TITLE 11 COMMERCIAL CODE

Section 9. Secured Transactions, 11-9-101 through 11-9-809.

ARTICLE 9 SECURED TRANSACTIONS

PART 2 NONCOMPLIANCE WITH ARTICLE

11-9-704. Security interest unperfected before effective date.

A security interest that is enforceable immediately before July 1, 2001, 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 on and for one year after July 1, 2001;
2. Remains enforceable thereafter if the security interest becomes enforceable under Code Section 11-9-203 on July 1, 2001, or within one year thereafter; and
3. Becomes perfected:
   1. Without further action, on July 1, 2001, if the applicable requirements for perfection under this article 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.

(Code 1981, §11-9-704, enacted by Ga. L. 2001, p. 362, § 1.)