7-8-603
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...
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7-9A-805
Section 7-9A-805 Effectiveness of action taken before effective date. (a) Pre-effective date
filing effective. The filing of a financing statement before July 1, 2014, is effective to
perfect a security interest to the extent the filing would satisfy the applicable requirements
for perfection under Article 9A as amended by Act 2014-374. (b) When pre-effective date filing
becomes ineffective. Act 2014-374 does not render ineffective a financing statement that,
before July 1, 2014, is filed and satisfies the applicable requirements for perfection under
the law of the jurisdiction governing perfection as provided in Article 9A as it existed before
amendment. However, except as otherwise provided in subsections (c) and (d) and Section 7-9A-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 had Act
2014-374 not taken effect; or (2) if the financing statement is...
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7-9A-803
Section 7-9A-803 Security interest perfected before July 1, 2014. (a) Continuing perfection:
perfection requirements satisfied. A security interest that is a perfected security interest
immediately before July 1, 2014, is a perfected security interest under Article 9A as amended
by Act 2014-374 if, when Act 2014-374 takes effect, the applicable requirements for attachment
and perfection under Article 9A as amended by Act 2014-374 are satisfied without further action.
(b) Continuing perfection: perfection requirements not satisfied. Except as otherwise provided
in Section 7-9A-805, if, immediately before July 1, 2014, a security interest is a perfected
security interest, but the applicable requirements for perfection under Article 9A as amended
by Act 2014-374 are not satisfied before July 1, 2014, the security interest remains perfected
thereafter only if the applicable requirements for perfection under Article 9A as amended
by Act 2014-374 are satisfied before July 1, 2014. (Act...
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7-9A-808
Section 7-9A-808 Person entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this part
if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary
under this part: (A) to continue the effectiveness of a financing statement filed before Act
2014-374 takes effect; or (B) to perfect or continue the perfection of a security interest.
(Act 2014-374, p. 1339, §2.)...
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7-9A-705
Section 7-9A-705 Effectiveness of action taken before January 1, 2002. (a) Pre-effective-date
action; one-year perfection period unless reperfected. If action, other than the filing of
a financing statement, is taken before January 1, 2002, and the action would have resulted
in priority of a security interest over the rights of a person that becomes a lien creditor
had the security interest become enforceable before January 1, 2002, the action is effective
to perfect a security interest that attaches under this article within one year after January
1, 2002. An attached security interest becomes unperfected one year after January 1, 2002,
unless the security interest becomes a perfected security interest under this article before
the expiration of that period. (b) Pre-effective-date filing. The filing of a financing statement
before January 1, 2002, is effective to perfect a security interest to the extent the filing
would satisfy the applicable requirements for perfection under this...
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7-9A-807
Section 7-9A-807 Amendment of pre-effective date financing statement. (a) Pre-effective date
financing statement. In this section, pre-effective date financing statement means a financing
statement filed before July 1, 2014. (b) Applicable law. After July 1, 2014, a person may
add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise
amend the information provided in, a pre-effective date financing statement only in accordance
with the law of the jurisdiction governing perfection as provided in Article 9A as amended
by Act 2014-374. However, the effectiveness of a pre-effective date financing statement also
may be terminated in accordance with the law of the jurisdiction in which the financing statement
is filed. (c) Method of amending: general rule. Except as otherwise provided in subsection
(d), if the law of this state governs perfection of security interest, the information in
a pre-effective date financing statement may be amended after Act...
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7-9A-313
Section 7-9A-313 When possession by or delivery to secured party perfects security interest
without filing. (a) Perfection by possession or delivery. Except as otherwise provided in
subsection (b), a secured party may perfect a security interest in tangible negotiable documents,
goods, instruments, money, or tangible chattel paper by taking possession of the collateral.
A secured party may perfect a security interest in certificated securities by taking delivery
of the certificated securities under Section 7-8-301. (b) Goods covered by certificate of
title. With respect to goods covered by a certificate of title issued by this State, a secured
party may perfect a security interest in the goods by taking possession of the goods only
in the circumstances described in Section 7-9A-316(d). (c) Collateral in possession of person
other than debtor. With respect to collateral other than certificated securities and goods
covered by a document, a secured party takes possession of collateral in...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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7-9A-316
Section 7-9A-316 Effect of change in governing law. (a) General rule: Effect on perfection
of change in governing law. A security interest perfected pursuant to the law of the jurisdiction
designated in Section 7-9A-301(1) or 7-9A-305(c) remains perfected until the earliest of:
(1) the time perfection would have ceased under the law of that jurisdiction; (2) the expiration
of four months after a change of the debtor's location to another jurisdiction; or (3) the
expiration of one year after a transfer of collateral to a person that thereby becomes a debtor
and is located in another jurisdiction. (b) Security interest perfected or unperfected under
law of new jurisdiction. If a security interest described in subsection (a) becomes perfected
under the law of the other jurisdiction before the earliest time or event described in that
subsection, it remains perfected thereafter. If the security interest does not become perfected
under the law of the other jurisdiction before the earliest...
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7-9-302
Section 7-9-302 When filing is required to perfect security interest; security interests to
which filing provisions of this article do not apply. THIS SECTION WAS REPEALED IN THE 2001
REGULAR SESSION, BY ACT 2001-481, EFFECTIVE JAN. 1, 2002. (1) A financing statement must be
filed to perfect all security interests except the following: (a) A security interest in collateral
in possession of the secured party under Section 7-9-305; (b) A security interest temporarily
perfected in instruments, certificated securities, or documents without delivery under Section
7-9-304 or in proceeds for a 20-day period under Section 7-9-306; (c) A security interest
created by an assignment of a beneficial interest in a trust or a decedent's estate; (d) A
purchase money security interest in consumer goods; but filing is required for a motor vehicle
required to be registered; and fixture filing is required for priority over conflicting interests
in fixtures to the extent provided in Section 7-9-313; (e) An...
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