400.9-705. Effectiveness of action taken before effective date.

MISSOURI STATUTES AND CODES

400.9-705. Effectiveness of action taken before effective date.

Effectiveness of action taken before effective date.

400.9-705. (a) If action, other than the filing of a financingstatement, is taken before July 1, 2001, and the action would have resultedin priority of a security interest over the rights of a person that becomesa lien creditor had the security interest become enforceable before July 1,2001, the action is effective to perfect a security interest that attachesunder this act within one year after July 1, 2001. An attached securityinterest becomes unperfected one year after July 1, 2001, unless thesecurity interest becomes a perfected security interest under this actbefore the expiration of that period.

(b) The filing of a financing statement before July 1, 2001, iseffective to perfect a security interest to the extent the filing wouldsatisfy the applicable requirements for perfection under this act.

(c) This act does not render ineffective an effective financingstatement that, before July 1, 2001, is filed and satisfies the applicablerequirements for perfection under the law of the jurisdiction governingperfection as provided in former section 400.9-103. However, except asotherwise provided in subsections (d) and (e) and section 400.9-706, thefinancing statement ceases to be effective at the earlier of:

(1) The time the financing statement would have ceased to beeffective under the law of the jurisdiction in which it is filed; or

(2) June 30, 2006.

(d) The filing of a continuation statement after July 1, 2001, doesnot continue the effectiveness of the financing statement filed before July1, 2001. However, upon the timely filing of a continuation statement afterJuly 1, 2001, and in accordance with the law of the jurisdiction governingperfection as provided in Part 3, the effectiveness of a financingstatement filed in the same office in that jurisdiction before July 1,2001, continues for the period provided by the law of that jurisdiction.

(e) Subsection (c)(2) applies to a financing statement that, beforeJuly 1, 2001, is filed against a transmitting utility and satisfies theapplicable requirements for perfection under the law of the jurisdictiongoverning perfection as provided in former section 400.9-103 only to theextent that Part 3 provides that the law of a jurisdiction other thanjurisdiction in which the financing statement is filed governs perfectionof a security interest in collateral covered by the financing statement.

(f) A financing statement that includes a financing statement filedbefore July 1, 2001, and a continuation statement filed after July 1, 2001,is effective only to the extent that it satisfies the requirements of Part5 for an initial financing statement.