(1) Except as provided in subsection (2) of this section, this act shall become effective at midnight on December 31, 1967.
(2)  Section 28-9-408 of this act shall become effective at 8:00 a.m. on December 26, 1967.
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(3)  Except as provided in subsection (2) above and in section 28-9-408, this act applies to transactions entered into and events occurring after midnight on December 31, 1967.