Tennessee § 47-9-704 Security interest unperfected before effective date

Tennessee Statutes

§ 47-9-704 — Security interest unperfected before effective date

A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1)remains an enforceable security interest for one (1) year after this act takes effect;

(2)remains enforceable thereafter if the security interest becomes enforceable under § 47-9-203 on July 1, 2001 or within one (1) year thereafter; and (3) becomes perfected:

(A)without further action, on July 1, 2001 if the applicable requirements for perfection under this act are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

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A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for one (1) year after this act takes effect; (2) remains enforceable thereafter if the security interest becomes enforceable under § 47-9-203 on July 1, 2001 or within one (1) year thereafter; and (3) becomes perfected: (A) without further action, on July 1, 2001 if the applicable requirements for perfection under this act are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

Tennessee § 47-9-704 (Security interest unperfected before effective date) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.