§ 4-8-603 — Saving clause

(a) This article does not affect an action or
proceeding commenced before this article takes effect.

(b) If a security interest in a security is perfected at the date this article
takes effect, and the action by which the security interest was perfected would
suffice to perfect a security interest under this article, no further action is required
to continue perfection. If a security interest in a security is perfected at the date
this article takes effect but the action by which the security interest was perfected
would not suffice to perfect a security interest under this article, the security
interest remains perfected for a period of four months after the effective date and
continues perfected thereafter if appropriate action to perfect under this article is
taken within that period. If a security interest is perfected at the date this article
takes effect and the security interest can be perfected by filing under this article, a
financing statement signed by the secured party instead of the debtor may be filed
within that period to continue perfection or thereafter to perfect.

Legislative History

Source: L. 96: Entire article R&RE, p. 233, � 2, effective July 1.