9-704 - Security Interest Unperfected Before Effective Date - New-york Statutes

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Statutes > New-york > Ucc > Article-9 > Part-7 > 9-704

Section 9--704. Security Interest Unperfected Before Effective Date.    A  security  interest  that  is enforceable immediately before Revised  Article 9 takes effect but which would be subordinate to the rights of a  person that becomes a lien creditor at that time:    (a) remains an  enforceable  security  interest  for  one  year  after  Revised Article 9 takes effect;    (b) remains  enforceable  thereafter  if the security interest becomes  enforceable under Section 9--203 when Revised Article 9 takes effect  or  within one year thereafter; and    (c) becomes perfected:         (1) without  further  action, when Revised Article 9 takes effect             if the applicable requirements for perfection  under  Revised             Article 9 are satisfied before or at that time; or         (2) when the applicable requirements for perfection are satisfied             if the requirements are satisfied after that time.

State Codes and Statutes

Statutes > New-york > Ucc > Article-9 > Part-7 > 9-704

Section 9--704. Security Interest Unperfected Before Effective Date.    A  security  interest  that  is enforceable immediately before Revised  Article 9 takes effect but which would be subordinate to the rights of a  person that becomes a lien creditor at that time:    (a) remains an  enforceable  security  interest  for  one  year  after  Revised Article 9 takes effect;    (b) remains  enforceable  thereafter  if the security interest becomes  enforceable under Section 9--203 when Revised Article 9 takes effect  or  within one year thereafter; and    (c) becomes perfected:         (1) without  further  action, when Revised Article 9 takes effect             if the applicable requirements for perfection  under  Revised             Article 9 are satisfied before or at that time; or         (2) when the applicable requirements for perfection are satisfied             if the requirements are satisfied after that time.

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State Codes and Statutes

Statutes > New-york > Ucc > Article-9 > Part-7 > 9-704

Section 9--704. Security Interest Unperfected Before Effective Date.    A  security  interest  that  is enforceable immediately before Revised  Article 9 takes effect but which would be subordinate to the rights of a  person that becomes a lien creditor at that time:    (a) remains an  enforceable  security  interest  for  one  year  after  Revised Article 9 takes effect;    (b) remains  enforceable  thereafter  if the security interest becomes  enforceable under Section 9--203 when Revised Article 9 takes effect  or  within one year thereafter; and    (c) becomes perfected:         (1) without  further  action, when Revised Article 9 takes effect             if the applicable requirements for perfection  under  Revised             Article 9 are satisfied before or at that time; or         (2) when the applicable requirements for perfection are satisfied             if the requirements are satisfied after that time.