Can you summarize NVRS 104.9704?

Short Summary

A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: 1.Remains an enforceable security interest for 1 year after July 1, 2001; 2.Remains enforceable thereafter if the security interest becomes enforceable under NRS 104.9203 when this article as amended takes effect or within 1 year thereafter; and 3.Becomes perfected: (a)Without further action, on July 1, 2001, if the applicable requirements for perfection under this article as amended are satisfied before or at that time; or (b)When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. (Added to NRS by 1999, 362)

Jurisdiction

Nevada

Source

• Banking