South Dakota § 57A-9-805 - Effectiveness of action taken before effective date.

§ 57A-9-805. Effectiveness of action taken before effective date.

(a) The filing of a financing statement before July 1, 2013 is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under chapter 57A-9 as amended by SL 2012, ch 238.

(b) SL 2012, ch 238 does not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in chapter 57A-9 as it existed before July 1, 2013. However, except as otherwise provided in subsections (c) and (d) and § 57A-9-806, 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 SL 2012, ch 238 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, 2018.

(c) The filing of a continuation statement after SL 2012, ch 238 takes effect does not continue the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after SL 2012, ch 238 takes effect and in accordance with the law of the jurisdiction governing perfection as provided in chapter 57A-9 as amended by SL 2012, ch 238, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013 continues for the period provided by the law of that jurisdiction.

(d) Subsection (b)(2)(B) applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in chapter 57A-9 as it existed prior to July 1, 2013, only to the extent that chapter 57A-9 as amended by SL 2012, ch 238 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) A financing statement that includes a financing statement filed before July 1, 2013 and a continuation statement filed after SL 2012, ch 238 takes effect is effective only to the extent that it satisfies the requirements of §§ 57A-9-501 to 57A-9-530, inclusive, as amended by SL 2012, ch 238 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 § 57A-9-503(a)(2) as amended by SL 2012, ch 238. 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 § 57A-9-503(a)(3) as amended by SL 2012, ch 238.

Source: SL 2012, ch 238, § 9-805, eff. July 1, 2013.