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N.J. Stat. Ann. § 12A:9-704

Security interest unperfected before effective date

Known as the Uniform Commercial Code

The act spans §§ 12A:1-101 to 12A:9-809 (506 sections).

L.2001, c.117, s.1; amended 2001, c.386, s.121.

Security Interest Unperfected Before Effective Date.

A security interest that is enforceable immediately before this chapter 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 chapter takes effect;

(2) remains enforceable thereafter if the security interest becomes enforceable under 12A:9-203 when this chapter takes effect or within one year thereafter; and

(3) becomes perfected:

(A) without further action, when this chapter takes effect if the applicable requirements for perfection under this chapter 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.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.