§ 47-9704 — Security interest unperfected before effective date

A security interest that is enforceable immediately before July 1, 2001 but that 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 July 1, 2001;

2. Remains enforceable thereafter if the security interest becomes enforceable under section 47-9203 on July 1, 2001 or within one year thereafter; and

3. Becomes perfected:

(a) Without further action, on July 1, 2001 if the applicable requirements for perfection under this chapter, as added in 1999, 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.