Alabama § 7-9A-704 Security Interest Unperfected Before January 1, 2002

Alabama Statutes

§ 7-9A-704 — Security Interest Unperfected Before January 1, 2002

Alabama·Title 7 Commercial Code·Art. 9A Secured Transactions·Part 7 Transition

A security interest that is enforceable immediately before January 1, 2002, 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 January 1, 2002;

(2)remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within one year thereafter; and

(3)becomes perfected:

(A)without further action, on January 1, 2002, 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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A security interest that is enforceable immediately before January 1, 2002, 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 January 1, 2002;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within one year thereafter; and
(3) becomes perfected:
(A) without further action, on January 1, 2002, 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.

Alabama § 7-9A-704 (Security Interest Unperfected Before January 1, 2002) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.