24.48.040 Effectiveness of Action Taken Before Effective Date

(a) If action, other than the filing of a financing statement, is taken before [the effective date of Chapters 24.42 through 24.48], and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before [the effective date of Chapters 24.42 through 24.48], the action is effective to perfect a security interest that attaches under Chapters 24.42 through 24.48 by [the effective date of Chapters 24.42 through 24.48]. An attached security interest becomes unperfected on [the effective date of Chapters 24.42 through 24.48], unless the security interest becomes a perfected security interest under Chapters 24.42 through 24.48 before the expiration of that period.

(b) The filing of a financing statement before [the effective date of Chapters 24.42 through 24.48], is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Chapters 24.42 through 24.48.

(c) Chapters 24.42 through 24.48 do not render ineffective an effective financing statement that, before [the effective date of Chapters 24.42 through 24.48], is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in the former Section 24.42.030. However, except as otherwise provided in subsections (c) and (d) and Section 24.48.050, the financing statement ceases to be effective at the time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed.

(d) The filing of a continuation statement after this amended chapter 24 takes effect does not continue the effectiveness of the financing statement filed before. However, upon the timely filing of a continuation statement after [the effective date of Chapters 24.42 through 24.48], and in accordance with the law of the jurisdiction governing perfection as provided in part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before [the effective date of Chapters 24.42 through 24.48], continues for the period provided by the law of that jurisdiction.

(e) Subdivision (2) of subsection (c) applies to a financing statement that, before [the effective date of Chapters 24.42 through 24.48], is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in the former Section 24.42.030 only to the extent that part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(f) A financing statement that includes a financing statement filed before [the effective date of Chapters 24.42 through 24.48], takes effect and a continuation statement filed after [the effective date of Chapters 24.42 through 24.48], is effective only to the extent that it satisfies the requirements of part 5 for an initial financing statement.