Idaho § 28-9-704 SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE

Idaho Statutes

§ 28-9-704 — SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 7. TRANSITION·Ch. 9 SECURED TRANSACTIONS

A security interest that is enforceable immediately before this act takes effect but which 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 (1) year after this act takes effect;

(2)Remains enforceable thereafter if the security interest becomes enforceable under section 28-9-203 when this act takes effect or within one (1) year thereafter; and

(3)Becomes perfected:

(A)Without further action, when this act takes effect if the applicable requirements for perfection under this act 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.

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A security interest that is enforceable immediately before this act takes effect but which 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 (1) year after this act takes effect;
(2) Remains enforceable thereafter if the security interest becomes enforceable under section 28-9-203 when this act takes effect or within one (1) year thereafter; and
(3) Becomes perfected:
(A) Without further action, when this act takes effect if the applicable requirements for perfection under this act 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.

Idaho § 28-9-704 (SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.