2021 Code of Alabama
Title 7 - Commercial Code.
Article 8 - Investment Securities.
Part 6 - Effective Date.
Section 7-8-603 - Savings Clause.

Universal Citation: AL Code § 7-8-603 (2021)

Section 7-8-603

Savings clause.

(a) This act does not affect an action or proceeding commenced before this act takes effect.

(b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this act, no further action is required to continue perfection. If a security interest in a security is perfected at the date this act takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this act, the security interest remains perfected for a period of four months after the effective date and continues perfected thereafter if appropriate action to perfect under this act is taken within that period. If a security interest is perfected at the date this act takes effect and the security interest can be perfected by filing under this act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.

(Acts 1996, No. 96-742, p. 1241, §1.)

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