§ 9—703. Security interest perfected before effective date

(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 article as in effect on and after July 1, 2001, if, on July 1, 2001, the applicable requirements for enforceability and perfection under this article as in effect on and after July 1, 2001, are satisfied without further action.

(b) Except as otherwise provided in section 9—705 of this title, 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 the provisions of this article as in effect on and after July 1, 2001, are not satisfied when such provisions take effect, the security interest:

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

(2) remains enforceable thereafter only if the security interest becomes enforceable under section 9—203 of this title as in effect on and after July 1, 2001, on or before the date set forth in subdivision (1) of this subsection; and

(3) remains perfected thereafter only if the applicable requirements for perfection under this article as in effect on and after July 1, 2001, are satisfied before July 1, 2002. (Added 2001, No. 46, § 12.)