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§ 9703. Security interest perfected before effective date

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: July 1, 2001

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 9. Secured Transactions (Refs & Annos)
Chapter 97. Transition Provisions
Effective: July 1, 2001
13 Pa.C.S.A. § 9703
§ 9703. Security interest perfected before effective date
Currentness
(a) Continuing priority over lien creditor: perfection requirements satisfied.--A security interest which is enforceable immediately before the effective date of Revised Division 9 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under Revised Division 9 if, when Revised Division 9 takes effect, the applicable requirements for enforceability and perfection under Revised Division 9 are satisfied without further action.
(b) Continuing priority over lien creditor: perfection requirements not satisfied.--Except as otherwise provided in section 9705 of Revised Division 9 (relating to effectiveness of action taken before effective date), if, immediately before Revised Division 9 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 Revised Division 9 are not satisfied when Revised Division 9 takes effect, the security interest:
(1) is a perfected security interest for one year after Revised Division 9 takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under section 9203 of Revised Division 9 (relating to attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites) before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under Revised Division 9 are satisfied before the year expires.

Credits

2001, June 8, P.L. 123, No. 18, § 16, effective July 1, 2001.
13 Pa.C.S.A. § 9703, PA ST 13 Pa.C.S.A. § 9703
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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