This text of New York § 9-703 (Security Interest Perfected Before Effective Date) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Section 9--703. Security Interest Perfected Before Effective Date.\n (a) Continuing priority over lien creditor: perfection requirements\nsatisfied. A security interest that is enforceable immediately before\nRevised Article 9 takes effect and would have priority over the rights\nof a person that becomes a lien creditor at that time is a perfected\nsecurity interest under Revised Article 9 if, when Revised Article 9\ntakes effect, the applicable requirements for enforceability and\nperfection under Revised Article 9 are satisfied without further action.\n (b) Continuing priority over lien creditor: perfection requirements\nnot satisfied. Except as otherwise provided in Section 9--705 and\nsubsection (c), if, immediately before this article takes effect, a\nsecurity interest is enforceabl
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Section 9--703. Security Interest Perfected Before Effective Date.\n (a) Continuing priority over lien creditor: perfection requirements\nsatisfied. A security interest that is enforceable immediately before\nRevised Article 9 takes effect and would have priority over the rights\nof a person that becomes a lien creditor at that time is a perfected\nsecurity interest under Revised Article 9 if, when Revised Article 9\ntakes effect, the applicable requirements for enforceability and\nperfection under Revised Article 9 are satisfied without further action.\n (b) Continuing priority over lien creditor: perfection requirements\nnot satisfied. Except as otherwise provided in Section 9--705 and\nsubsection (c), if, immediately before this article takes effect, a\nsecurity interest is enforceable and would have priority over the rights\nof a person that becomes a lien creditor at that time, but the\napplicable requirements for enforceability or perfection under this\narticle are not satisfied when this article takes effect, the security\ninterest:\n (1) is a perfected security interest for one year after this\n article takes effect;\n (2) remains enforceable thereafter only if the security interest\n becomes enforceable under Section 9--203 before the year\n expires; and\n (3) remains perfected thereafter only if the applicable\n requirements for perfection under this article are satisfied\n before the year expires.\n (c) Special rule for cooperative interests: perfection requirements\nnot satisfied. If, immediately before Revised Article 9 takes effect, a\nsecurity interest in a cooperative interest is enforceable and would\nhave priority over the rights of a person that becomes a lien creditor\nat that time, but the applicable requirements for perfection under\nRevised Article 9 are not satisfied when Revised Article 9 takes effect,\nthe security interest:\n (1) is a perfected security interest for 5 years after Revised\n Article 9 takes effect; and\n (2) remains perfected thereafter only if the applicable\n requirements for perfection under Revised Article 9 are\n satisfied before the 5 years expire.\n