24.48.030 Security Interest Unperfected Before Effective Date

A security interest that is enforceable immediately before [the effective date of Chapters 24.42 through 24.48], but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(a) Remains an enforceable security interest until [the effective date of Chapters 24.42 through 24.48];

(b) Remains enforceable thereafter if the security interest becomes enforceable under Section 24.43.030 on [the effective date of Chapters 24.42 through 24.48], or within one year thereafter; and

(c) Becomes perfected:

(1) Without further action, on the effective date of Chapters 24.42 through 24.48, if the applicable requirements for perfection under Chapters 24.42 through 24.48 are satisfied before or at that time; or

(2) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.