§ 26-1-9.1-702 — Savings clause

Indiana § 26-1-9.1-702

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) Except as otherwise provided in this
section through section 709 of this chapter, IC 26-1-9.1 applies to a
transaction or lien within its scope, even if the transaction or lien was
entered into or created before IC 26-1-9.1 takes effect.
(b) Except as otherwise provided in subsection (c) and IC 26-1-9.1-703 through IC 26-1-9.1-709:
(1) transactions and liens that were not governed by IC 26-1-9,
before its repeal, were validly entered into or created before IC 26-1-9.1 takes effect, and would be subject to IC 26-1-9.1 if they
had been entered into or created after IC 26-1-9.1 takes effect, and
the rights, duties, and interests flowing from those transactions
and liens remain valid after IC 26-1-9.1 takes effect; and
(2) the transactions and liens may be terminated, completed,
consummated, and enforced as required or permitted by IC 26-1-9.1 or by the law that otherwise would apply if IC 26-1-9.1
had not taken effect.
(c) IC 26-1-9.1 does not affect an action, case, or proceeding
commenced before IC 26-1-9.1 takes effect.

Legislative History

As added by P.L.57-2000, SEC.45.