Section 45.29.704. Security interest unperfected before effective date.

A security interest that is enforceable June 30, 2001, but that would be subordinate to the rights of a person who becomes a lien creditor June 30, 2001,
        (1) remains an enforceable security interest until July 1, 2002;
        (2) remains enforceable on and after July 1, 2002, if the security interest becomes enforceable under AS 45.29.203 on July 1, 2001, or before July 1, 2002; and
        (3) becomes perfected
             (A) without further action on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before July 1, 2001; or
             (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied on or after July 1, 2001.

Notes

History

(Sec. 1 ch 113 SLA 2000)