2013 New Jersey Revised Statutes
Title 12A - COMMERCIAL TRANSACTIONS
Section 12A:9-704 - Security interest unperfected before effective date.
12A:9-704 Security interest unperfected before effective date.
12A:9-704. Security Interest Unperfected Before Effective Date.
A security interest that is enforceable immediately before this chapter takes effect 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 this chapter takes effect;
(2)remains enforceable thereafter if the security interest becomes enforceable under 12A:9-203 when this chapter takes effect or within one year thereafter; and
(3)becomes perfected:
(A)without further action, when this chapter takes effect if the applicable requirements for perfection under this chapter 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.
L.2001, c.117, s.1; amended 2001, c.386, s.121.
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