfection under the provisions of this article as in effect on and after July 1, 2001, 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. (Added 2001, No. 46, § 12.)