A security interest that is enforceable immediately before July 1, 2001, 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 year after July 1, 2001;
2. remains enforceable thereafter if the security interest becomes enforceable under section 554.9203 on July 1, 2001, or within one year thereafter; and
3. becomes perfected:
a. without further action, on July 1, 2001, 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.
2000 Acts, ch 1149, §130, 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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