| (1) |
A security interest that is enforceable immediately before this act 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 this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action. |
Terms Used In Utah Code 70A-9a-703
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means :Utah Code 68-3-12.5
| (2) |
Except as otherwise provided in Section 70A-9a-705, if, immediately before this act takes effect, 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 when this act takes effect, the security interest:
| (a) |
is a perfected security interest for one year after this act takes effect; |
| (b) |
remains enforceable thereafter only if the security interest becomes enforceable under Section 70A-9a-203 before the year expires; and |
| (c) |
remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires. |
|
Enacted by Chapter 252, 2000 General Session
