CONTINUED PERFECTION.

SEC. 204. CONTINUED PERFECTION. (a) Automatic Stay.— Section 362(b)(3) of title 11, United States Code, is amended by inserting “, or to maintain or continue the perfection of,” after “to perfect”. (b) Limitations on Avoiding Powers.— Section 546(b) of title 11, United States Code, is amended to read as follows: “(b) (1) The rights and powers of a trustee under sections 544, 545, and 549 of this title are subject to any generally applicable law that— “(A) permits perfection of an interest in property to be effective against an entity that acquires rights in such property before the date of perfection; or “(B) provides for the maintenance or continuation of perfection of an interest in property to be effective against an entity that acquires rights in such property before the date on which action is taken to effect such maintenance or continuation. “(2) If— “(A) a law described in paragraph (1) requires seizure of such property or commencement of an action to accomplish such perfection, or maintenance or continuation of perfection of an interest in property; and “(B) such property has not been seized or such an action has not been commenced before the date of the filing of the petition; such interest in such property shall be perfected, or perfection of such interest shall be maintained or continued, by giving notice within the time fixed by such law for such seizure or such commencement.”.