Temporary transition provision; 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 until midnight June 30, 2002; (2) remains enforceable on and after July 1, 2002 if the security interest becomes enforceable pursuant to Section 55-9-203 NMSA 1978 before June 30, 2002; and (3) becomes perfected: (A) without further action on July 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after the time specified in Paragraph (A) of this subsection. History: Laws 2001, ch. 139, § 148.