§ 91131 — Savings clause

(a) Pre-effective-date transaction, lien or interest.--Except as provided in this subchapter, the amendments to Division 9 (relating to secured transactions) that take effect on the effective date of this section and Division 12 (relating to controllable electronic records) apply to a transaction, lien or other interest in property, even if the transaction, lien or interest was entered into, created or acquired before the effective date of this section.

(b) Continuing validity.--Except as provided in subsection (c) and sections 91132 (relating to security interest perfected before effective date), 91133 (relating to security interest unperfected before effective date), 91134 (relating to effectiveness of actions taken before effective date), 91135 (relating to priority) and 91136 (relating to priority of claims when priority rules of Division 9 do not apply):

(1) a transaction, lien or interest in property that was validly entered into, created or transferred before the effective date of this section and was not governed by this title, but would be subject to the amendments to Division 9 that take effect on the effective date of this section or Division 12 if it had been entered into, created or transferred on or after the effective date of this section, including the rights, duties and interests flowing from the transaction, lien or interest, remains valid on and after the effective date of this section; and

(2) the transaction, lien or interest may be terminated, completed, consummated and enforced as required or permitted by the act adding this chapter or by the law that would apply if the act adding this chapter had not taken effect.

(c) Pre-effective-date proceeding.--The act adding this chapter does not affect an action, case or proceeding commenced before the effective date of this section.