§ 91132 — Security interest perfected before effective date

(a) Continuing perfection; perfection requirements satisfied.--A security interest that is enforceable and perfected immediately before the effective date of this section is a perfected security interest under the act adding this chapter if, on the effective date of this section, the requirements for enforceability and perfection under the act adding this chapter are satisfied without further action.

(b) Continuing perfection; enforceability or perfection requirements not satisfied.--If a security interest is enforceable and perfected immediately before the effective date of this section, but the requirements for enforceability or perfection under the act adding this chapter are not satisfied on the effective date of this section, the security interest:

(1) is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this section or the adjustment date;

(2) remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under section 9203 (relating to attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites), as amended by the act adding this chapter, before the adjustment date; and

(3) remains perfected thereafter only if the requirements for perfection under the act adding this chapter are satisfied before the time specified in paragraph (1).

Legislative History

Cross References.Section 91132 is referred to in section 91131 of this title.