Sec. 9703.
(1) A security interest that is enforceable immediately before this amendatory act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this amendatory act if, when this amendatory act takes effect, the applicable requirements for enforceability and perfection under this amendatory act are satisfied without further action.
(2) Except as otherwise provided in section 9705, if, immediately before this amendatory act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this amendatory act are not satisfied when this amendatory act takes effect, all of the following apply to the security interest:
(a) The security interest is a perfected security interest for 1 year after this amendatory act takes effect.
(b) The security interest remains enforceable thereafter only if the security interest becomes enforceable under section 9203 before the year expires.
(c) The security interest remains perfected thereafter only if the applicable requirements for perfection under this amendatory act are satisfied before the year expires.
History: Add. 2000, Act 348, Eff. July 1, 2001
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 9 - Secured Transactions (440.9101...440.9994)
174-1962-9-7 - Part 7 Transition (440.9701...440.9709)
Section 440.9701 - “This Amendatory Act” Defined.
Section 440.9702 - Savings Clause.
Section 440.9703 - Security Interest Perfected Before Effective Date.
Section 440.9704 - Security Interest Unperfected Before Effective Date.
Section 440.9705 - Effectiveness of Action Taken Before Effective Date.
Section 440.9707 - Pre-Effective-Date Financing Statement.
Section 440.9708 - Persons Entitled to File Initial Financing Statement or Continuation Statement.