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November 21, 2024 Clouds | 46°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 9 SECURED TRANSACTIONS
  6. Section 9-704 Security Interest Unperfected Before Effective Date

Section 9-704

Section 9-704: Security Interest Unperfected Before Effective Date

Section 9–704. 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) remains an enforceable security interest for 1 year after this act takes effect;

(2) remains enforceable thereafter if the security interest becomes enforceable under Section 9–203 when this act takes effect or within 1 year thereafter; and

(3) becomes perfected:

(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

(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.