30-9A-704. Security interest unperfected before July 1, 2001. A security interest that is enforceable immediately before July 1, 2001, but that is subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for 1 year after July 1, 2001;
(2) remains enforceable thereafter if the security interest becomes enforceable under 30-9A-203 on July 1, 2001, or within 1 year thereafter; and
(3) becomes perfected:
(a) without further action, on July 1, 2001, if the applicable requirements for perfection under this chapter 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.
History: En. Sec. 163, Ch. 305, L. 1999.