(1) Where, under Part VII —
(a) the law applicable to third-party effectiveness of a security interest in encumbered property is the law of another State;
(b) the security interest is effective against a third party under the law of that other State; and
(c) subsequently, the law of Saint Lucia becomes applicable to third-party effectiveness of the security interest, the effectiveness against a third party of the security interest —
(i) remains effective against a third party until the earlier of —
(A) the time when third-party effectiveness of the security interest would have lapsed under the law of the other State; or
(B) 120 days after the law of Saint Lucia becomes applicable, and
(ii) is, if after the time period specified under subparagraph (i) expires, effective against a third-party, if the security interest is made effective against a third party under this Act.
(2) Where a security interest is effective against a third party under the law of another State and remains effective against a third party under subsection (1)(ii), the time of third-party effectiveness is the time when it was achieved under the law of the other State.