§ 9—805. Effectiveness of action taken before effective date
(a) The filing of a financing statement before the Act takes effect is effective to perfect
a security interest to the extent the filing would satisfy the applicable requirements
for perfection under Article 9 of this title, as amended by the Act.
(b) The Act does not render ineffective an effective financing statement that, before
the Act takes effect, is filed and satisfies the applicable requirements for perfection
under the law of the jurisdiction governing perfection as provided in Article 9 of
this title as it existed before the amendment. However, except as otherwise provided
in subsections (c) and (d) of this section and section 9—806 of this title, 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 the 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, 2019.
(c) The filing of a continuation statement after the Act takes effect does not continue
the effectiveness of a financing statement filed before the Act takes effect. However,
upon the timely filing of a continuation statement after the Act takes effect and
in accordance with the law of the jurisdiction governing perfection as provided under
Article 9 of this title, as amended by the Act, the effectiveness of a financing statement
filed in the same office in that jurisdiction before the Act takes effect continues
for the period provided by the law of that jurisdiction.
(d) Subdivision (b)(2)(B) of this section applies to a financing statement that, before
the Act takes effect, is filed against a transmitting utility and satisfies the applicable
requirements for perfection under the law of the jurisdiction governing perfection
as provided in Article 9 of this title, as it existed before amendment, only to the
extent that Article 9 of this title, as amended by the 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) A financing statement that includes a financing statement filed before the Act takes
effect and a continuation statement filed after the Act takes effect is effective
only to the extent that it satisfies the requirements of Article 9, Part 5 of this
title, as amended by the 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 subdivision 9—503(a)(2) of this title, as amended by the 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 subdivision 9—503(a)(3) of this title, as amended by the Act. (Added 2013, No. 157 (Adj. Sess.), § 1.)