§ 4-9-704 - Security interest unperfected before effective date. - Arkansas Statutes

4-9-704. Security interest unperfected before effective date.

A security interest that is enforceable immediately before this act takes effect on 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 for one (1) year after this act takes effect;

(2) remains enforceable thereafter if the security interest becomes enforceable under 4-9-203 when this act takes effect or within one (1) 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.