Alabama § 7-9A-805 - Effectiveness of Action Taken Before Effective Date.

§ 7-9A-805. Effectiveness of Action Taken Before Effective Date.

(a) Pre-effective date filing effective. The filing of a financing statement before July 1, 2014, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9A as amended by Act 2014-374.

(b) When pre-effective date filing becomes ineffective. Act 2014-374 does not render ineffective a financing statement that, before July 1, 2014, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Article 9A as it existed before amendment. However, except as otherwise provided in subsections (c) and (d) and Section 7-9A-806, the financing statement ceases to be effective:

(1) if the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had Act 2014-374 not taken effect; or

(2) if the financing statement is filed in another jurisdiction, at the earlier of:

(A) the time the financing statement would have ceased to be effective under the law of that jurisdiction; or

(B) June 30, 2019.

(c) Continuation statement. The filing of a continuation statement on or after July 1, 2014, does not continue the effectiveness of the financing statement filed before July 1, 2014. However, upon the timely filing of a continuation statement on or after July 1, 2014, and in accordance with the law of the jurisdiction governing perfection as provided in Article 9A as amended by Act 2014-374, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2014, continues for the period provided by the law of that jurisdiction.

(d) Application of subsection (b)(2)(B) to transmitting utility financing statement. Subsection (b)(2)(B) applies to a financing statement that, before July 1, 2014, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Article 9A as it existed before the amendment by Act 2014-374, only to the extent that Article 9A as amended by Act 2014-374 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(e) Application of Part 5. A financing statement that includes a financing statement filed before July 1, 2014, and a continuation statement filed on or after July 1, 2014, is effective only to the extent that it satisfies the requirements of Part 5 as amended by Act 2014-374 for an initial financing statement. A financing statement that indicates that the debtor is a decedent’s estate indicates that the collateral is being administered by a personal representative within the meaning of Section 7-9A-503(a)(2) as amended by Act 2014-374. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of Section 7-9A-503(a)(3) as amended by Act 2014-374.