Sec. 42a-9-703. Security interest perfected before October 1, 2001. - Connecticut Statutes

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Statutes > Connecticut > Title42a > Art009 > Sec42a-9-703

      Sec. 42a-9-703. Security interest perfected before October 1, 2001. (a) A security interest that is enforceable immediately before October 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under public act 01-132* if, on October 1, 2001, the applicable requirements for enforceability and perfection under public act 01-132* are satisfied without further action.

      (b) Except as otherwise provided in section 42a-9-705, if, immediately before October 1, 2001, 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 public act 01-132* are not satisfied on October 1, 2001, the security interest:

      (1) Is a perfected security interest for one year after October 1, 2001;

      (2) Remains enforceable thereafter only if the security interest becomes enforceable under section 42a-9-203 before the year expires; and

      (3) Remains perfected thereafter only if the applicable requirements for perfection under public act 01-132* are satisfied before the year expires.

      (P.A. 01-132, S. 127.)

      *Note: Public act 01-132 is entitled "An Act Adopting Revised Article 9 of the Uniform Commercial Code Concerning Secured Transactions". (See Reference Table captioned "Public Acts of 2001" in Volume 16 which lists the sections amended, created or repealed by the act.)

State Codes and Statutes

Statutes > Connecticut > Title42a > Art009 > Sec42a-9-703

      Sec. 42a-9-703. Security interest perfected before October 1, 2001. (a) A security interest that is enforceable immediately before October 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under public act 01-132* if, on October 1, 2001, the applicable requirements for enforceability and perfection under public act 01-132* are satisfied without further action.

      (b) Except as otherwise provided in section 42a-9-705, if, immediately before October 1, 2001, 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 public act 01-132* are not satisfied on October 1, 2001, the security interest:

      (1) Is a perfected security interest for one year after October 1, 2001;

      (2) Remains enforceable thereafter only if the security interest becomes enforceable under section 42a-9-203 before the year expires; and

      (3) Remains perfected thereafter only if the applicable requirements for perfection under public act 01-132* are satisfied before the year expires.

      (P.A. 01-132, S. 127.)

      *Note: Public act 01-132 is entitled "An Act Adopting Revised Article 9 of the Uniform Commercial Code Concerning Secured Transactions". (See Reference Table captioned "Public Acts of 2001" in Volume 16 which lists the sections amended, created or repealed by the act.)

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State Codes and Statutes

Statutes > Connecticut > Title42a > Art009 > Sec42a-9-703

      Sec. 42a-9-703. Security interest perfected before October 1, 2001. (a) A security interest that is enforceable immediately before October 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under public act 01-132* if, on October 1, 2001, the applicable requirements for enforceability and perfection under public act 01-132* are satisfied without further action.

      (b) Except as otherwise provided in section 42a-9-705, if, immediately before October 1, 2001, 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 public act 01-132* are not satisfied on October 1, 2001, the security interest:

      (1) Is a perfected security interest for one year after October 1, 2001;

      (2) Remains enforceable thereafter only if the security interest becomes enforceable under section 42a-9-203 before the year expires; and

      (3) Remains perfected thereafter only if the applicable requirements for perfection under public act 01-132* are satisfied before the year expires.

      (P.A. 01-132, S. 127.)

      *Note: Public act 01-132 is entitled "An Act Adopting Revised Article 9 of the Uniform Commercial Code Concerning Secured Transactions". (See Reference Table captioned "Public Acts of 2001" in Volume 16 which lists the sections amended, created or repealed by the act.)