Section 9--703. Security Interest Perfected Before Effective Date.

(a) Continuing priority over lien creditor: perfection requirements
satisfied. A security interest that is enforceable immediately before
Revised Article 9 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 Revised Article 9 if, when Revised Article 9
takes effect, the applicable requirements for enforceability and
perfection under Revised Article 9 are satisfied without further action.

(b) Continuing priority over lien creditor: perfection requirements
not satisfied. Except as otherwise provided in Section 9--705 and
subsection (c), if, immediately before this article takes effect, 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
article are not satisfied when this article takes effect, the security
interest:

(1) is a perfected security interest for one year after this

article takes effect;

(2) remains enforceable thereafter only if the security interest

becomes enforceable under Section 9--203 before the year

expires; and

(3) remains perfected thereafter only if the applicable

requirements for perfection under this article are satisfied

before the year expires.

(c) Special rule for cooperative interests: perfection requirements
not satisfied. If, immediately before Revised Article 9 takes effect, a
security interest in a cooperative 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 perfection under
Revised Article 9 are not satisfied when Revised Article 9 takes effect,
the security interest:

(1) is a perfected security interest for 5 years after Revised

Article 9 takes effect; and

(2) remains perfected thereafter only if the applicable

requirements for perfection under Revised Article 9 are

satisfied before the 5 years expire.