554.9703  Security interest perfected before effective date.
  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 
For future repeal of this section, effective July 1, 2013, see 2012 Acts, ch 1052, §34, 37