Savings clause

84-8-601. Savings clause. (a) This act does not affect an action or proceeding commenced before this act takes effect. (b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this act, no further action is required to continue perfection. If a security interest in a security is perfected at the date this act takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this act, the security interest remains perfected for a period of four months after the effective date and continues perfected thereafter if appropriate action to perfect under this act is taken within that period. If a security interest is perfected at the date this act takes effect and the security interest can be perfected by filing under this act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect. History: L. 1996, ch. 202, § 79; July 1. KANSAS COMMENT, 1996 This section is taken from and is identical to section 8-603 of the 1995 Official Text. This section provides a four-month grace period to reperfect nonconforming security interests in collateral similar to that provided for the interstate movement of collateral under 84-9-103. For example, if a security interest in a security (or, under the new provisions of Article 8, a security entitlement) was perfected by notification to the financial intermediary or the person in possession of the certificated security pursuant to 84-8-313(1)(h) on the effective date of the act (July 1, 1996), if action is not taken within four months, the protection of perfection of the security interest is lost.