Security Interest Unperfected Before Effective Date

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Secured Transactions
  5. 2001 Transition
  6. Security Interest Unperfected Before Effective Date

Checkout our iOS App for a better way to browser and research.

A security interest that is enforceable immediately before July 1, 2001, 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 on and for one year after July 1, 2001;
  2. Remains enforceable thereafter if the security interest becomes enforceable under Code Section 11-9-203 on July 1, 2001, or within one year thereafter; and
  3. Becomes perfected:
    1. Without further action, on July 1, 2001, if the applicable requirements for perfection under this article are satisfied before or at that time; or
    2. When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

(Code 1981, §11-9-704, enacted by Ga. L. 2001, p. 362, § 1.)

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 9-704.


Download our app to see the most-to-date content.