§ 6A-9-704 - Security interest unperfected before effective date. - Rhode Island Statutes

SECTION 6A-9-704

   § 6A-9-704  Security interest unperfectedbefore effective date. – A security interest that is enforceable immediately before this chapter takeseffect but which would be subordinate to the rights of a person that becomes alien creditor at that time:

   (1) Remains an enforceable security interest for one yearafter this chapter takes effect;

   (2) Remains enforceable thereafter if the security interestbecomes enforceable under § 6A-9-203 when this chapter takes effect orwithin one year thereafter; and

   (3) Becomes perfected:

   (i) Without further action, when this chapter takes effect ifthe applicable requirements for perfection under this chapter are satisfiedbefore or at that time; or

   (ii) When the applicable requirements for perfection aresatisfied if the requirements are satisfied after that time.