§ 11-9-704. Security Interest Unperfected Before Effective Date

A security interest that is enforceable immediately before July 1, 2001, 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 on and for one year after July 1, 2001;
2. Remains enforceable thereafter if the security interest becomes enforceable under Code Section 11-9-203 on July 1, 2001, or within one year thereafter; and
3. Becomes perfected:
   1. Without further action, on July 1, 2001, if the applicable requirements for perfection under this article are satisfied before or at that time; or
   2. When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

History. Code 1981, § 11-9-704 , enacted by Ga. L. 2001, p. 362, § 1.