{"data":{"id":"us-ny/n.y.-uniform-commercial-code-law-9-703","jurisdiction":"us-ny","citation":"N.Y. Uniform Commercial Code Law § 9-703","heading":"Security Interest Perfected Before Effective Date","body":"Section 9--703. Security Interest Perfected Before Effective Date.\n  (a) Continuing priority over lien creditor: perfection requirements\nsatisfied. A security interest that is enforceable immediately before\nRevised Article 9 takes effect and would have priority over the rights\nof a person that becomes a lien creditor at that time is a perfected\nsecurity interest under Revised Article 9 if, when Revised Article 9\ntakes effect, the applicable requirements for enforceability and\nperfection under Revised Article 9 are satisfied without further action.\n  (b) Continuing priority over lien creditor: perfection requirements\nnot satisfied. Except as otherwise provided in Section 9--705 and\nsubsection (c), if, immediately before this article takes effect, a\nsecurity interest is enforceable and would have priority over the rights\nof a person that becomes a lien creditor at that time, but the\napplicable requirements for enforceability or perfection under this\narticle are not satisfied when this article takes effect, the security\ninterest:\n       (1) is a perfected security interest for one year after this\n           article takes effect;\n       (2) remains enforceable thereafter only if the security interest\n           becomes enforceable under Section 9--203 before the year\n           expires; and\n       (3) remains perfected thereafter only if the applicable\n           requirements for perfection under this article are satisfied\n           before the year expires.\n  (c) Special rule for cooperative interests: perfection requirements\nnot satisfied. If, immediately before Revised Article 9 takes effect, a\nsecurity interest in a cooperative interest is enforceable and would\nhave priority over the rights of a person that becomes a lien creditor\nat that time, but the applicable requirements for perfection under\nRevised Article 9 are not satisfied when Revised Article 9 takes effect,\nthe security interest:\n       (1) is a perfected security interest for 5 years after Revised\n           Article 9 takes effect; and\n       (2) remains perfected thereafter only if the applicable\n           requirements for perfection under Revised Article 9 are\n           satisfied before the 5 years expire.","path":["Uniform Commercial Code Law","Article 9. Secured Transactions","Part 7. Transition"],"source_url":"https://legislation.nysenate.gov/api/3/laws/UCC/9-703","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"15781539d6003e300446cd0fe138f3b14f19048b0479c4756e16da8d5cfc18c3","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-uniform-commercial-code-law-9-702","next":"us-ny/n.y.-uniform-commercial-code-law-9-704"},"notice":"GroundRules: Original legal text. Not legal advice."}