1. Continuing priority over lien creditor -- perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001, 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, on July 1, 2001, the applicable requirements for enforceability and perfection under this Act* are satisfied without further action.
2. Continuing priority over lien creditor -- perfection requirements not satisfied. Except as otherwise provided in section 554.9705, if, immediately before July 1, 2001, 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 on July 1, 2001, the security interest:
a. is a perfected security interest for one year after July 1, 2001;
b. remains enforceable thereafter only if the security interest becomes enforceable under section 554.9203 before the year expires; and
c. remains perfected thereafter only if the applicable requirements for perfection under this Act* are satisfied before the year expires.
2000 Acts, ch 1149, §129, 187
*2000 Acts, ch 1149
Effective July 1, 2001; 2000 Acts, ch 1149, §187; for law prior to July 1, 2001, see Code 2001
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