§ 336.0A-303 — Security Interest Unperfected Before Effective Date
Plain-Language Summary
A security interest that was enforceable but not perfected immediately before August 1, 2024, stays enforceable until the adjustment date. It remains enforceable after that if it becomes enforceable under section 336.9-203 as amended on August 1, 2024, or before the adjustment date. It becomes perfected automatically on August 1, 2024, if the new perfection requirements are already met at that time, or otherwise whenever those requirements are later satisfied.
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