A security interest that is enforceable immediately before January 1, 2002 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 (1) year after January 1, 2002;
(2) Remains enforceable thereafter if the security interest becomes enforceable under Section 75-9-203 on January 1, 2002 or within one (1) year thereafter; and
(3) Becomes perfected:
Without further action, on January 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or
When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.