HRS §490:9-703
Old security interests stay valid when the new law starts
This section explains what happens to security interests that were already valid before the new law took effect. If they already met the new law's requirements, they stay perfected. If not, they get a temporary grace period to fix the paperwork.
creditorsdebtors
The statute, as written — Security interest perfected before effective date
(a) A security interest that is enforceable immediately before this article 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 article if, when this article takes effect, the applicable requirements for enforceability and perfection under this article are satisfied without further action. (b) Except as otherwise provided in section 490:9-705, 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 490:9-203 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.
Sections this one refers to
§490:9-203 When a security interest becomes valid and attached
§490:9-705 What happens to actions taken before the new law took effect?
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