- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 705. Effectiveness of Action Taken Before Effective Date.
previous: Section 704
. Security Interest Unperfected Before Effective Date.
next: Section 706
. When Initial Financing Statement Suffices to Continue Effectiveness of Continuation Statement.
AS 45.29.705. 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 who becomes a lien creditor had the security
interest become enforceable before July 1, 2001, the action is effective to perfect a security interest that attaches
under this chapter before July 1, 2002. An attached security interest becomes unperfected on July 1, 2002, unless the
security interest becomes a perfected security interest under this chapter before July 1, 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 this chapter.
- (c) This chapter does not render ineffective an effective financing statement that, before July 1, 2001, is filed and
satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided
in former AS 45.09.103
. However, except as otherwise provided in (d) and (e) of this section and AS 45.29.706
, 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
- (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 July 1, 2001. 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 AS 45.29.301
- 45.29.342, 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) The provisions of (c)(2) of this section apply to a financing statement that, before July 1, 2001, is filed against a
transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction
governing perfection as provided in former AS 45.09.103
only to the extent that AS 45.29.301
- 45.29.342 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, and a continuation statement
filed on or after July 1, 2001, is effective only to the extent that it satisfies the requirements of AS 45.29.501
- 45.29.525 for an initial financing statement.
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