N.Y.
Uniform Commercial Code Law Section 9-703
Security Interest Perfected Before Effective Date
(a)
Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before Revised Article 9 takes effect 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 Article 9 if, when Revised Article 9 takes effect, the applicable requirements for enforceability and perfection under Revised Article 9 are satisfied without further action.(b)
Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in Section 9--705 and subsection (c), if, immediately before this article 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 this article are not satisfied when this article takes effect, the security interest:(1)
is a perfected security interest for one year after this article takes effect;(2)
remains enforceable thereafter only if the security interest becomes enforceable under Section 9--203 before the year expires; and(3)
remains perfected thereafter only if the applicable requirements for perfection under this article are satisfied before the year expires.(c)
Special rule for cooperative interests: perfection requirements not satisfied. If, immediately before Revised Article 9 takes effect, a security interest in a cooperative 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 perfection under Revised Article 9 are not satisfied when Revised Article 9 takes effect, the security interest:(1)
is a perfected security interest for 5 years after Revised Article 9 takes effect; and(2)
remains perfected thereafter only if the applicable requirements for perfection under Revised Article 9 are satisfied before the 5 years expire.
Source:
Section 9-703 — Security Interest Perfected Before Effective Date, https://www.nysenate.gov/legislation/laws/UCC/9-703 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
