§ 34.1-9-705 — Effectiveness of action taken before effective date

(a) If action, other than the filing of a financing
statement, is taken before this act takes effect and the action
would have resulted in priority of a security interest over the
rights of a person that becomes a lien creditor had the security
interest become enforceable before this act takes effect, the
action is effective to perfect a security interest that attaches
under this act within one (1) year after this act takes effect.
An attached security interest becomes unperfected one (1) year
after this act takes effect unless the security interest becomes
a perfected security interest under this act before the
expiration of that period.
(b) 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 act.
(c) 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
former section 34.1-9-103. However, except as otherwise provided
in subsections (d) and (e) and section 34.1-9-706, the financing
statement ceases to be effective at the earlier of:
(i) The time the financing statement would have
ceased to be effective under the law of the jurisdiction in
which it is filed; or
(ii) June 30, 2006.
(d) 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 and in accordance with the law of the
jurisdiction governing perfection as provided in Part 3, 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.
(e) Paragraph (c)(ii) 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 former section 34.1-9-103 only to the
extent that Part 3 provides that the law of a jurisdiction other
than jurisdiction in which the financing statement is filed
governs perfection of a security interest in collateral covered
by the financing statement.
(f) 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 Part 5 for an
initial financing statement.