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: Remains an enforceable security interest for one year after July 1, 2001; Remains enforceable thereafter if the security interest becomes enforceable under § 28:9-203 on July 1, 2001 or within one year thereafter; and Becomes perfected: Without further action, on July 1, 2001 if the applicable requirements for perfection under this article are satisfied before or at that time; or When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
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