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Tenn. Code Ann. § 47-9-703

Security interest perfected before effective date

Known as the Uniform Commercial Code

The act spans §§ 47–47 (578 sections).

Applied in 1 court decision — leading case Mostoller v. Citicapital Commercial Corp. (In Re Stetson & Associates, Inc.) (2005)

Most recently applied in Mostoller v. Citicapital Commercial Corp. (In Re Stetson & Associates, Inc.) (August 2005)

Acts 2000, ch. 846, § 1.

(1) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied without further action.

(2) Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in § 47-9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied on July 1, 2001, the security interest: is a perfected security interest for one (1) year after this act takes effect;

(3) remains enforceable thereafter only if the security interest becomes enforceable under § 47-9-203 before the year expires; and

(4) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.