A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one year after this act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 36-9-203 when this act takes effect or within one year thereafter; and
(3) becomes perfected:
(A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
HISTORY: 2001 Act No. 67, Section 12.
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