§ 4-9-702 — Saving clause

(a) Except as otherwise provided in this part 7, this
act applies to a transaction or lien within its scope, 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 4-9-703 to 4-9-710:

(1) Transactions and liens that were not governed by former article 9, were
validly entered into or created before July 1, 2001, and would be subject to this act if
they had been entered into or created on or after July 1, 2001, and the rights, duties,
and interests flowing from those transactions and liens remain valid on or after July
1, 2001; and

(2) The transactions and liens may be terminated, completed, consummated,
and enforced as required or permitted by this act or by the law that otherwise
would apply if this act had not taken effect.

(c) This act does not affect an action, case, or proceeding commenced
before July 1, 2001.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1423, � 1, effective July 1. L. 2002: IP(b) amended, p. 940, � 11, effective August 7.