Vermont § 705 - § 9—705.

§ 705. § 9—705.

• Effectiveness of action taken before effective date (a) 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 the provisions of this article as in effect on and after July 1,
  2001 become effective, the action is effective to perfect a security interest that
  attaches under this article as in effect on and after July 1, 2001, within one year
  after such provisions take effect. An attached security interest becomes unperfected
  on July 1, 2002, unless the security interest becomes a perfected security interest
  under the provisions of this article as in effect on and after July 1, 2001, on or
  before June 30, 2002. (b) 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 the provisions of this article as in effect on and after July
  1, 2001. (c) The provisions of this article as in effect on and after July 1, 2001 do not render
  ineffective an effective financing statement that is filed before July 1, 2001 and
  satisfied the applicable requirements for perfection under the law of the jurisdiction
  governing perfection as provided in section 9—103 of this title as in effect prior to July 1, 2001. However, except as otherwise provided in subsections
  (d) and (e) of this section and section 9—706 of this title as in effect on and after July 1, 2001, the financing statement ceases to be effective
  at the earlier of: (1) the time the financing statement would have ceased to be effective under the law of
  the jurisdiction in which it is filed; or (2) June 30, 2006. (d) The filing of a continuation statement on or after July 1, 2001 does not continue
  the effectiveness of the financing statement filed before provisions of this article
  as in effect on and after July 1, 2001 take effect. However, upon the timely filing
  of a continuation statement on or after July 1, 2001, and in accordance with the law
  of the jurisdiction governing perfection as provided in Part 3 of this article as
  in effect on and after July 1, 2001, the effectiveness of a financing statement filed
  in the same office in that jurisdiction before July 1, 2001 continues for the period
  provided by the law of that jurisdiction. (e) Subdivision (c)(2) of this section applies to a financing statement that is 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 section 9—103 of this title as in effect prior to July 1, 2001, only to the extent that Part 3 of this article
  as in effect on and after July 1, 2001 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. (f) A financing statement that includes a financing statement filed before July 1, 2001
  takes effect and a continuation statement filed on or after July 1, 2001 is effective
  only to the extent that it satisfies the requirements of Part 5 of this article as
  in effect on and after July 1, 2001 for an initial financing statement. (Added 2001, No. 46, § 12.)