A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

1. (1) remains an enforceable security interest for one year after this act takes effect;
2. (2) remains enforceable thereafter if the security interest becomes enforceable under Section 36-9-203 when this act takes effect or within one year thereafter; and

3. (3) becomes perfected:

   1. (A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
   2. (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

HISTORY: 2001 Act No. 67, Section 12. "Lien creditor" Section 36-9-102(a) "Security interest" Section 36-1-201(37) [see now Section 36-1-203]