47-9704. Security interest unperfected before
effective date


A security interest that is enforceable immediately before July 1, 2001 but that
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 July 1, 2001;


2. Remains enforceable thereafter if the security interest becomes enforceable
under section 47-9203 on July 1, 2001 or within one year thereafter; and


3. Becomes perfected:


(a) Without further action, on July 1, 2001 if the applicable requirements for
perfection under this chapter 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.