Section 400.9-704

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-704.  Security interest unperfected before effective date. — 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 400.9-203 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.

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(L. 2001 S.B. 288)

Effective 7-01-01