(a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before July 1, 2014, is a perfected security interest under Article 9A as amended by Act 2014-374 if, when Act 2014-374 takes effect, the applicable requirements for attachment and perfection under Article 9A as amended by Act 2014-374 are satisfied without further action.
(b) Continuing perfection: perfection requirements not satisfied. Except as otherwise provided in Section 7-9A-805, if, immediately before July 1, 2014, a security interest is a perfected security interest, but the applicable requirements for perfection under Article 9A as amended by Act 2014-374 are not satisfied before July 1, 2014, the security interest remains perfected thereafter only if the applicable requirements for perfection under Article 9A as amended by Act 2014-374 are satisfied before July 1, 2014.
Structure Code of Alabama
Article 9A - Secured Transactions.
Part 8 - Transition for 2014 Amendments.
Section 7-9A-801 - Effective Date.
Section 7-9A-802 - Savings Clause.
Section 7-9A-803 - Security Interest Perfected Before July 1, 2014.
Section 7-9A-804 - Security Interest Unperfected Before Effective Date.
Section 7-9A-805 - Effectiveness of Action Taken Before Effective Date.
Section 7-9A-807 - Amendment of Pre-Effective Date Financing Statement.
Section 7-9A-808 - Person Entitled to File Initial Financing Statement or Continuation Statement.