- Continuing priority over lien creditor; perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this article if, on July 1, 2001, the applicable requirements for enforceability and perfection under this article are satisfied without further action.
- Continuing priority over lien creditor; perfection requirements not satisfied. Except as otherwise provided in Code Section 11-9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this article are not satisfied on July 1, 2001, the security interest:
- Is a perfected security interest on and for one year after July 1, 2001;
- Remains enforceable thereafter only if the security interest becomes enforceable under Code Section 11-9-203 before the year expires; and
- Remains perfected thereafter only if the applicable requirements for perfection under this article are satisfied before the year expires.
History. Code 1981, § 11-9-703 , enacted by Ga. L. 2001, p. 362, § 1.