24.48.020 Security Interest Perfected Before Effective Date

(a) A security interest that is enforceable immediately before [the effective date of Chapters 24.42 through 24.48], and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under Chapters 24.42 through 24.48 if, the applicable requirements for enforceability and perfection under Chapters 24.42 through 24.48 are satisfied without further action on [the effective date of Chapters 24.42 through 24.48].

(b) Except as otherwise provided in Section 24.48.040, if, immediately before [the effective date of Chapters 24.42 through 24.48], a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under Chapters 24.42 through 24.48 are not satisfied on [the effective date of Chapters 24.42 through 24.48], the security interest:

(1) Is a perfected security interest for one year after Chapters 24.42 through 24.48 take effect;

(2) Remains enforceable thereafter only if the security interest becomes enforceable under Section 24.43.030 before the year expires; and

(3) Remains perfected thereafter only if the applicable requirements for perfection under Chapters 24.42 through 24.48 are satisfied before the year expires.