Georgia § 11-12a-302 Security interest perfected before effective date

Georgia Statutes

§ 11-12a-302 — Security interest perfected before effective date

(a)Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before July 1, 2024, is a perfected security interest under the Uniform Commercial Code Modernization Act of 2024, if, on July 1, 2024, the requirements for enforceability and perfection under the Uniform Commercial Code Modernization Act of 2024 are satisfied without further action.

(b)Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before July 1, 2024, but the requirements for enforceability or perfection under the Uniform Commercial Code Modernization Act of 2024 are not satisfied on July 1, 2024, the security interest:

(1)Is a perfected security interest until the

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(a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before July 1, 2024, is a perfected security interest under the Uniform Commercial Code Modernization Act of 2024, if, on July 1, 2024, the requirements for enforceability and perfection under the Uniform Commercial Code Modernization Act of 2024 are satisfied without further action. (b) Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before July 1, 2024, but the requirements for enforceability or perfection under the Uniform Commercial Code Modernization Act of 2024 are not satisfied on July 1, 2024, the security interest: (1) Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before July 1, 2024, or the adjustment date; (2) Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under Code Section 11-9-203 , as amended by the Uniform Commercial Code Modernization Act of 2024, before the adjustment date; and (3) Remains perfected thereafter only if the requirements for perfection under the Uniform Commercial Code Modernization Act of 2024 are satisfied before the time specified in paragraph (1) of this subsection.

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