1. Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before July 1, 2024, is a perfected security interest under
, if, on July 1, 2024, the requirements for enforceability and perfection under
, are satisfied without further action.
2. Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before July 1, 2024, but the requirements for enforceability or perfection under
, are not satisfied on July 1, 2024, the security interest:
a. is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before July 1, 2024, or July 1, 2025;
b. remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under section 554.9203, as amended by
, before July 1, 2025; and
c. remains perfected thereafter only if the requirements for perfection under
, are satisfied before the time specified in paragraph “a”.