§490:9-703  Security interest perfected
before effective date.  (a)  A security interest that is enforceable
immediately before this article takes effect 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 article if, when this article takes effect, the
applicable requirements for enforceability and perfection under this article
are satisfied without further action.



(b)  Except as otherwise provided in section
490:9-705, if, immediately before this article takes effect, 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 article are not satisfied when this
article takes effect, the security interest:



(1)  Is a perfected security interest for one year
after this article takes effect;



(2)  Remains enforceable thereafter only if the
security interest becomes enforceable under section 490:9-203 before the year
expires; and



(3)  Remains perfected thereafter only if the
applicable requirements for perfection under this article are satisfied before
the year expires. [L 2000, c 241, pt of §1]