This text of New York § 9-705 (Effectiveness of Action Taken 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--705. Effectiveness of Action Taken Before Effective Date.\n (a) Pre-effective-date action; one-year perfection period unless\nreperfected. If action, other than the filing of a financing statement,\nis taken before Revised Article 9 takes effect and the action would have\nresulted in priority of a security interest over the rights of a person\nthat becomes a lien creditor had the security interest become\nenforceable before Revised Article 9 takes effect, the action is\neffective to perfect a security interest that attaches under Revised\nArticle 9 within one year after Revised Article 9 takes effect. An\nattached security interest becomes unperfected one year after Revised\nArticle 9 takes effect unless the security interest becomes a perfected\nsecurity interest under Revised
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Section 9--705. Effectiveness of Action Taken Before Effective Date.\n (a) Pre-effective-date action; one-year perfection period unless\nreperfected. If action, other than the filing of a financing statement,\nis taken before Revised Article 9 takes effect and the action would have\nresulted in priority of a security interest over the rights of a person\nthat becomes a lien creditor had the security interest become\nenforceable before Revised Article 9 takes effect, the action is\neffective to perfect a security interest that attaches under Revised\nArticle 9 within one year after Revised Article 9 takes effect. An\nattached security interest becomes unperfected one year after Revised\nArticle 9 takes effect unless the security interest becomes a perfected\nsecurity interest under Revised Article 9 before the expiration of that\nperiod.\n (b) Pre-effective-date filing. The filing of a financing statement\nbefore Revised Article 9 takes effect is effective to perfect a security\ninterest to the extent the filing would satisfy the applicable\nrequirements for perfection under Revised Article 9.\n (c) Pre-effective-date filing in jurisdiction formerly governing\nperfection. Revised Article 9 does not render ineffective an effective\nfinancing statement that, before Revised Article 9 takes effect, is\nfiled and satisfies the applicable requirements for perfection under the\nlaw of the jurisdiction governing perfection as provided in Former\nSection 9--103. However, except as otherwise provided in subsections (d)\nand (e) and Section 9--706, the financing statement ceases to be\neffective at the earlier of:\n (1) the time the financing statement would have ceased to be\n effective under the law of the jurisdiction in which it is\n filed; or\n (2) June thirtieth, 2006.\n (d) Continuation statement. The filing of a continuation statement\nafter Revised Article 9 takes effect does not continue the effectiveness\nof the financing statement filed before Revised Article 9 takes effect.\nHowever, upon the timely filing of a continuation statement after\nRevised Article 9 takes effect and in accordance with the law of the\njurisdiction governing perfection as provided in Part 3, the\neffectiveness of a financing statement filed in the same office in that\njurisdiction before Revised Article 9 takes effect continues for the\nperiod provided by the law of that jurisdiction.\n (e) Application of subsection (c) (2) to transmitting utility\nfinancing statement. Subsection (c) (2) applies to a financing statement\nthat, before Revised Article 9 takes effect, is filed against a\ntransmitting utility and satisfies the applicable requirements for\nperfection under the law of the jurisdiction governing perfection as\nprovided in Former Section 9--103 only to the extent that Part 3\nprovides that the law of a jurisdiction other than the jurisdiction in\nwhich the financing statement is filed governs perfection of a security\ninterest in collateral covered by the financing statement.\n (f) Application of Part 5. A financing statement that includes a\nfinancing statement filed before Revised Article 9 takes effect and a\ncontinuation statement filed after Revised Article 9 takes effect is\neffective only to the extent that it satisfies the requirements of Part\n5 for an initial financing statement.\n