7-9A-703
Section 7-9A-703 Security interest perfected before January 1, 2002. (a) Continuing priority
over lien creditor: Perfection requirements satisfied. A security interest that is enforceable
immediately before January 1, 2002, and would have priority over the rights of a person that
becomes a lien creditor at that time is a perfected security interest under this article if,
on January 1, 2002, the applicable requirements for enforceability and perfection under this
article are satisfied without further action. (b) Continuing priority over lien creditor:
Perfection requirements not satisfied. Except as otherwise provided in Section 7-9A-705, if,
immediately before January 1, 2002, a security interest is enforceable and would have priority
over the rights of a person that becomes a lien creditor at that time, but the applicable
requirements for enforceability or perfection under this article are not satisfied on January
1, 2002, the security interest: (1) is a perfected security interest...
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7-9A-704
Section 7-9A-704 Security interest unperfected before January 1, 2002. A security interest
that is enforceable immediately before January 1, 2002, 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 for one year after January 1, 2002; (2) remains enforceable thereafter if
the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within
one year thereafter; and (3) becomes perfected: (A) without further action, on January 1,
2002, if the applicable requirements for perfection under this article are satisfied before
or at that time; or (B) when the applicable requirements for perfection are satisfied if the
requirements are satisfied after that time. (Act 2001-481, p. 647, §1.)...
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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-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-308
Section 7-9A-308 When security interest or agricultural lien is perfected; continuity of perfection.
(a) Perfection of security interest. Except as otherwise provided in this section and Section
7-9A-309, a security interest is perfected if it has attached and all of the applicable requirements
for perfection in Sections 7-9A-310 through 7-9A-316 have been satisfied. A security interest
is perfected when it attaches if the applicable requirements are satisfied before the security
interest attaches. (b) Perfection of agricultural lien. An agricultural lien is perfected
if it has become effective and all of the applicable requirements for perfection in Section
7-9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective
if the applicable requirements are satisfied before the agricultural lien becomes effective.
(c) Continuous perfection; perfection by different methods. A security interest or agricultural
lien is perfected continuously if it is originally...
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7-9A-323
Section 7-9A-323 Future advances. (a) When priority based on time of advance. Except as otherwise
provided in subsection (c), for purposes of determining the priority of a perfected security
interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the
time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only: (A) under Section 7-9A-309 when
it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g); and (2) is not made
pursuant to a commitment entered into before or while the security interest is perfected by
a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g). (b) Lien creditor.
Except as otherwise provided in subsection (c), a security interest is subordinate to the
rights of a person that becomes a lien creditor to the extent that the security interest secures
an advance made more than 45 days after the person becomes a lien creditor...
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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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7-9A-709
Section 7-9A-709 Priority. (a) Law governing priority. This article determines the priority
of conflicting claims to collateral. However, if the relative priorities of the claims were
established before January 1, 2002, former Article 9 determines priority. (b) Priority if
security interest becomes enforceable under Section 7-9A-203. For purposes of Section 7-9A-322(a),
the priority of a security interest that becomes enforceable under Section 7-9A-203 of this
article dates from January 1, 2002 if the security interest is perfected under this article
by the filing of a financing statement before January 1, 2002, which would not have been effective
to perfect the security interest under former Article 9. This subsection does not apply to
conflicting security interests each of which is perfected by the filing of such a financing
statement. (Act 2001-481, p. 647, §1.)...
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7-9A-804
Section 7-9A-804 Security interest unperfected before effective date. A security interest that
is an unperfected security interest immediately before July 1, 2014, becomes a perfected security
interest: (1) without further action, on July 1, 2014, if the applicable requirements for
perfection under Article 9A as amended by Act 2014-374 are satisfied before or at that time;
or (2) when the applicable requirements for perfection are satisfied if the requirements are
satisfied after that time. (Act 2014-374, p. 1339, §2.)...
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7-9A-306
Section 7-9A-306 Law governing perfection and priority of security interests in letter-of-credit
rights. (a) Governing law: Issuer's or nominated person's jurisdiction. Subject to subsection
(c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest
in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction
is a State. (b) Issuer's or nominated person's jurisdiction. For purposes of this part, an
issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs
the liability of the issuer or nominated person with respect to the letter-of-credit right
as provided in Section 7-5-116. (c) When section not applicable. This section does not apply
to a security interest that is perfected only under Section 7-9A-308(d). (Act 2001-481, p.
647, §1.)...
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