Section 9--705. Effectiveness of Action Taken Before Effective Date

(a) Pre-effective-date   action;  one-year  perfection  period  unless
  reperfected. If action, other than the filing of a financing  statement,
  is taken before Revised Article 9 takes effect 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  Revised  Article  9  takes  effect,  the  action is
  effective to perfect a security interest  that  attaches  under  Revised
  Article  9  within  one  year  after  Revised Article 9 takes effect. An
  attached security interest becomes unperfected one  year  after  Revised
  Article  9 takes effect unless the security interest becomes a perfected
  security interest under Revised Article 9 before the expiration of  that
  period.
    (b) Pre-effective-date  filing.  The  filing  of a financing statement
  before Revised Article 9 takes effect is effective to perfect a security
  interest  to  the  extent  the  filing  would  satisfy  the   applicable
  requirements for perfection under Revised Article 9.
    (c) Pre-effective-date   filing  in  jurisdiction  formerly  governing
  perfection. Revised Article 9 does not render ineffective  an  effective
  financing  statement  that,  before  Revised  Article 9 takes effect, is
  filed and satisfies the applicable requirements for perfection under the
  law of the jurisdiction  governing  perfection  as  provided  in  Former
  Section 9--103. However, except as otherwise provided in subsections (d)
  and  (e)  and  Section  9--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
             filed; or
         (2) June thirtieth, 2006.
    (d) Continuation statement. The filing  of  a  continuation  statement
  after Revised Article 9 takes effect does not continue the effectiveness
  of  the financing statement filed before Revised Article 9 takes effect.
  However, upon the  timely  filing  of  a  continuation  statement  after
  Revised  Article  9  takes  effect and in accordance with the law of the
  jurisdiction  governing  perfection  as  provided   in   Part   3,   the
  effectiveness  of a financing statement filed in the same office in that
  jurisdiction before Revised Article 9 takes  effect  continues  for  the
  period provided by the law of that jurisdiction.
    (e) Application   of   subsection  (c)  (2)  to  transmitting  utility
  financing statement. Subsection (c) (2) applies to a financing statement
  that, before  Revised  Article  9  takes  effect,  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  9--103  only  to  the  extent that Part 3
  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) Application of Part 5.  A  financing  statement  that  includes  a
  financing  statement  filed  before Revised Article 9 takes effect and a
  continuation statement filed after Revised Article  9  takes  effect  is
  effective  only to the extent that it satisfies the requirements of Part
  5 for an initial financing statement.