Section 336.9-703 Security Interest Perfected before Effective Date

MINNESOTA STATUTES AND CODES

Section 336.9-703 Security Interest Perfected before Effective Date

336.9-703 SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.

(a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before Laws 2000, chapter 399, 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 Laws 2000, chapter 399, if, when Laws 2000, chapter 399, takes effect, the applicable requirements for enforceability and perfection under Laws 2000, chapter 399, are satisfied without further action.

(b) Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in section 336.9-705, if, immediately before Laws 2000, chapter 399, 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 Laws 2000, chapter 399, are not satisfied when Laws 2000, chapter 399, takes effect, the security interest:

(1) is a perfected security interest for one year after Laws 2000, chapter 399, takes effect;

(2) remains enforceable thereafter only if the security interest becomes enforceable under section 336.9-203 before the year expires; and

(3) remains perfected thereafter only if the applicable requirements for perfection under Laws 2000, chapter 399, are satisfied before the year expires.