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.