2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 7 - Transition › 9-705 - Effectiveness of Action Taken Before Effective Date

Section 9--705. Effectiveness of Action Taken Before Effective Date.
(a) Pre-effective-date   action;  one-year  perfection  period  unless
reperfected. If action, other than the filing of a financing  statement,
is taken before Revised Article 9 takes effect and the action would have
resulted  in priority of a security interest over the rights of a person
that  becomes  a  lien  creditor  had  the  security   interest   become
enforceable  before  Revised  Article  9  takes  effect,  the  action is
effective to perfect a security interest  that  attaches  under  Revised
Article  9  within  one  year  after  Revised Article 9 takes effect. An
attached security interest becomes unperfected one  year  after  Revised
Article  9 takes effect unless the security interest becomes a perfected
security interest under Revised Article 9 before the expiration of  that
period.
(b) Pre-effective-date  filing.  The  filing  of a financing statement
before Revised Article 9 takes effect is effective to perfect a security
interest  to  the  extent  the  filing  would  satisfy  the   applicable
requirements for perfection under Revised Article 9.
(c) Pre-effective-date   filing  in  jurisdiction  formerly  governing
perfection. Revised Article 9 does not render ineffective  an  effective
financing  statement  that,  before  Revised  Article 9 takes effect, is
filed and satisfies the applicable requirements for perfection under the
law of the jurisdiction  governing  perfection  as  provided  in  Former
Section 9--103. However, except as otherwise provided in subsections (d)
and  (e)  and  Section  9--706,  the  financing  statement  ceases to be
effective at the earlier of:
(1) the time the financing statement  would  have  ceased  to  be
effective  under  the  law of the jurisdiction in which it is
filed; or
(2) June thirtieth, 2006.
(d) Continuation statement. The filing  of  a  continuation  statement
after Revised Article 9 takes effect does not continue the effectiveness
of  the financing statement filed before Revised Article 9 takes effect.
However, upon the  timely  filing  of  a  continuation  statement  after
Revised  Article  9  takes  effect and in accordance with the law of the
jurisdiction  governing  perfection  as  provided   in   Part   3,   the
effectiveness  of a financing statement filed in the same office in that
jurisdiction before Revised Article 9 takes  effect  continues  for  the
period provided by the law of that jurisdiction.
(e) Application   of   subsection  (c)  (2)  to  transmitting  utility
financing statement. Subsection (c) (2) applies to a financing statement
that, before  Revised  Article  9  takes  effect,  is  filed  against  a
transmitting  utility  and  satisfies  the  applicable  requirements for
perfection under the law of the  jurisdiction  governing  perfection  as
provided  in  Former  Section  9--103  only  to  the  extent that Part 3
provides that the law of a jurisdiction other than the  jurisdiction  in
which  the financing statement is filed governs perfection of a security
interest in collateral covered by the financing statement.
(f) Application of Part 5.  A  financing  statement  that  includes  a
financing  statement  filed  before Revised Article 9 takes effect and a
continuation statement filed after Revised Article  9  takes  effect  is
effective  only to the extent that it satisfies the requirements of Part
5 for an initial financing statement.