§490:9-704  Security interest unperfected
before effective date.  A security interest that is enforceable immediately
before this article 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 article takes effect;



(2)  Remains enforceable thereafter if the security
interest becomes enforceable under section 490:9-203 when this article takes
effect or within one year thereafter; and



(3)  Becomes perfected:



(A)  Without further action, when this article
takes effect if the applicable requirements for perfection under this article
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. [L
2000, c 241, pt of §1]