§ 9803 Perfected Security Interest Transition
This law says that security interests that were already perfected before July 1, 2014 keep their perfected status if they already met the old rules, and if they didn't meet the new rules they can stay perfected until July 1, 2015 if they meet the new rules by then.
A local bakery had a loan secured by its ovens and other equipment before July 1, 2014. The loan was already a perfected security interest under the old rules.
Because the bakery's security interest was already perfected before the rule change, it remains perfected automatically. If the bakery had not fully met the new filing requirements by July 1, 2014, it still has until July 1, 2015 to satisfy those new requirements to keep the lien.
AI-generated — May contain errors. Not legal advice. Always verify source.
§ 9803 Perfected Security Interest Transition
Last verified: January 10, 2026