400.9-704. Security interest unperfected before effective date. - Missouri Statutes

Security interest unperfected before effective date.

400.9-704. A security interest that is enforceable immediately beforeJuly 1, 2001, but which would be subordinate to the rights of a person thatbecomes a lien creditor at that time:

(1) Remains an enforceable security interest for one year after July1, 2001;

(2) Remains enforceable thereafter if the security interest becomesenforceable under section 400.9-203 on July 1, 2001, or within one yearthereafter; and

(3) Becomes perfected:

(A) Without further action, on July 1, 2001, if the applicablerequirements for perfection under this act are satisfied before or at thattime; or

(B) When the applicable requirements for perfection are satisfied ifthe requirements are satisfied after that time.

(L. 2001 S.B. 288)

Effective 7-01-01