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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) A security interest that is enforceable immediately before July 1, 2001 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 article if, on July 1, 2001, the applicable requirements for enforceability and perfection under this article are satisfied without further action.
(b) Except as otherwise provided in § 28:9-705, if, immediately before July 1, 2001, 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 article are not satisfied on July 1, 2001, the security interest:
(1) Is a perfected security interest for one year after July 1, 2001;
(2) Remains enforceable thereafter only if the security interest becomes enforceable under § 28:9-203 before the year expires; and
(3) Remains perfected thereafter only if the applicable requirements for perfection under this article applies are satisfied before the year expires.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 28:9-703. Security interest perfected before July 1, 2001. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-28-9-703/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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