47-9705. Effectiveness of action taken before
effective date
A. If action, other than the filing of a financing statement, is taken before July
1, 2001 and the action would have resulted in priority of a security interest over the
rights of a person that becomes a lien creditor had the security interest become
enforceable before July 1, 2001, the action is effective to perfect a security interest
that attaches under this chapter within one year after July 1, 2001. An attached
security interest becomes unperfected one year after July 1, 2001 unless the security
interest becomes a perfected security interest under this chapter before the expiration
of that period.
B. The filing of a financing statement before July 1, 2001 is effective to perfect
a security interest to the extent the filing would satisfy the applicable requirements
for perfection under this chapter.
C. This chapter does not render ineffective an effective financing statement that
before July 1, 2001 is filed and satisfies the applicable requirements for perfection
under the law of the jurisdiction governing perfection as provided in former section
47-9103. However, except as otherwise provided in subsections D and E of this section and
section 47-9706, the financing statement ceases to be effective at the earlier of:
1. The time the financing statement would have ceased to be effective under the law
of the jurisdiction in which it is filed; or
2. June 30, 2007.
D. The filing of a continuation statement after July 1, 2001 does not continue the
effectiveness of the financing statement filed before July 1, 2001. However, on the
timely filing of a continuation statement after July 1, 2001 and in accordance with the
law of the jurisdiction governing perfection as provided in article 3 of this chapter,
the effectiveness of a financing statement filed in the same office in that jurisdiction
before July 1, 2001 continues for the period provided by the law of that jurisdiction.
E. Subsection C, paragraph 2 of this section applies to a financing statement that
before July 1, 2001 is filed against a transmitting utility and satisfies the applicable
requirements for perfection under the law of the jurisdiction governing perfection as
provided in former section 47-9103 only to the extent that article 3 of this chapter
provides that the law of a jurisdiction other than the jurisdiction in which the
financing statement is filed governs perfection of a security interest in collateral
covered by the financing statement.
F. A financing statement that includes a financing statement filed before July 1,
2001 and a continuation statement filed after July 1, 2001 is effective only to the
extent that it satisfies the requirements of article 5 of this chapter for an initial
financing statement.
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