Section 9--703. Security Interest Perfected Before Effective Date

(a) Continuing  priority  over  lien creditor: perfection requirements
  satisfied. A security interest that is  enforceable  immediately  before
  Revised  Article  9 takes effect and would have priority over the rights
  of a person that becomes a lien creditor at that  time  is  a  perfected
  security  interest  under  Revised  Article 9 if, when Revised Article 9
  takes  effect,  the  applicable  requirements  for  enforceability   and
  perfection under Revised Article 9 are satisfied without further action.
    (b) Continuing  priority  over  lien creditor: perfection requirements
  not satisfied. Except  as  otherwise  provided  in  Section  9--705  and
  subsection  (c),  if,  immediately  before  this article 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
  article are not satisfied when this article takes effect,  the  security
  interest:
         (1) is  a  perfected  security  interest  for one year after this
             article takes effect;
         (2) remains enforceable thereafter only if the security  interest
             becomes  enforceable  under  Section  9--203  before the year
             expires; and
         (3) remains  perfected  thereafter   only   if   the   applicable
             requirements  for perfection under this article are satisfied
             before the year expires.
    (c) Special rule for cooperative  interests:  perfection  requirements
  not  satisfied. If, immediately before Revised Article 9 takes effect, a
  security interest in a cooperative 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  perfection  under
  Revised Article 9 are not satisfied when Revised Article 9 takes effect,
  the security interest:
         (1) is  a  perfected  security interest for 5 years after Revised
             Article 9 takes effect; and
         (2) remains  perfected  thereafter   only   if   the   applicable
             requirements  for  perfection  under  Revised  Article  9 are
             satisfied before the 5 years expire.