Section 9-805: Effectiveness Of Action Taken Before Effective Date
Section 9–805. (a) Pre-effective-date filing effective. The filing of a financing statement before the effective date of the amendatory act is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this Article as amended by the amendatory act.
(b) When pre-effective-date filing becomes ineffective. The amendatory act shall not render ineffective an effective financing statement that, before the effective date of the amendatory act, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this Article as it existed before the effective date of the amendatory act. However, except as otherwise provided in subsections (c) and (d) and Section 9–806, the financing statement ceases to be effective:
(1) if the financing statement is filed in the commonwealth, at the time the financing statement would have ceased to be effective had the amendatory act not taken effect; or
(2) if the financing statement is filed in another jurisdiction, at the earlier of:
(A) the time the financing statement would have ceased to be effective under the law of that jurisdiction; or
(B) June 30, 2018.
(c) Continuation statement. The filing of a continuation statement after the effective date of the amendatory act shall not continue the effectiveness of a financing statement filed before the effective date of the amendatory act. However, upon the timely filing of a continuation statement after the effective date of the amendatory act and in accordance with the law of the jurisdiction governing perfection as provided in this Article as amended by the amendatory act, the effectiveness of a financing statement filed in the same office in that jurisdiction before the effective date of the amendatory act continues for the period provided by the law of that jurisdiction.
(d) Application of subsection (b)(2)(B) to transmitting utility financing statement. Subsection (b)(2)(B) shall apply to a financing statement that, before the effective date of the act, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this Article as it existed before the effective date of the amendatory act, only to the extent that this Article as amended by the amendatory act provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(e) Application of part 5. A financing statement that includes a financing statement filed before this amendatory act and a continuation statement filed after the effective date of the amendatory act is effective only to the extent that it satisfies the requirements of Part 5 as amended by the amendatory act for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of section 9–503(a)(2) as amended by the amendatory act. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of section 9–503(a)(3) as amended by the act.