South Dakota Codified Laws 57A-9-803. Security interest perfected before effective date
(a) A security interest that is a perfected security interest immediately before July 1, 2013 is a perfected security interest under chapter 57A-9 as amended by SL 2012, ch 238 if, on July 1, 2013, the applicable requirements for attachment and perfection under chapter 57A-9 as amended by SL 2012, ch 238 are satisfied without further action.
(b) Except as otherwise provided in § 57A-9-805, if, immediately before July 1, 2013, a security interest is a perfected security interest, but the applicable requirements for perfection under chapter 57A-9 as amended by SL 2012, ch 238 are not satisfied on July 1, 2013, the security interest remains perfected thereafter only if the applicable requirements for perfection under chapter 57A-9 as amended by SL 2012, ch 238 are satisfied within one year after July 1, 2013.
Terms Used In South Dakota Codified Laws 57A-9-803
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
Source: SL 2012, ch 238, § 9-803, eff. July 1, 2013.