§ 26-1-9.1-705 — Effectiveness of action taken before effective date

Indiana § 26-1-9.1-705

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

Text

(a) If action, other than the filing of a
financing statement, is taken before IC 26-1-9.1 takes effect 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 IC 26-1-9.1 takes effect, the action is
effective to perfect a security interest that attaches under IC 26-1-9.1
within one (1) year after IC 26-1-9.1 takes effect. An attached security
interest becomes unperfected one (1) year after IC 26-1-9.1 takes effect
unless the security interest becomes a perfected security interest under
IC 26-1-9.1 before the expiration of that period.
(b) The filing of a financing statement before IC 26-1-9.1 takes
effect is effective to perfect a security interest to the extent the filing
would satisfy the applicable requirements for perfection under IC 26-1-9.1.
(c) IC 26-1-9.1 does not render ineffective an effective financing
statement that is filed before IC 26-1-9.1 takes effect and satisfied the
applicable requirements for perfection under the law of the jurisdiction
governing perfection as provided in IC 26-1-9-103, before its repeal.
However, except as otherwise provided in subsections (d) and (e) and
IC 26-1-9.1-706, 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 IC 26-1-9.1 takes
effect does not continue the effectiveness of the financing statement
filed before IC 26-1-9.1 takes effect. However, upon the timely filing
of a continuation statement after IC 26-1-9.1 takes effect and in
accordance with the law of the jurisdiction governing perfection as
provided in IC 26-1-9.1-301 through IC 26-1-9.1-342, the effectiveness
of a financing statement filed in the same office in that jurisdiction
before IC 26-1-9.1 takes effect continues for the period provided by the
law of that jurisdiction.
(e) Subsection (c)(2) applies to a financing statement that is filed
against a transmitting utility before IC 26-1-9.1 takes effect and
satisfied the applicable requirements for perfection under the law of the
jurisdiction governing perfection as provided in IC 26-1-9-103, before
its repeal, only to the extent that IC 26-1-9.1-301 through IC 26-1-9.1-342 provide that the law of a jurisdiction other than
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 IC 26-1-9.1 takes effect and a continuation statement filed after
IC 26-1-9.1 takes effect is effective only to the extent that it satisfies
the requirements of IC 26-1-9.1-501 through IC 26-1-9.1-527 for an
initial financing statement.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.20.