§ 26-1-9.1-703 — Security interest perfected before effective date

Indiana § 26-1-9.1-703

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) A security interest that is enforceable
immediately before IC 26-1-9.1 takes effect and would have priority
over the rights of a person that becomes a lien creditor at that time is
a perfected security interest under IC 26-1-9.1 if, when IC 26-1-9.1
takes effect, the applicable requirements for enforceability and
perfection under IC 26-1-9.1 are satisfied without further action.
(b) Except as otherwise provided in IC 26-1-9.1-705, if,
immediately before IC 26-1-9.1 takes effect, 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 IC 26-1-9.1 are not satisfied when IC 26-1-9.1 takes effect, the security interest:
(1) is a perfected security interest for one (1) year after IC 26-1-9.1 takes effect;
(2) remains enforceable thereafter only if the security interest
becomes enforceable under IC 26-1-9.1-203 before the year
expires; and
(3) remains perfected thereafter only if the applicable
requirements for perfection under IC 26-1-9.1 are satisfied before
the year expires.

Legislative History

As added by P.L.57-2000, SEC.45.