Public-domain · open source
OpenJurist

Del. Code tit. 6, §§ 9-704

Security interest unperfected before effective date

72 Del

A security interest that is enforceable immediately before this Act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1) remains an enforceable security interest for one year after this Act takes effect;

(2) remains enforceable thereafter if the security interest becomes enforceable under Section 9-203 when this Act takes effect or within one year thereafter; and

(3) becomes perfected:

(A) without further action, when this Act takes effect if the applicable requirements for perfection under this Act are satisfied before or at that time; or

(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

Official source: Delaware Code Online. Reproduced from public-domain Delaware statutes; confirm against the official source for the current text. Not legal advice.