2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 97 - Transition Provisions
Section 9705 - Effectiveness of action taken before effective date

     § 9705.  Effectiveness of action taken before effective date.
        (a)  Pre-effective-date action; one-year perfection period
     unless reperfected.--If action, other than the filing of a
     financing statement, is taken before Revised Division 9 takes
     effect and the action would have resulted in priority of a
     security interest over the rights of a person that becomes a
     lien creditor had the security interest become enforceable
     before Revised Division 9 takes effect, the action is effective
     to perfect a security interest which attaches under Revised
     Division 9 within one year after Revised Division 9 takes
     effect. An attached security interest becomes unperfected one
     year after Revised Division 9 takes effect unless the security
     interest becomes a perfected security interest under Revised
     Division 9 before the expiration of that period.
        (b)  Pre-effective-date filing.--The filing of a financing
     statement before July 1, 2001, is effective to perfect a
     security interest to the extent the filing would satisfy the
     applicable requirements for perfection under Revised Division 9,
     and the effectiveness of such a financing statement shall not be
     affected by subsection (c).
        (c)  Pre-effective-date filing in jurisdiction formerly
     governing perfection.--Revised Division 9 does not render
     ineffective an effective financing statement which, before
     Revised Division 9 takes effect, is filed and satisfies the
     applicable requirements for perfection under the law of the
     jurisdiction governing perfection as provided in section 9103 of
     Former Division 9 (relating to perfection of security interests
     in multiple state transactions). However, except as otherwise
     provided in subsections (d) and (e) and section 9706 of Revised
     Division 9 (relating to when initial financing statement
     suffices to continue effectiveness of financing statement), the
     financing statement ceases to be effective at the earlier of:
            (1)  the time the financing statement would have ceased
        to be effective under the law of the jurisdiction in which it
        is filed; or
            (2)  June 30, 2006.
        (d)  Continuation statement.--
            (1)  Except as set forth in paragraph (2), the filing of
        a continuation statement after Revised Division 9 takes
        effect does not continue the effectiveness of the financing
        statement filed before Revised Division 9 takes effect.
            (2)  Notwithstanding paragraph (1), upon the timely
        filing of a continuation statement after Revised Division 9
        takes effect and in accordance with the law of the
        jurisdiction governing perfection as provided in Chapter 93
        of Revised Division 9 (relating to perfection and priority),
        the effectiveness of a financing statement filed in the same
        office in that jurisdiction before Revised Division 9 takes
        effect continues for the period provided by the law of that
        jurisdiction. Filing of a continuation statement shall be
        timely under this paragraph if the filing occurs before the
        financing statement ceases to be effective but not before the
        earlier of:
                (i)  December 30, 2005; or
                (ii)  six months before the financing statement
            ceases to be effective.
        (e)  Application of subsection (c)(2) to transmitting utility
     financing statement.--Subsection (c)(2) applies to a financing
     statement which, before Revised Division 9 takes effect, is
     filed against a transmitting utility and satisfies the
     applicable requirements for perfection under the law of the
     jurisdiction governing perfection as provided in section 9103 of
     Former Division 9 only to the extent that Chapter 93 of Revised
     Division 9 provides that the law of a jurisdiction other than
     the jurisdiction in which the financing statement is filed
     governs perfection of a security interest in collateral covered
     by the financing statement.
        (f)  Application of Chapter 95.--A financing statement which
     includes a financing statement filed before Revised Division 9
     takes effect and a continuation statement filed after Revised
     Division 9 takes effect is effective only to the extent that it
     satisfies the requirements of Chapter 95 of Revised Division 9
     (relating to filing) for an initial financing statement.
     (June 30, 2006, P.L.290, No.64, eff. imd.)

        2006 Amendment.  Act 64 amended subsecs. (b) and (d). Section
     2 of Act 64 provided that nothing in the amendment of subsecs.
     (b) or (d) shall render ineffective a continuation statement
     that was filed prior to the effective date of section 2.
        Cross References.  Section 9705 is referred to in sections
     9702, 9703, 9706, 9707 of this title.