24.48.120 Effectiveness of Action Taken Before Effective Date

(a) The filing of a financing statement before this takes effect 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 as amended by Chapters 24.42 through 24.48.

(b) Chapters 24.42 through 24.48 do not render ineffective an effective financing statement that, before Chapters 24.42 through 24.48 take effect, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Chapters 24.42 through 24.48 as they existed before amendment of Chapters 24.42 through 24.48. However, except as otherwise provided in subsections (c) and (d) and Section 24.48.130, the financing statement ceases to be effective:

(1) If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had Chapters 24.42 through 24.48 not taken effect; or

(2) If the financing statement is filed in another jurisdiction, at the time the financing statement would have ceased to be effective under the law of that jurisdiction.

(c) The filing of a continuation statement after Chapters 24.42 through 24.48 take effect does not continue the effectiveness of the financing statement filed before Chapters 24.42 through 24.48 take effect. However, upon the timely filing of a continuation statement after Chapters 24.42 through 24.48 take effect, no later than is required by Section 24.46.140, and in accordance with the law of the jurisdiction governing perfection as provided in Chapters 24.42 through 24.48 as amended by Chapters 24.42 through 24.48, the effectiveness of a financing statement filed in the same office in that jurisdiction before Chapters 24.42 through 24.48 take effect continues for the period provided by the law of that jurisdiction.

(d) Paragraph (B) of subdivision (2) of subsection (b) applies to a financing statement that, before Chapters 24.42 through 24.48 take effect, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Chapters 24.42 through 24.48 as they existed before amendment, only to the extent that Chapters 24.42 through 24.48 as amended by Chapters 24.42 through 24.48 provide 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.

(e) A financing statement that includes a financing statement filed before Chapters 24.42 through 24.48 take effect and a continuation statement filed after Chapters 24.42 through 24.48 take effect is effective only to the extent that it satisfies the requirements of section 24.4272 through Section 24.46.250 as amended by Chapters 24.42 through 24.48 for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of subdivision (2) of subsection (a) of Section 24.46.020 as amended by Chapters 24.42 through 24.48. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of subdivision (3) of subsection (a) of Section 24.46.020 as amended by Chapters 24.42 through 24.48.