11-9-703. Security interest perfected before effective date.

Continuing priority over lien creditor; perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this article if, on July 1, 2001, the applicable requirements for enforceability and perfection under this article are satisfied without further action.#

Continuing priority over lien creditor; perfection requirements not satisfied. Except as otherwise provided in Code Section 11-9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this article are not satisfied on July 1, 2001, the security interest:#

1. (1)

   Is a perfected security interest on and for one year after July 1, 2001;#

2. (2)

   Remains enforceable thereafter only if the security interest becomes enforceable under Code Section 11-9-203 before the year expires; and#

3. (3)

   Remains perfected thereafter only if the applicable requirements for perfection under this article are satisfied before the year expires.#