§ 336.0A-304 — Effectiveness of Actions Taken Before Effective Date
Plain-Language Summary
Steps taken before August 1, 2024, to perfect or enforce a security interest can still count under the new law. A financing statement filed before that date is effective if it meets the new requirements.
336.0A-304 EFFECTIVENESS OF ACTIONS TAKEN BEFORE EFFECTIVE DATE.
(a) Pre-effective-date action; attachment and perfection before adjustment date. If action, other than the filing of a financing statement, is taken before August 1, 2024, and the action would have resulted in perfection of the security interest had the security interest become enforceable before August 1, 2024, the action is effective to perfect a security interest that attaches under Laws 2024, chapter 93, before the adjustment date. An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under Laws 2024, chapter 93, before the adjustment date.
(b) Pre-effective-date filing. The filing of a financing statement before August 1, 2024, is effective to perfect a security interest on August 1, 2024, to the extent the filing would satisfy the requirements for perfection under Laws 2024, chapter 93.
(c) Pre-effective-date enforceability action. The taking of an action before August 1, 2024, is sufficient for the enforceability of a security interest on August 1, 2024, if the action would satisfy the requirements for enforceability under Laws 2024, chapter 93.
History:
History: History:
2024 c 93 art 11 s 7