Section 9-704 - Security interest unperfected before effective date. - Maryland Statutes

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

A security interest that is enforceable immediately before this title 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 title takes effect; 

(2) Remains enforceable thereafter if the security interest becomes enforceable under § 9-203 when this title takes effect or within one year thereafter; and 

(3) Becomes perfected: 

(A) Without further action, when this title takes effect if the applicable requirements for perfection under this title 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. 
 

[1999, ch. 282, § 2.]