2006 Minnesota Statutes

336.9-704 SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE.
A security interest that is enforceable immediately before Laws 2000, chapter 399, takes
effect but which would be subordinate to the rights of a person that becomes a lien creditor at
that time:
(1) remains an enforceable security interest for one year after Laws 2000, chapter 399,
takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under section
336.9-203 when Laws 2000, chapter 399, takes effect or within one year thereafter; and
(3) becomes perfected:
(A) without further action, when Laws 2000, chapter 399, takes effect if the applicable
requirements for perfection under Laws 2000, chapter 399, are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are
satisfied after that time.
History: 2000 c 399 art 1 s 133