§ 9904 Unperfected Security Interest Perfection

• •Unperfected security interests existing before Jan 1, 2015, become perfected automatically on that date if the updated rules are satisfied then.
• •If the requirements are not met until later, the interest becomes perfected at the moment those requirements are satisfied.
• •No additional filing or action is required as long as the statutory conditions are eventually met.

A small business borrowed money and used its computers as collateral, but never filed the paperwork to perfect the security interest before January 1, 2015.

Because the business meets the new perfection requirements after that date, the security interest automatically becomes perfected on January 1, 2015, or when the requirements are finally satisfied, without needing any extra filing.