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4-9-702. Savings clause.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-702. Savings clause.
(a) Except as otherwise provided in this part, Acts 2001, No. 1439, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect on July 1, 2001.
(b) Except as otherwise provided in subsection (c) and §§ 4-9-703 — 4-9-709:
(1) transactions and liens that were not governed by former Chapter 9, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c) This act does not affect an action, case, or proceeding commenced before this act takes effect.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-702
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-9-702
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a0810815c9c17650fb89bc29739af6d479543f35a817660761e05e08ddc7c53c
Source location: content.xml paragraph 11709
Stored source content
4-9-702. Savings clause.
(a) Except as otherwise provided in this part, Acts 2001, No. 1439, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect on July 1, 2001.
(b) Except as otherwise provided in subsection (c) and §§ 4-9-703 — 4-9-709:
(1) transactions and liens that were not governed by former Chapter 9, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c) This act does not affect an action, case, or proceeding commenced before this act takes effect.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-703. Security interest perfected before effective date.
(a) A security interest that is enforceable immediately before Acts 2001, No. 1439, takes effect on July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b) Except as otherwise provided in § 4-9-705, if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:
(1) is a perfected security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under § 4-9-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
(c) Notwithstanding any provision of this act, any financing statement referencing a transmitting utility as the debtor, which was sufficient for perfection of a security interest under former Chapter 9 under the Transmitting Utility Act, § 4-19-101 et seq., and which was deemed a continuous filing before the effective date of this act, shall be sufficient for perfection of a security interest and maintain such continuously perfected status after the effective date of this act.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-703
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-9-703. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-709. Priority.
(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect on July 1, 2001, former Chapter 9 determines priority.
(b) For purposes of § 4-9-322(a), the priority of a security interest that becomes enforceable under § 4-9-203 dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former Chapter 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-709
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-9-709. This identifies an authority to review, not proof of applicability.