(a) A security interest that is enforceable immediately before January 1, 2002 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 act if, on January 1, 2002, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b) Except as otherwise provided in Section 75-9-705, if, immediately January 1, 2002, 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 act are not satisfied on January 1, 2002, the security interest:
(1) Is a perfected security interest for one (1) year after January 1, 2002;
(2) Remains enforceable thereafter only if the security interest becomes enforceable under Section 75-9-203 before the year expires; and
(3) Remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
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