1.The filing of a financing statement before this Act takes effect is effective to perfect a
security interest to the extent the filing would satisfy the applicable requirements for
perfection under this chapter as amended by this Act.
2.This Act does not render ineffective an effective financing statement that, before this
Act takes effect, is filed and satisfies the applicable requirements for perfection under
the law of the jurisdiction governing perfection as provided in this chapter as it existed
before amendment of this Act. However, except as otherwise provided in
subsections 3 and 4 and section 41-09-136, the financing statement ceases to be
effective:
a.If the financing statement is filed in this state, at the time the financing statement
would have ceased to be effective had t
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1. The filing of a financing statement before this Act takes effect is effective to perfect a
security interest to the extent the filing would satisfy the applicable requirements for
perfection under this chapter as amended by this Act.
2. This Act does not render ineffective an effective financing statement that, before this
Act takes effect, is filed and satisfies the applicable requirements for perfection under
the law of the jurisdiction governing perfection as provided in this chapter as it existed
before amendment of this Act. However, except as otherwise provided in
subsections 3 and 4 and section 41-09-136, the financing statement ceases to be
effective:
a. If the financing statement is filed in this state, at the time the financing statement
would have ceased to be effective had this Act not taken effect; or
b. If the financing statement is filed in another jurisdiction, at the earlier of:
(1) The time the financing statement would have ceased to be effective under
the law of that jurisdiction; or
(2) June 30, 2018.
3. The filing of a continuation statement after this Act takes effect does not continue the
effectiveness of the financing statement filed before this Act takes effect. However,
upon the timely filing of a continuation statement after this Act takes effect, no later
than is required by section 41-09-86, and in accordance with the law of the jurisdiction
governing perfection as provided in this chapter as amended by this Act, the
effectiveness of a financing statement filed in the same office in that jurisdiction before
this Act takes effect continues for the period provided by the law of that jurisdiction.
4. Paragraph 2 of subdivision b of subsection 2 applies to a financing statement that,
before this Act takes effect, is filed against a transmitting utility and satisfies the
applicable requirements for perfection under the law of the jurisdiction governing
perfection as provided in this chapter as it existed before amendment, only to the
extent that this chapter as amended by this Act 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.
5. A financing statement that includes a financing statement filed before this Act takes
effect and a continuation statement filed after this Act takes effect is effective only to
the extent that it satisfies the requirements of sections 41-09-72 through 41-09-97 as
amended by this Act for an initial financing statement. A financing statement that
indicates that the debtor is a decedent's estate indicates that the collateral is being
administered by a personal representative within the meaning of subdivision b of
subsection 1 of section 41-09-74 as amended by this Act. A financing statement that
indicates that the debtor is a trust or is a trustee acting with respect to property held in
trust indicates that the collateral is held in a trust within the meaning of subdivision c of
subsection 1 of section 41-09-74 as amended by this Act.