§490:9-705  Effectiveness of action taken
before effective date.  (a)  If action, other than the filing of a
financing statement, is taken before this article takes effect 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 this article takes effect, the action is effective to
perfect a security interest that attaches under this article within one year
after this article takes effect.  An attached security interest becomes
unperfected one year after this article takes effect unless the security
interest becomes a perfected security interest under this article before the
expiration of that period.



(b)  The filing of a financing statement before
this article takes effect is effective to perfect a security interest to the
extent the filing would satisfy the applicable requirements for perfection
under this article.



(c)  This article does not render ineffective
an effective financing statement that, before this article takes effect, is
filed and satisfies the applicable requirements for perfection under the law of
the jurisdiction governing perfection as provided in the former section
490:9-103.  However, except as otherwise provided in subsections (d) and (e)
and section 490:9-706, 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, 2006.



(d)  The filing of a continuation statement
after this article takes effect does not continue the effectiveness of the
financing statement filed before this article takes effect.  However, upon the
timely filing of a continuation statement after this article takes effect and
in accordance with the law of the jurisdiction governing perfection as provided
in part 3, the effectiveness of a financing statement filed in the same office
in that jurisdiction before this article takes effect continues for the period
provided by the law of that jurisdiction.



(e)  Subsection (c)(2) applies to a financing
statement that, before this article takes effect, is filed against a
transmitting utility and satisfies the applicable requirements for perfection
under the law of the jurisdiction governing perfection as provided in the
former section 490:9-103 only to the extent that part 3 provides that the law
of a jurisdiction other than a 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 this article takes effect and a continuation
statement filed after this article takes effect is effective only to the extent
that it satisfies the requirements of part 5 for an initial financing
statement. [L 2000, c 241, pt of §1]