A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1) remains an enforceable security interest until midnight June 30, 2002;

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

(3) becomes perfected:

(A)     without further action on July 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or

(B)     when the applicable requirements for perfection are satisfied if the requirements are satisfied after the time specified in Paragraph (A) of this subsection.