Legal Dictionary of Pakistan

temporary perfection

The continuous perfection of a security interest for a limited period. ( For example, a security interest in proceeds from the original collateral is perfected for ten days after the debtor receives the proceeds; the interest will become unperfected after this ten-day period unless certain statutory requirements are met. On most instruments, a secured party who advances new value under a written security agreement obtains a 21-day perfection period, even if the secured party does not file a financing statement and the collateral remains with the debtor. UCC § 9-304(4).