2017 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.