O.C.G.A. § 11-9-805 — Effectiveness of action taken before effective date

(a) Pre-effective date ﬁling effective. The ﬁling of a ﬁnancing statement before July 1, 2013, is effective to perfect a security interest 960 11-9-805 to the extent the ﬁling would satisfy the applicable requirements for perfection under this article, as in effect on July 1, 2013. (b) When pre-effective date ﬁling becomes ineffective. Changes made to this article effective July 1, 2013, do not render ineffective an effective ﬁnancing statement that, before July 1, 2013, is ﬁled and satisﬁes the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided under the former provisions of this article in effect prior to July 1, 2013. However, except as otherwise provided in subsections (c) and (d) of this Code section and Code Section 11-9-806, the ﬁnancing statement ceases to be effective: (1) If the ﬁnancing statement is ﬁled in this state, at the time the ﬁnancing statement would have ceased to be effective under the former provisions of this article in effect prior to July 1, 2013; or (2) If the ﬁnancing statement is ﬁled in another jurisdiction, at the earlier of: (A) The time the ﬁnancing statement would have ceased to be effective under the law of that jurisdiction; or (B) June 30, 2018. (c) Continuation statement. The ﬁling of a continuation statement on or after July 1, 2013, does not continue the effectiveness of a ﬁnancing statement ﬁled before July 1, 2013. However, upon the timely ﬁling of a continuation statement on or after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in this article, as in effect on July 1, 2013, the effectiveness of a ﬁnancing statement ﬁled in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction. (d) Application of subparagraph (b)(2)(B) of this Code section to transmitting utility ﬁnancing statement. Subparagraph (b)(2)(B) of this Code section shall apply to a ﬁnancing statement that, before July 1, 2013, is ﬁled against a transmitting utility and satisﬁes the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in the former provisions of this article, as in effect prior to July 1, 2013, only to the extent that the provisions of this article, as in effect on July 1, 2013, provide 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. (e) Application of Part 5 of this article. A ﬁnancing statement that includes a ﬁnancing statement ﬁled before July 1, 2013, and a continuation statement ﬁled on or after July 1, 2013, is effective only to 961 11-9-806 the extent that it satisﬁes the requirements of Part 5 of this article, as in effect on July 1, 2013, for an initial ﬁnancing statement. A ﬁnancing statement that indicates that the debtor is a decedent’s estate indicates that the collateral is being administered by a personal representative within the meaning of paragraph (2) of subsection (a) of Code Section 11-9-503, as in effect on July 1, 2013. A ﬁnancing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of paragraph (3) of subsection (a) of Code Section 11-9-503, as in effect on July 1, 2013. History. Code 1981, § 11-9-805, enacted by Ga. L. 2013, p. 690, § 20/SB 185. 11-9-806. When initial ﬁnancing statement suffices to continue effectiveness of ﬁnancing statement. (a) Initial ﬁnancing statement in lieu of continuation statement. The ﬁling of an initial ﬁnancing statement in the office speciﬁed in Code Section 11-9-501 continues the effectiveness of a ﬁnancing statement ﬁled before July 1, 2013, if: (1) The ﬁling of an initial ﬁnancing statement in that office would be effective to perfect a security interest under this article, as in effect on July 1, 2013; (2) The pre-effective date ﬁnancing statement was ﬁled in an office in another state; and (3) The initial ﬁnancing statement satisﬁes subsection (c) of this Code section. (b) Period of continued effectiveness. The ﬁling of an initial ﬁnancing statement under subsection (a) of this Code section continues the effectiveness of the pre-effective date ﬁnancing statement: (1) If the initial ﬁnancing statement is ﬁled before July 1, 2013, for the period provided in former Code Section 11-9-515, as in effect prior to July 1, 2013, with respect to an initial ﬁnancing statement; and (2) If the initial ﬁnancing statement is ﬁled on or after July 1, 2013, for the period provided in Code Section 11-9-515, as in effect on July 1, 2013, with respect to an initial ﬁnancing statement. (c) Requirements for initial ﬁnancing statement under subsection (a) of this Code section. To be effective for purposes of subsection (a) of this Code section, an initial ﬁnancing statement must: (1) Satisfy the requirements of Part 5 of this article, as in effect on July 1, 2013, for an initial ﬁnancing statement; 962 11-9-807 (2) Identify the pre-effective date ﬁnancing statement by indicating the office in which the ﬁnancing statement was ﬁled and providing the dates of ﬁling and ﬁle numbers, if any, of the ﬁnancing statement and of the most recent continuation statement ﬁled with respect to the ﬁnancing statement; and (3) Indicate that the pre-effective date ﬁnancing statement remains effective. History. Code 1981, § 11-9-806, enacted by Ga. L. 2013, p. 690, § 20/SB 185. 11-9-807. Amendment of pre-effective date ﬁnancing statement.