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: (A) Without further action, on July 1, 2001, if the applicable requirements for perfection under this article 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. History. Code 1981, § 11-9-704, enacted by Ga. L. 2001, p. 362, § 1.