SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE
A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 1-9-203 of this title when this act takes effect or within one (1) year thereafter; and
(3) becomes perfected:
(A)without further action, when this act takes effect if the applicable requirements for perfection under this act 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 by Laws 2000, c. 371, § 138, eff. July 1, 2001.
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