70A-9a-703 - Security interest perfected before effective date. - Utah Statutes

70A-9a-703. Security interest perfected before effective date.
(1) A security interest that is enforceable immediately before this act takes effect andwould have priority over the rights of a person that becomes a lien creditor at that time is aperfected security interest under this act if, when this act takes effect, the applicable requirementsfor enforceability and perfection under this act are satisfied without further action.
(2) Except as otherwise provided in Section 70A-9a-705, if, immediately before this acttakes effect, a security interest is enforceable and would have priority over the rights of a personthat becomes a lien creditor at that time, but the applicable requirements for enforceability orperfection under this act are not satisfied when this act takes effect, the security interest:
(a) is a perfected security interest for one year after this act takes effect;
(b) remains enforceable thereafter only if the security interest becomes enforceable underSection 70A-9a-203 before the year expires; and
(c) remains perfected thereafter only if the applicable requirements for perfection underthis act are satisfied before the year expires.

Enacted by Chapter 252, 2000 General Session