Transactions validly entered into before the effective date specified in Section 10101 and all the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law amended or repealed by this act as though such repeal or amendment had not occurred; provided, however, that the perfection of a security interest (other than a security interest in a motor vehicle or boat required to be registered under the Government Code unless such vehicle or boat is inventory), as defined in this code (Section 1201), and however denominated in any law repealed by this act

(a) Which was perfected when this act takes effect by a filing or recording under a law repealed by this act and requiring a further filing or recording to continue its perfection, continues until and will lapse on the date provided by the law so repealed for such further filing or recording;
(b) Which was perfected when this act takes effect by a filing or recording under a law repealed by this act and requiring no further filing or recording to continue its perfection, continues until and will lapse 12 months after the date this act takes effect;

(c) Which was perfected when this act takes effect without any filing or recording, but with respect to which a financing statement is required to be filed in order for it to be perfected under this code, for it to be perfected under this code, continues until and will lapse 12 months after this act takes effect; Unless, in each case, a continuation statement is filed by the secured party within 12 months before the perfection of the security interest would otherwise lapse. Any such continuation

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13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 10 EFFECTIVE DATE AND REPEALER

statement must be signed by the secured party, identify the original security agreement, however denominated, state the office where and the date when last filed or refiled, or recorded or rerecorded, and the filing number or recordation data and further state that the original security agreement is still effective. Section 9401(l) determines the proper place to file such a continuation statement. Except as herein specified the provisions of Section 9403 (3) apply to such a continuation statement.