N.Y. Uniform Commercial Code Law § 9-705: Effectiveness of Action Taken Before Effective Date

Section 9--705. Effectiveness of Action Taken Before Effective Date.

(a) Pre-effective-date action; one-year perfection period unless

reperfected. If action, other than the filing of a financing statement,

is taken before Revised Article 9 takes effect 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 Revised Article 9 takes effect, the action is

effective to perfect a security interest that attaches under Revised

Article 9 within one year after Revised Article 9 takes effect. An

attached security interest becomes unperfected one year after Revised

Article 9 takes effect unless the security interest becomes a perfected

security interest under Revised Article 9 before the expiration of that

period.

(b) Pre-effective-date filing. The filing of a financing statement

before Revised Article 9 takes effect is effective to perfect a security

interest to the extent the filing would satisfy the applicable

requirements for perfection under Revised Article 9.

(c) Pre-effective-date filing in jurisdiction formerly governing

perfection. Revised Article 9 does not render ineffective an effective

financing statement that, before Revised Article 9 takes effect, is

filed and satisfies the applicable requirements for perfection under the

law of the jurisdiction governing perfection as provided in Former

Section 9--103. However, except as otherwise provided in subsections (d)

and (e) and Section 9--706, the financing statement ceases to be

effective at the earlier of:

(1) the time the financing statement would have ceased to be

effective under the law of the jurisdiction in which it is

filed; or

(2) June thirtieth, 2006.

(d) Continuation statement. The filing of a continuation statement

after Revised Article 9 takes effect does not continue the effectiveness

of the financing statement filed before Revised Article 9 takes effect.

However, upon the timely filing of a continuation statement after

Revised Article 9 takes effect 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 Revised Article 9 takes effect continues for the

period provided by the law of that jurisdiction.

(e) Application of subsection (c) (2) to transmitting utility

financing statement. Subsection (c) (2) applies to a financing statement

that, before Revised Article 9 takes 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 Former Section 9--103 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) Application of Part 5. A financing statement that includes a

financing statement filed before Revised Article 9 takes effect and a

continuation statement filed after Revised Article 9 takes effect is

effective only to the extent that it satisfies the requirements of Part

5 for an initial financing statement.