§ 28:9–805. Effectiveness of action taken before applicability date.

(a) The filing of a financing statement before the applicability date is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9 as amended by the 2012 Act.

(b) The 2012 Act does not render ineffective an effective financing statement that, before the applicability date, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Article 9 as it existed before the applicability date. However, except as otherwise provided in subsections (c) and (d) of this section and § 28:9-806, the financing statement ceases to be effective:

(1) If the financing statement is filed in the District, at the time the financing statement would have ceased to be effective had the 2012 Act 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 the applicability date does not continue the effectiveness of a financing statement filed before the applicability date. However, upon the timely filing of a continuation statement after the applicability date and in accordance with the law of the jurisdiction governing perfection as provided in Article 9 as amended by the 2012 Act, the effectiveness of a financing statement filed in the same office in that jurisdiction before the applicability date continues for the period provided by the law of that jurisdiction.

(d) Subsection (b)(2)(B) of this section applies to a financing statement that, before the applicability date, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Article 9 as it existed before the applicability date, only to the extent that Article 9 as amended by the 2012 Act 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 the applicability date and a continuation statement filed after the applicability date only to the extent that it satisfies the requirements of this part as added by the 2012 Act 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 § 28:9-503(a)(2) as amended by the 2012 Act. 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 § 28:9-503(a)(3) as amended by the 2012 Act.