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District of Columbia Code Division V. Local Business Affairs § 28:12-203. Security interest perfected before effective date of 2024 Act.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A security interest that is enforceable and perfected immediately before the effective date of the 2024 Act is a perfected security interest under the 2024 Act if, on the effective date of the 2024 Act, the requirements for enforceability and perfection under the 2024 Act are satisfied without further action.

(b) If a security interest is enforceable and perfected immediately before the effective date of the 2024 Act, but the requirements for enforceability or perfection under the 2024 Act are not satisfied on the effective date of the 2024 Act, the security interest:

(1) Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before the effective date of the 2024 Act or the adjustment date;

(2) Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under § 28:9-203, as amended by the 2024 Act, before the adjustment date; and

(3) Remains perfected thereafter only if the requirements for perfection under the 2024 Act are satisfied before the time specified in paragraph (1) of this subsection.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 28:12-203. Security interest perfected before effective date of 2024 Act. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-28-12-203/

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