§ 336.0A-303 — Security Interest Unperfected Before Effective Date
Plain-Language Summary
A security interest that was valid but not perfected before August 1, 2024, stays enforceable until the adjustment date and can still become perfected under the new rules.
336.0A-303 SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE.
A security interest that is enforceable immediately before August 1, 2024, but is unperfected at that time:
(1) remains an enforceable security interest until the adjustment date;
(2) remains enforceable thereafter if the security interest becomes enforceable under section 336.9-203, as amended by Laws 2024, chapter 93, on August 1, 2024, or before the adjustment date; and
(3) becomes perfected:
(A) without further action, on August 1, 2024, if the requirements for perfection under Laws 2024, chapter 93, are satisfied before or at that time; or
(B) when the requirements for perfection are satisfied if the requirements are satisfied after that time.
History:
History: History:
2024 c 93 art 11 s 6