A security interest that is enforceable immediately before this act takes effect 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 for one year after this act takes effect; |
Terms Used In Utah Code 70A-9a-704
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means :Utah Code 68-3-12.5
| (2) |
remains enforceable thereafter if the security interest becomes enforceable under Section 70A-9a-203 when this act takes effect or within one year thereafter; and |
| (3) |
becomes perfected:
| (a) |
without further action, when this act takes effect 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 that time. |
|
Enacted by Chapter 252, 2000 General Session
