§ 9903 Perfected Security Interest Transition

• •If a lender had a proper claim on your stuff (like a car or house) before 2015, it stays valid after 2015.
• •The old claim doesn’t need extra paperwork to stay valid if it already followed the rules before 2015.
• •This only applies if the claim was already set up the right way before the new year.

You bought a car in 2014 and the bank had a legal claim on it if you didn’t pay.

That claim stays valid in 2015 without the bank doing anything extra, as long as it was done right in 2014.