§ 6A-9-703. Security interest perfected before effective date.
(a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before this chapter 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 chapter if, when this chapter takes effect, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
(b) Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in § 6A-9-705, if, immediately before this chapter 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 chapter are not satisfied when this chapter takes effect, the security interest:
(1) Is a perfected security interest for one year after this chapter takes effect;
(2) Remains enforceable thereafter only if the security interest becomes enforceable under § 6A-9-203 before the year expires; and
(3) Remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-9 - Secured Transactions
Section 6A-9-701. - Effective date.
Section 6A-9-702. - Savings clause.
Section 6A-9-703. - Security interest perfected before effective date.
Section 6A-9-704. - Security interest unperfected before effective date.
Section 6A-9-705. - Effectiveness of action taken before effective date.
Section 6A-9-707. - Amendment of pre-effective-date financing statement.
Section 6A-9-708. - Persons entitled to file initial financing statement or continuation statement.
Section 6A-9-710. - Official comments.
Section 6A-9-801. - Effective date.
Section 6A-9-802. - Savings clause.
Section 6A-9-803. - Security interest perfected before effective date.
Section 6A-9-804. - Security interest unperfected before effective date.
Section 6A-9-805. - Effectiveness of action taken before effective date.
Section 6A-9-807. - Amendment of pre-effective-date financing statement.
Section 6A-9-808. - Person entitled to file initial financing statement or continuation statement.