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(a) A security interest that is enforceable immediately before Acts 2001, No. 1439, takes effect on 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 act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
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(b) Except as otherwise provided in § 4-9-705, if, immediately before this act takes effect, 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 act are not satisfied when this act takes effect, the security interest:
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(1) is a perfected security interest for one (1) year after this act takes effect;
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(2) remains enforceable thereafter only if the security interest becomes enforceable under § 4-9-203 before the year expires; and
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(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
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(c) Notwithstanding any provision of this act, any financing statement referencing a transmitting utility as the debtor, which was sufficient for perfection of a security interest under former Chapter 9 under the Transmitting Utility Act, § 4-19-101 et seq., and which was deemed a continuous filing before the effective date of this act, shall be sufficient for perfection of a security interest and maintain such continuously perfected status after the effective date of this act.
