State Codes and Statutes
Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-703SECTION 6A-9-703
§ 6A-9-703 Security interest perfectedbefore effective date. – (a) Continuing priority over lien creditor: perfection requirementssatisfied. A security interest that is enforceable immediately before thischapter takes effect and would have priority over the rights of a person thatbecomes a lien creditor at that time is a perfected security interest underthis chapter if, when this chapter takes effect, the applicable requirementsfor enforceability and perfection under this chapter are satisfied withoutfurther action.
(b) Continuing priority over lien creditor: perfectionrequirements not satisfied. Except as otherwise provided in §6A-9-705, if, immediately before this chapter takes effect, a security interestis enforceable and would have priority over the rights of a person that becomesa lien creditor at that time, but the applicable requirements forenforceability or perfection under this chapter are not satisfied when thischapter takes effect, the security interest:
(1) Is a perfected security interest for one year after thischapter takes effect;
(2) Remains enforceable thereafter only if the securityinterest becomes enforceable under § 6A-9-203 before the year expires; and
(3) Remains perfected thereafter only if the applicablerequirements for perfection under this chapter are satisfied before the yearexpires.
