[§490:13-302] Security interest perfected before the effective date. (a) A security interest that is enforceable and perfected immediately before the effective date of this article shall be a perfected security interest under this article if, on the effective date of this article, the requirements for enforceability and perfection under this article are satisfied without further action. (b) If a security interest is enforceable and perfected immediately before the effective date of this article, but the requirements for enforceability or perfection under this article are not satisfied on the effective date of this article, the security interest shall: (1) Be deemed a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this article or the adjustment date; (2) Remain enforceable thereafter only if the security interest satisfies the requirements for enforceability under section 490:9-203, as amended by Act 132, Session Laws of Hawaii 2023, before the adjustment date; and (3) Remain perfected thereafter only if the requirements for perfection under this article are satisfied before the time specified in paragraph (1). [L 2023, c 132, pt of §1]
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