(a) A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied without further action.

(b) Except as otherwise provided in Section 149 [55-9-705 N.M. Stat. Ann.] of this act, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied on July 1, 2001, the security interest:

(1)     is a perfected security interest until midnight on June 30, 2002;

(2)     remains enforceable on and after July 1, 2002 only if the security interest becomes enforceable pursuant to Section 55-9-203 N.M. Stat. Ann. before midnight on June 30, 2002; and

(3)     remains perfected on and after July 1, 2002 only if the applicable requirements for perfection under this act are satisfied before midnight on June 30, 2002.