§ 15.227

(a) The rights, duties and interests flowing from a transaction, certificate of title or record relating to a vessel that was validly entered into or created before January 1, 2016, and would be subject to sections 15-201 to 15-232, inclusive, if it had been entered into or created on or after January 1, 2016, remain valid on and after January 1, 2016.(b) Sections 15-201 to 15-232, inclusive, do not affect an action or proceeding commenced before January 1, 2016.(c) Except as otherwise provided in subsection (d) of this section, a security interest that is enforceable immediately before January 1, 2016, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under sections 15-201 to 15-232, inclusive.(d) A security interest in a vessel for which a certificate of title is required under sections 15-201 to 15-232, inclusive, that is perfected immediately before January 1, 2016, remains perfected until the earlier of:(1) The time perfection would have ceased under the law under which the security interest was perfected; or(2) January 1, 2019.(e) Sections 15-201 to 15-232, inclusive, shall not affect the priority

:(1) The time perfection would have ceased under the law under which the security interest was perfected; or(2) January 1, 2019.(e) Sections 15-201 to 15-232, inclusive, shall not affect the priority of a security interest in a vessel if immediately before January 1, 2016, the security interest is enforceable and perfected, and that priority is established.(P.A. 14-63, S. 27.)History: P.A. 14-63 effective January 1, 2016.