400.9-703. Security interest perfected before effective date. - Missouri Statutes

Security interest perfected before effective date.

400.9-703. (a) A security interest that is enforceable immediatelybefore July 1, 2001, and would have priority over the rights of a personthat becomes a lien creditor at that time is a perfected security interestunder this act if, on July 1, 2001, the applicable requirements forenforceability and perfection under this act are satisfied without furtheraction.

(b) Except as otherwise provided in section 400.9-705, if,immediately before July 1, 2001, a security interest is enforceable andwould have priority over the rights of a person that becomes a liencreditor at that time, but the applicable requirements for enforceabilityor perfection under this act are not satisfied on July 1, 2001, thesecurity interest:

(1) Is a perfected security interest for one year after July 1, 2001;

(2) Remains enforceable thereafter only if the security interestbecomes enforceable under section 400.9-203 before the year expires; and

(3) Remains perfected thereafter only if the applicable requirementsfor perfection under this act are satisfied before the year expires.

(L. 2001 S.B. 288)

Effective 7-01-01