A security interest that is enforceable immediately before January 1, 2002, 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 January 1, 2002;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within one year thereafter; and
(3) becomes perfected:
(A) without further action, on January 1, 2002, if the applicable requirements for perfection under this article are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Structure Code of Alabama
Article 9A - Secured Transactions.
Section 7-9A-701 - Effective Date.
Section 7-9A-702 - Savings Clause.
Section 7-9A-703 - Security Interest Perfected Before January 1, 2002.
Section 7-9A-704 - Security Interest Unperfected Before January 1, 2002.
Section 7-9A-705 - Effectiveness of Action Taken Before January 1, 2002.
Section 7-9A-707 - Amendment of Pre-Effective-Date Financing Statement.
Section 7-9A-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement.