§ 8-601 — Savings Clause; Effect on Prior Perfected Security Interest

Section 8--601. Savings Clause; Effect on Prior Perfected Security\n Interest.\n (a) As used in this Part, the term "this Act" means that chapter of\nthe laws of 1997 which repealed former Article 8 of this code, added\nthis article to this code, and made conforming amendments to provisions\nof other articles of this code.\n (b) This Act does not affect an action or proceeding commenced before\nthis Act takes effect. An oral contract or a modification of contract\nentered into before the date this Act takes effect does not become\nenforceable by reason of operation of Section 8--113.\n (c) If a security interest in a security is perfected at the date this\nAct takes effect, and the action by which the security interest was\nperfected would suffice to perfect a security interest under this Act,\nno further action is required to continue perfection. If a security\ninterest in a security is perfected at the date this Act takes effect\nbut the action by which the security interest was perfected would not\nsuffice to perfect a security interest under this Act, the security\ninterest remains perfected for a period of 12 months after the effective\ndate of this Act and continues perfected thereafter if appropriate\naction to perfect under this Act is taken within that period. If a\nsecurity interest is perfected at the date this Act takes effect and the\nsecurity interest can be perfected by filing under this Act, a financing\nstatement signed by the secured party instead of by the debtor may be\nfiled within that period to continue perfection or thereafter to\nperfect.\n