70A-8-601 - Transition provisions. - Utah Statutes

70A-8-601. Transition provisions.
(1) This act does not affect an action or proceeding commenced before this act takeseffect.
(2) If a security interest in a security is perfected at the date this act takes effect, and theaction by which the security interest was perfected would suffice to perfect a security interestunder this act, no further action is required to continue perfection. If a security interest in asecurity is perfected at the date this act takes effect but the action by which the security interestwas perfected would not suffice to perfect a security interest under this act, the security interestremains perfected for a period of four months after the effective date and continues perfectedthereafter if appropriate action to perfect under this act is taken within that period. If a securityinterest is perfected at the date this act takes effect and the security interest can be perfected byfiling under this act, a financing statement signed by the secured party instead of the debtor maybe filed within that period to continue perfection or thereafter to perfect.

Enacted by Chapter 204, 1996 General Session