1.    Except as provided in sections 41-11-04 through 41-11-09, chapter 41-09 as amended by this Act and chapter 41-12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered, created, or acquired before August 1, 2023.

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2.    Except as provided in subsection 3 and sections 41-11-05 through 41-11-09:

a.    A transaction, lien, or interest in property that was validly entered, created, or transferred before August 1, 2023, and was not governed by this title, but would be subject to chapter 41-09 as amended by this Act or chapter 41-12 if it had been entered, created, or transferred after July 31, 2023, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid after July 31, 2023; and

b.    The transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by this Act or by the law that would apply if this Act had not taken effect.

3.    This Act does not affect an action, case, or proceeding commenced before August 1, 2023.