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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 12A. · Article 12A. TRANSITIONAL PROVISIONS FOR UNIFORM COMMERCIAL CODE AMENDMENTS · Part 3. TRANSITIONAL PROVISIONS FOR ARTICLES 9 AND 12

11-12A-302. Security interest perfected before effective date.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    Continuing perfection: perfection requirements satisfied.#

    1. A security interest that is enforceable and perfected immediately before July 1, 2024, is a perfected security interest under the Uniform Commercial Code Modernization Act of 2024, if, on July 1, 2024, the requirements for enforceability and perfection under the Uniform Commercial Code Modernization Act of 2024 are satisfied without further action.

  2. (b)

    Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before July 1, 2024, but the requirements for enforceability or perfection under the Uniform Commercial Code Modernization Act of 2024 are not satisfied on July 1, 2024, the security interest:#

    1. (1)

      Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before July 1, 2024, or the adjustment date;#

    2. (2)

      Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under Code Section 11-9-203, as amended by the Uniform Commercial Code Modernization Act of 2024, before the adjustment date; and#

    3. (3)

      Remains perfected thereafter only if the requirements for perfection under the Uniform Commercial Code Modernization Act of 2024 are satisfied before the time specified in paragraph (1) of this subsection.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-12A-302, enacted by Ga. L. 2024, p. 817, § 4-1/HB 1240, effective July 1, 2024.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-pdf.pdf, Volume V9, 2022 edition, 2025 supplement, pages 169 to 170; merge action: added; file SHA-256 df9393c4ba3b.