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§ 1-9-703. Security interest perfected before effective date

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 7. Transition
12A Okl.St.Ann. § 1-9-703
§ 1-9-703. Security interest perfected before effective date
Currentness
Security interest perfected before effective date
(a) A security interest that is enforceable immediately before this act1 takes effect2 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b) Except as otherwise provided in Section 1-9-705 of this title, if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:
(1) is a perfected security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under Section 1-9-203 of this title before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.

Credits

Laws 2000, c. 371, § 137, eff. July 1, 2001.

Footnotes

1
Title 12A, § 1-9-101 et seq.
2
O.S.L.2000, c. 371, effective July 1, 2001.
12A Okl. St. Ann. § 1-9-703, OK ST T. 12A § 1-9-703
Current with legislation of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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