Nevada § 104.9705 - Effectiveness of action taken before July 1, 2001

§ 104.9705. Effectiveness of action taken before July 1, 2001

1. If action, other than the filing of a financing statement, is taken before July

1, 2001, and the action would have resulted in priority of a security interest over

the rights of a person that becomes a lien creditor had the security interest become

enforceable before that date, the action is effective to perfect a security interest

that attaches under this article as amended within 1 year after that date. An attached security interest becomes unperfected 1 year after July 1, 2001, unless

the security interest becomes a perfected security interest under this article as

amended before the expiration of that period. 2. The filing of a financing statement before July 1, 2001, is effective to perfect

a security interest to the extent the filing would satisfy the applicable requirements

for perfection under this article as amended. 3. This article as amended does not render ineffective an effective financing statement

that was filed before July 1, 2001, and satisfied the applicable requirements for

perfection under the law of the jurisdiction governing perfection as provided in NRS 104.9103 as that section read at the time of filing. However, except as otherwise provided in subsections 4 and 5 and NRS 104.9706 , the financing statement ceases to be effective at the earlier of: (a) The time the financing statement would have ceased to be effective under the law

of the jurisdiction in which it is filed; or (b) June 30, 2006. 4. The filing of a continuation statement on or after July 1, 2001, does not continue

the effectiveness of the financing statement filed before that date. However, upon the timely filing of a continuation statement after that date and

in accordance with the law of the jurisdiction governing perfection as provided in

part 3, the effectiveness of a financing statement filed in the same office in that

jurisdiction before that date continues for the period provided by the law of that

jurisdiction. 5. Paragraph (b) of subsection 3 applies to a financing statement that was filed against

a transmitting utility before July 1, 2001, and satisfied the applicable requirements

for perfection under the law of the jurisdiction governing perfection as provided

in NRS 104.9103 as that section read at the time of filing only to the extent that part 3 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. 6. A financing statement that includes a financing statement filed before July 1,

2001, and a continuation statement filed after that date are effective only to the

extent that the financing statement satisfies the requirements of part 5 for an initial

financing statement.