Sec. 302. (a) A security interest that is enforceable and perfected on June 30, 2023, is a perfected security interest under the act if, on July 1, 2023, the requirements for enforceability and perfection under the act are satisfied without further action.

     (b) If a security interest is enforceable and effective on June 30, 2023, but the requirements for enforceability and perfection under the act are not satisfied on July 1, 2023, the security interest:

(1) is a perfected security interest until the earlier of:

(A) the time perfection would have ceased under IC 26-1 as in effect on June 30, 2023; or

(B) the adjustment date;

(2) remains enforceable on or after the time specified in subdivision (1) only if the security interest satisfies the requirements for enforceability under IC 26-1-9.1-203, as amended by the act, before the adjustment date; and

(3) remains perfected on or after the time specified in subdivision (1) only if the requirements for perfection under the act are satisfied before the time specified in subdivision (1).

As added by P.L.199-2023, SEC.91.