§ 28:12–203. Security interest perfected before April 20, 2024.

(a) A security interest that is enforceable and perfected immediately before April 20, 2024 is a perfected security interest under the 2024 Act if, on April 20, 2024, the requirements for enforceability and perfection under the 2024 Act are satisfied without further action.

(b) If a security interest is enforceable and perfected immediately before April 20, 2024, but the requirements for enforceability or perfection under the 2024 Act are not satisfied on April 20, 2024, the security interest:

(1) Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before April 20, 2024 or the adjustment date;

(2) Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under § 28:9-203, as amended by the 2024 Act, before the adjustment date; and

(3) Remains perfected thereafter only if the requirements for perfection under the 2024 Act are satisfied before the time specified in paragraph (1) of this subsection.