Sec. 703. (a) A security interest that is enforceable immediately before
IC 26-1-9.1 takes effect and would have priority over the rights of a person that becomes a
lien creditor at that time is a perfected security interest under
IC 26-1-9.1 if, when
IC 26-1-9.1 takes effect, the applicable requirements for enforceability and perfection under
IC 26-1-9.1 are satisfied without further action.
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Terms Used In Indiana Code 26-1-9.1-703
- Lien: A claim against real or personal property in satisfaction of a debt.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) is a perfected security interest for one (1) year after IC 26-1-9.1 takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under IC 26-1-9.1-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under IC 26-1-9.1 are satisfied before the year expires.
As added by P.L.57-2000, SEC.45.
