9704 - Security interest unperfected before effective date. - Pennsylvania Statutes

§ 9704. Security interest unperfected before effective date. A security interest which is enforceable immediately before Revised Division 9 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 Revised Division 9 takes effect. (2) Remains enforceable thereafter if the security interest becomes enforceable under section 9203 of Revised Division 9 (relating to attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites) when Revised Division 9 takes effect or within one year thereafter. (3) Becomes perfected: (i) without further action when Revised Division 9 takes effect if the applicable requirements for perfection under Revised Division 9 are satisfied before or at that time; or (ii) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. Cross References. Section 9704 is referred to in section 9702 of this title.