Ala. Code § 7-12A-303

Current through the 2024 Regular Session.

Section 7-12A-303 - Security interest unperfected before effective date

A security interest that is enforceable immediately before the effective date of this act but is unperfected at that time:

(1) remains an enforceable security interest until the adjustment date;

(2) remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203, as amended by this act, on the effective date of this act or before the adjustment date; and

(3) becomes perfected:

(A) without further action, on the effective date of this act if the requirements for perfection under this act are satisfied before or at that time; or

(B) when the requirements for perfection are satisfied if the requirements are satisfied after that time.

Ala. Code § 7-12A-303 (1975)

Added by Act 2023-492,§ 4, eff. 7/1/2024.