Section 9--704. Security Interest Unperfected Before Effective Date

A  security  interest  that  is enforceable immediately before Revised
  Article 9 takes effect but which would be subordinate to the rights of a
  person that becomes a lien creditor at that time:
    (a) remains an  enforceable  security  interest  for  one  year  after
  Revised Article 9 takes effect;
    (b) remains  enforceable  thereafter  if the security interest becomes
  enforceable under Section 9--203 when Revised Article 9 takes effect  or
  within one year thereafter; and
    (c) becomes perfected:
         (1) without  further  action, when Revised Article 9 takes effect
             if the applicable requirements for perfection  under  Revised
             Article 9 are satisfied before or at that time; or
         (2) when the applicable requirements for perfection are satisfied
             if the requirements are satisfied after that time.