A security interest that is enforceable immediately before this title takes effect 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 this title takes effect;
(2) Remains enforceable thereafter if the security interest becomes enforceable under § 9-203 when this title takes effect or within one year thereafter; and
(3) Becomes perfected:
(A) Without further action, when this title takes effect if the applicable requirements for perfection under this title 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 Maryland Statutes
Title 9 - Secured Transactions
Section 9-701 - Effective Date
Section 9-702 - Savings Clause
Section 9-703 - Security Interest Perfected Before Effective Date
Section 9-704 - Security Interest Unperfected Before Effective Date
Section 9-705 - Effectiveness of Action Taken Before Effective Date
Section 9-706 - When Initial Financing Statement Suffices as Continuation Statement
Section 9-707 - Amendment of Information in Pre-Effective-Date Financing Statement
Section 9-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement