Sec. 12A-301. Saving clause.
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Sec. 12A-301. Saving clause.
(a)Pre-effective-date transaction, lien, or interest. Except as provided in this Part, Article 9 as amended by this amendatory Act of the 103rd General Assembly and Article 12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before the effective date of this amendatory Act of the 103rd General Assembly.
(b)Continuing validity. Except as provided in subsection
(c)and Sections 12A-302 through 12A-306:
(1)a transaction, lien, or interest in property that was validly entered into, created,
or transferred before the effective date of this amendatory Act of the 103rd General Assembly and was not governed by the Uniform Commercial Code, but would be subject to Article 9 as amended by this amendatory Act of the 103rd General Assembly or Article 12 if it had been entered into, created, or transferred on or after the effective date of this amendatory Act of the 103rd General Assembly, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after the effective date of this amendatory Act of the 103rd General Assembly; and
(2)the transaction, lien, or interest may be terminated, completed, consummated, and
enforced as required or permitted by this amendatory Act of the 103rd General Assembly or by the law that would apply if this amendatory Act of the 103rd General Assembly had not taken effect.
(c)Pre-effective-date proceeding. This amendatory Act of the 103rd General Assembly does not affect an action, case, or proceeding commenced before the effective date of this amendatory Act of the 103rd General Assembly.