§ 6A-8-601 - Savings clause. - Rhode Island Statutes

SECTION 6A-8-601

   § 6A-8-601  Savings clause. – (a) This chapter does not affect an action or proceeding commenced before thischapter takes effect.

   (b) If a security interest in a security is perfected at thedate this chapter takes effect, and the action by which the security interestwas perfected would suffice to perfect a security interest under this chapter,no further action is required to continue perfection. If a security interest ina security is perfected at the date this chapter takes effect but the action bywhich the security interest was perfected would not suffice to perfect asecurity interest under this chapter, the security interest remains perfectedfor a period of four months after the effective date and continues perfectedthereafter if appropriate action to perfect under this chapter is taken withinthat period. If a security interest is perfected at the date this chapter takeseffect and the security interest can be perfected by filing under this chapter,a financing statement signed by the secured party instead of the debtor may befiled within that period to continue perfection or thereafter to perfect.