Security Interest Unperfected Before Effective Date

  1. Law
  2. Tennessee Code
  3. Commercial Instruments and Transactions
  4. Secured Transactions
  5. Transition
  6. Security Interest Unperfected Before Effective Date

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A security interest that is enforceable immediately before this act 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 (1) year after this act takes effect;
  2. remains enforceable thereafter if the security interest becomes enforceable under § 47-9-203 on July 1, 2001 or within one (1) year thereafter; and
  3. becomes perfected:
    1. without further action, on July 1, 2001 if the applicable requirements for perfection under this act 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.


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