2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 55A - Secured Transactions (§§ 2211 — 2409) › Subchapter VII - Transition (§§ 2401 — 2409) › § 2405 - 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 this act 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 this act takes effect, the action is effective to perfect a security interest that attaches under this chapter within one (1) year after this act takes effect. An attached security interest becomes unperfected one (1) year after this act takes effect unless the security interest becomes a perfected security interest under this chapter before the expiration of that period.
(b) Pre-effective-date filing.— The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter.
(c) Pre-effective-date filing in jurisdiction formerly governing perfection.— This chapter does not render ineffective an effective financing statement that, before this act takes effect, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former Section 9103. However, except as otherwise provided in subsections (d) and (e) and § 2406 of this title, 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) ten years after the approval of this act.
(d) Continuation statement.— The filing of a continuation statement after this act takes effect does not continue the effectiveness of the financing statement filed before this act takes effect. However, upon the timely filing of a continuation statement after this act takes effect and in accordance with the law of the jurisdiction governing perfection as provided in Subchapter 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before this act takes effect continues for the period provided by the law of that jurisdiction.
(e) Application of subsection (c)(2) of this section to transmitting utility financing statement.— Subsection (c)(2) of this section applies to a financing statement that, before this act 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 9103 only to the extent that Subchapter 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 Subchapter 5.— A financing statement that includes a financing statement filed before this act takes effect and a continuation statement filed after this act takes effect is effective only to the extent that it satisfies the requirements of Subchapter 5 for an initial financing statement.
History —Sept. 19, 1996, No. 241, added as § 9–705 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.