§ 4-9-705 — Effectiveness of action taken before effective date

Colorado § 4-9-705

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

Text

(a) If action,
other than the filing of a financing statement, is taken before July 1, 2001, and the
action would have resulted in priority of a security interest over the rights of a
person that becomes a lien creditor had the security interest become enforceable
before July 1, 2001, the action is effective to perfect a security interest that
attaches under this act on or before June 30, 2002. An attached security interest
becomes unperfected on July 1, 2002, unless the security interest becomes a
perfected security interest under this act on or before June 30, 2002.

(b) The filing of a financing statement before July 1, 2001, is effective to
perfect a security interest to the extent the filing would satisfy the applicable
requirements for perfection under this act.

(c) This act does not render ineffective an effective financing statement that,
before July 1, 2001, is filed and satisfies the applicable requirements for perfection
under the law of the jurisdiction governing perfection as provided in former section
4-9-103. However, except as otherwise provided in subsections (d) and (e) of this
section and section 4-9-706, the financing statement ceases to be effective at the
earlier of:

(1) The time the financing statement would have ceased to be effective
under the law of the jurisdiction in which it is filed; or

(2) June 30, 2006.

(d) The filing of a continuation statement after July 1, 2001, does not continue
the effectiveness of the financing statement filed before said date. However, upon
the timely filing of a continuation statement after July 1, 2001, and in accordance
with the law of the jurisdiction governing perfection as provided in part 3 of this
article, the effectiveness of a financing statement filed in the same office in that
jurisdiction before said date continues for the period provided by the law of that
jurisdiction.

(e) Paragraph (2) of subsection (c) of this section applies to a financing
statement that, before July 1, 2001, is filed against a transmitting utility and
satisfies the applicable requirements for perfection under the law of the jurisdiction
governing perfection as provided in former section 4-9-103 only to the extent that
part 3 of this article provides that the law of a jurisdiction other than the jurisdiction
in which the financing statement is filed governs perfection of a security interest in
collateral covered by the financing statement.

(f) A financing statement that includes a financing statement filed before
July 1, 2001, and a continuation statement filed after said date is effective only to
the extent that it satisfies the requirements of part 5 of this article for an initial
financing statement.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1424, � 1, effective July 1.