400.9-702. Savings clause.
Savings clause.
400.9-702. (a) Except as otherwise provided in this part, this actapplies to a transaction or lien within its scope, even if the transactionor lien was entered into or created before July 1, 2001.
(b) Except as otherwise provided in subsection (c) and sections400.9-703 through 400.9-708:
(1) Transactions and liens that were not governed by former article9, were validly entered into or created before July 1, 2001, and would besubject to this act if they had been entered into or created after July 1,2001, and the rights, duties, and interests flowing from those transactionsand liens remain valid 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 thelaw that otherwise would apply if this act had not taken effect.
(c) This act does not affect an action, case, or proceeding commencedbefore July 1, 2001.
(L. 2001 S.B. 288)Effective 7-01-01