N.Y. Uniform Commercial Code Law § 12-a-302: Security Interest Perfected Before Effective Date

Section 12-A-302. Security Interest Perfected Before Effective Date.

(a) Continuing perfection: perfection requirements satisfied. A

security interest that is enforceable and perfected immediately before

the effective date of the UCC Revision Act is a perfected security

interest under the revised UCC if, on the effective date of the UCC

Revision Act, the requirements for enforceability and perfection under

the revised UCC are satisfied without further action.

(b) Continuing perfection: enforceability or perfection requirements

not satisfied. If a security interest is enforceable and perfected

immediately before the effective date of the UCC Revision Act, but the

requirements for enforceability or perfection under the revised UCC are

not satisfied on the effective date of the UCC Revision Act, the

security interest:

(1) is a perfected security interest until the earlier of the time

perfection would have ceased under the law in effect immediately before

the effective date of the UCC Revision Act or the adjustment date;

(2) remains enforceable thereafter only if the security interest

satisfies the requirements for enforceability under Section 9--203, as

amended by the UCC Revision Act; and

(3) remains perfected thereafter only if the requirements for

perfection under the revised UCC are satisfied before the time specified

in paragraph (1).