(B) WHEN THE APPLICABLE REQUIREMENTS FOR PERFECTION ARE
SATISFIED IF THE REQUIREMENTS ARE SATISFIED AFTER THAT TIME;

9-705. EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE.

(A) IF ACTION, OTHER THAN THE FILING OF A FINANCING STATEMENT, IS
TAKEN BEFORE THIS TITLE 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 THIS TITLE TAKES EFFECT, THE ACTION IS EFFECTIVE TO
PERFECT A SECURITY INTEREST THAT ATTACHES UNDER THIS TITLE WITHIN ONE
YEAR AFTER THIS TITLE TAKES EFFECT. AN ATTACHED SECURITY INTEREST
BECOMES UNPERFECTED ONE YEAR AFTER THIS TITLE TAKES EFFECT UNLESS THE
SECURITY INTEREST BECOMES A PERFECTED SECURITY INTEREST UNDER THIS
TITLE BEFORE THE EXPIRATION OF THAT PERIOD.

(B) THE FILING OF A FINANCING STATEMENT BEFORE THIS TITLE TAKES
EFFECT IS EFFECTIVE TO PERFECT A SECURITY INTEREST TO THE EXTENT THE
FILING WOULD SATISFY THE APPLICABLE REQUIREMENTS FOR PERFECTION UNDER
THIS TITLE.

(C) THIS TITLE DOES NOT RENDER INEFFECTIVE AN EFFECTIVE FINANCING
STATEMENT THAT IS FILED BEFORE THIS TITLE TAKES EFFECT AND SATISFIED THE
APPLICABLE REQUIREMENTS FOR PERFECTION UNDER THE LAW OF THE
JURISDICTION GOVERNING PERFECTION AS PROVIDED IN THE PRIOR CODE.
HOWEVER EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (D) AND (E) AND §
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 30, 2006.

(D) THE FILING OF A CONTINUATION STATEMENT AFTER THIS TITLE TAKES
EFFECT DOES NOT CONTINUE THE EFFECTIVENESS OF THE FINANCING STATEMENT
FILED BEFORE THIS TITLE TAKES EFFECT. HOWEVER, UPON THE TIMELY FILING OF
A CONTINUATION STATEMENT AFTER THIS TITLE TAKES EFFECT AND IN
ACCORDANCE WITH THE LAW OF THE JURISDICTION GOVERNING PERFECTION AS
PROVIDED IN SUBTITLE 3 OF THIS TITLE, THE EFFECTIVENESS OF A FINANCING
STATEMENT FILED IN THE SAME OFFICE IN THAT JURISDICTION BEFORE THIS TITLE
TAKES EFFECT CONTINUES FOR THE PERIOD PROVIDED BY THE LAW OF THAT
JURISDICTION.

(E) SUBSECTION (C)(2) APPLIES TO A FINANCING STATEMENT THAT IS FILED
AGAINST A TRANSMITTING UTILITY BEFORE THIS TITLE TAKES EFFECT AND
SATISFIED THE APPLICABLE REQUIREMENTS FOR PERFECTION UNDER THE LAW OF
THE JURISDICTION GOVERNING PERFECTION AS PROVIDED IN PRIOR CODE § 9-103,
ONLY TO THE EXTENT THAT SUBTITLE 3 OF THIS TITLE PROVIDES THAT THE LAW OF
A JURISDICTION OTHER THAN JURISDICTION IN WHICH THE FINANCING STATEMENT
IS FILED GOVERNS PERFECTION OF A SECURITY INTEREST IN COLLATERAL
COVERED BY THE FINANCING STATEMENT.