Arkansas § 4-9-703 - Security interest perfected before effective date.
Full text of Arkansas Arkansas Code of 1987 Annotated § 4-9-703 — Security interest perfected before effective date., with citation guidance and answers to common questions.
§ 4-9-703. Security interest perfected before effective date.
A security interest that is enforceable immediately before Acts 2001, No. 1439, takes effect on July 1, 2001, 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, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action. Except as otherwise provided in § 4-9-705, if, immediately before this act 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 act are not satisfied when this act takes effect, the security interest: is a perfected security interest for one (1) year after this act takes effect; remains enforceable thereafter only if the security interest becomes enforceable under § 4-9-203 before the year expires; and remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires. Notwithstanding any provision of this act, any financing statement referencing a transmitting utility as the debtor, which was sufficient for perfection of a security interest under former Chapter 9 under the Transmitting Utility Act, § 4-19-101 et seq., and which was deemed a continuous filing before the effective date of this act, shall be sufficient for perfection of a security interest and maintain such continuously perfected status after the effective date of this act.
Frequently Asked Questions About Arkansas § 4-9-703
What does Arkansas Code of 1987 Annotated § 4-9-703 cover?
Section 4-9-703 ("Security interest perfected before effective date.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 4-9-703?
A common citation format is "Arkansas Code of 1987 Annotated § 4-9-703" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 4-9-703 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.