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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 9. · Article 9. SECURED TRANSACTIONS · Part 7. 2001 TRANSITION

11-9-704. Security interest unperfected before effective date.

Active

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

  1. A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

  2. (1)

    Remains an enforceable security interest on and for one year after July 1, 2001;#

  3. (2)

    Remains enforceable thereafter if the security interest becomes enforceable under Code Section 11-9-203 on July 1, 2001, or within one year thereafter; and#

  4. (3)

    Becomes perfected:#

    1. (A)

      Without further action, on July 1, 2001, if the applicable requirements for perfection under this article are satisfied before or at that time; or#

    2. (B)

      When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.#

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, § 11-9-704, enacted by Ga. L. 2001, p. 362, § 1.

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)-2022-pdf.pdf, Volume V9, 2022 edition, page 968; merge action: carried; file SHA-256 ad397fccbf21.