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.