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California Commercial Code Section 9705

Legal Research Home > California Laws > Commercial Code > California Commercial Code Section 9705

9705.  (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 that 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 division on or 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 division before that date.
   (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
division.
   (c) This division 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 Section 9103.
However, except as otherwise provided in subdivisions (d) and (e)
and in Section 9706, the financing statement ceases to be effective
at the earlier of either of the following:
   (1) The time the financing statement would have ceased to be
effective under the law of the jurisdiction in which it is filed.
   (2) June 30, 2006.
   (d) The filing of a continuation statement 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 after July 1, 2001, and in accordance with the
law of the jurisdiction governing perfection as provided in Chapter
3 (commencing with Section 9301), 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) Paragraph (2) of subdivision (c) applies 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 Section 9103 only to the extent that Chapter 3 (commencing
with Section 9301) 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 after
July 1, 2001, is effective only to the extent that it satisfies the
requirements of Chapter 5 (commencing with Section 9501) for an
initial financing statement.

Last modified: February 22, 2013