N.Y. Uniform Commercial Code Law Section 9-704
Security Interest Unperfected Before Effective Date

Section 9--704. Security Interest Unperfected Before Effective Date. A security interest that is enforceable immediately before Revised Article 9 takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(a)

remains an enforceable security interest for one year after Revised Article 9 takes effect;

(b)

remains enforceable thereafter if the security interest becomes enforceable under Section 9--203 when Revised Article 9 takes effect or within one year thereafter; and

(c)

becomes perfected:

(1)

without further action, when Revised Article 9 takes effect if the applicable requirements for perfection under Revised Article 9 are satisfied before or at that time; or

(2)

when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

Source: Section 9-704 — Security Interest Unperfected Before Effective Date, https://www.­nysenate.­gov/legislation/laws/UCC/9-704 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 9-704’s source at nysenate​.gov

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