Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-8-603.htm |
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Depth: | 0 singles |
Size: | 1,449 bytes |
Modified: | 2006-11-22 12:20:50 |
Categories: | -None- |
Title: | 7-8-603 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-8-603 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. (Acts 1996, No. 96-742, p. 1241, ยง1.) |