This division becomes operative January 1, 1997.
Chapter 6Transition Provisions
Section § 8601
This law or division officially started being in use or took effect on January 1, 1997.
operative date January 1 1997 commencement effective date start date implementation date 92nd act operation initiation activation enactment entry into force beginning date effective legislation start
Section § 8603
This law describes how security interests that were already in place before this set of rules became active are treated. If the interest was established in a way that's still valid under the new rules, nothing needs to be changed. However, if the old method wouldn't work under the new rules, there's a four-month period to adjust it. If it involves filing, a secured party can file a statement to keep the interest valid.
(a)CA Commercial Law Code § 8603(a) This division does not affect an action or proceeding commenced before this division becomes operative.
(b)CA Commercial Law Code § 8603(b) If a security interest in a security is perfected at the date this division becomes operative, and the action by which the security interest was perfected would suffice to perfect a security interest under this division, no further action is required to continue perfection. If a security interest in a security is perfected at the date this division takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this division, the security interest remains perfected for a period of four months after the operative date and continues perfected thereafter if appropriate action to perfect under this division is taken within that period. If a security interest is perfected at the date this division becomes operative and the security interest can be perfected by filing under
Division 9 (commencing with Section 9101), a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect and that financing statement shall contain a statement that it is being filed pursuant to this section.
security interest operative date perfection of security Division 9 financing statement secured party debtor four-month period transition rules legal perfection filing requirements security interest maintenance
