§ 4-9-703 — Security interest perfected before effective date

Colorado § 4-9-703

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Secured Transactions

Text

(a) A security
interest that is enforceable immediately before July 1, 2001, and would have priority
over the rights of a person that becomes a lien creditor at that time is a perfected
security interest under this act if, on July 1, 2001, the applicable requirements for
enforceability and perfection under this act are satisfied without further action.

(b) Except as otherwise provided in section 4-9-705, if, immediately before
July 1, 2001, a security interest is enforceable and would have priority over the
rights of a person that becomes a lien creditor at that time, but the applicable
requirements for enforceability or perfection under this act are not satisfied on July
1, 2001, the security interest:

(1) Is a perfected security interest for one year after July 1, 2001;

(2) Remains enforceable after June 30, 2002, only if the security interest
becomes enforceable under section 4-9-203 before July 1, 2002; and

(3) Remains perfected after June 30, 2002, only if the applicable
requirements for perfection under this act are satisfied before July 1, 2002.

(c) Notwithstanding subsections (a) and (b) of this section, a lien, pledge, or
security interest granted by a governmental unit prior to July 1, 2001, that is
enforceable immediately before July 1, 2001, and that would have priority over the
rights of a person that becomes a lien creditor at that time, shall remain
enforceable and continue to have such priority on or after July 1, 2001.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1423, � 1, effective July 1.