§ 7-12A-302 — Security Interest Perfected Before July 1, 2024

(a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before July 1, 2024, is a perfected security interest under Act 2023-492 if, on July 1, 2024, the requirements for enforceability and perfection under Act 2023-492 are satisfied without further action.
(b) Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before July 1, 2024, but the requirements for enforceability or perfection under Act 2023-492 are not satisfied on July 1, 2024, the security interest:
(1) is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before July 1, 2024, or the adjustment date;
(2) remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under Section 7-9A-203, as amended by Act 2023-492, before the adjustment date; and
(3) remains perfected thereafter only if the requirements for perfection under Act 2023-492 are satisfied before the time specified in paragraph (1).

Legislative History

(Act 2023-492, §4.)