§ 9—702. Savings clause

(a) Except as otherwise provided in this part, the provisions of this article which take effect on July 1, 2001 apply to a transaction or lien within the scope of such provisions, even if the transaction or lien was entered into or created before July 1, 2001.

(b) Except as otherwise provided in subsection (c) of this section and sections 9—703 through 9—709 of this title as they exist subsequent to July 1, 2001:

(1) transactions and liens that were not governed by the provisions of this title as they existed prior to July 1, 2001, were validly entered into or created before July 1, 2001, and would be subject to the provisions of this article which take effect on July 1, 2001 if they had been entered into or created on or after July 1, 200l, and the rights, duties, and interests flowing from those transactions and liens remain valid on and after July 1, 2001; and

(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by the provisions of this article as in effect on and after July 1, 2001, or by the law that otherwise would apply if those provisions had not taken effect.

(c) The provisions of this article as in effect on and after July 1, 2001, do not affect an action, case, or proceeding commenced before July 1, 2001. (Added 2001, No. 46, § 12.)