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2017 Code of Alabama
Title 7 - COMMERCIAL CODE.
Article 9A - SECURED TRANSACTIONS.
Part 7 - TRANSITION.
Section 7-9A-704 - Security interest unperfected before January 1, 2002.
Universal Citation: AL Code § 7-9A-704 (2017)
Section 7-9A-704Security interest unperfected before January 1, 2002.
A security interest that is enforceable immediately before January 1, 2002, 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 for one year after January 1, 2002;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within one year thereafter; and
(3) becomes perfected:
(A) without further action, on January 1, 2002, if the applicable requirements for perfection under this article are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
(Act 2001-481, p. 647, §1.)
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