(a) A security interest that is enforceable June 30, 2001, and would have priority over the rights of a person who becomes a lien creditor June 30, 2001, is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
Terms Used In Alaska Statutes 45.29.703
action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
Lien: A claim against real or personal property in satisfaction of a debt.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) Except as otherwise provided in Alaska Stat. § 45.29.705, if, on June 30, 2001, a security interest is enforceable and would have priority over the rights of a person who becomes a lien creditor June 30, 2001, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest
(1) is a perfected security interest until July 1, 2002;(2) remains enforceable on and after July 1, 2002, only if the security interest becomes enforceable under Alaska Stat. § 45.29.203 before July 1, 2002; and(3) remains perfected on and after July 1, 2002, only if the applicable requirements for perfection under this chapter are satisfied before July 1, 2002.
