Transactions validly entered after 12:01 a.m. on February 1, 1964, and before the effective date of this act, and which were subject to the provisions of the original Code and which would be subject to this act as amended if they had been entered into after the effective date of this act and the rights, duties, and interests flowing from such transactions remain valid after the latter date and may be terminated, completed, consummated, or enforced as required or permitted by this act. Security interests arising out of such transactions which are perfected when this act becomes effective shall remain perfected until they lapse as provided in this act and may be continued as permitted by this act except as stated in § 10-109 of the prior Code.
Maryland Legal Code