N.Y. UCC Law § 9-703

Section 9--703. Security Interest Perfected Before Effective Date.\n (a) Continuing priority over lien creditor: perfection requirements\nsatisfied. A security interest that is enforceable immediately before\nRevised Article 9 takes effect and would have priority over the rights\nof a person that becomes a lien creditor at that time is a perfected\nsecurity interest under Revised Article 9 if, when Revised Article 9\ntakes effect, the applicable requirements for enforceability and\nperfection under Revised Article 9 are satisfied without further action.\n (b) Continuing priority over lien creditor: perfection requirements\nnot satisfied. Except as otherwise provided in Section 9--705 and\nsubsection (c), if, immediately before this article takes effect, a\nsecurity interest is enforceable and would have priority over the rights\nof a person that becomes a lien creditor at that time, but the\napplicable requirements for enforceability or perfection under this\narticle are not satisfied when this article takes effect, the security\ninterest:\n (1) is a perfected security interest for one year after this\n article takes effect;\n (2) remains enforceable thereafter only if the security interest\n becomes enforceable under Section 9--203 before the year\n expires; and\n (3) remains perfected thereafter only if the applicable\n requirements for perfection under this article are satisfied\n before the year expires.\n (c) Special rule for cooperative interests: perfection requirements\nnot satisfied. If, immediately before Revised Article 9 takes effect, a\nsecurity interest in a cooperative interest is enforceable and would\nhave priority over the rights of a person that becomes a lien creditor\nat that time, but the applicable requirements for perfection under\nRevised Article 9 are not satisfied when Revised Article 9 takes effect,\nthe security interest:\n (1) is a perfected security interest for 5 years after Revised\n Article 9 takes effect; and\n (2) remains perfected thereafter only if the applicable\n requirements for perfection under Revised Article 9 are\n satisfied before the 5 years expire.\n