Security interest unperfected before effective date

1. Law
2. US Virgin Islands Code
3. Uniform Commercial Code
4. Secured Transactions
5. Transition
6. Security interest unperfected before effective date

• A security interest that is enforceable immediately before this article 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 year after this article takes effect;

  • (2) remains enforceable thereafter if the security interest becomes enforceable under § 9–203 when this article takes effect or within one year thereafter; and

  • (3) becomes perfected:

    • (A) without further action, when this article takes effect if the applicable requirements for perfection under this article 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.

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