(a) Continuing perfection: Perfection requirements satisfied. A security interest that is enforceable and perfected immediately before January 1, 2024, is a perfected security interest under chapter 266, Laws of 2023 if, on January 1, 2024, the requirements for enforceability and perfection under chapter 266, Laws of 2023 are satisfied without further action.

(b) Continuing perfection: Enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before January 1, 2024, but the requirements for enforceability or perfection under chapter 266, Laws of 2023 are not satisfied on January 1, 2024, the security interest:

(1) Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before January 1, 2024, or the adjustment date;

(2) Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under RCW 62A.9A-203, as amended by chapter 266, Laws of 2023, before the adjustment date; and

(3) Remains perfected thereafter only if the requirements for perfection under chapter 266, Laws of 2023 are satisfied before the time specified in (1) of this subsection.

Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.