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4-9-704. Security interest unperfected before effective date.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before this act takes effect on July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under § 4-9-203 when this act takes effect or within one (1) year thereafter; and
(3) becomes perfected:
(A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-704
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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Record provenance
Stable record: arkansas_code:legal_authorities:4-9-704
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a133b528c91d9f6487bf7d829b8b5042815b0e28b735c7dc3d6413f4b6074aa6
Source location: content.xml paragraph 11728
Stored source content
4-9-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before this act takes effect on July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under § 4-9-203 when this act takes effect or within one (1) year thereafter; and
(3) becomes perfected:
(A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-203. Attachment and enforceability of security interest — Proceeds — Supporting obligations — Formal requisites.
(a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
(b) Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the collateral only if:
(1) value has been given;
(2) the debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and
(3) one of the following conditions is met:
(A) the debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;
(B) the collateral is not a certificated security and is in the possession of the secured party under § 4-9-313 pursuant to the debtor's security agreement;
(C) the collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under § 4-8-301 pursuant to the debtor's security agreement; or
(D) the collateral is deposit accounts, electronic chattel paper, investment property, letter-of-credit rights, or electronic documents, and the secured party has control under § 4-7-106, § 4-9-104, § 4-9-105, § 4-9-106, or § 4-9-107 pursuant to the debtor's security agreement.
(c) Subsection (b) is subject to § 4-4-210 on the security interest of a collecting bank, § 4-5-118 on the security interest of a letter-of-credit issuer or nominated person, § 4-9-110 on a security interest arising under Chapter 2 or Chapter 2A, and § 4-9-206 on security interests
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-203
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 4-9-203. This identifies an authority to review, not proof of applicability.