2402

(a) Pre-effective-date transactions or liens.— Except as otherwise provided in this subchapter, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect.\n(b) Continuing validity.— Except as otherwise provided in subsection (c) and §§ 2403–2409 of this title:\n(1) Transactions and liens that were not governed by former Chapter 9 of the Commercial Transactions Act, were validly entered into or created before this act takes effect, and would be subject to this chapter if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect, and\n(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this chapter or by the law that otherwise would apply if this chapter had not taken effect.\n(c) Pre-effective-date proceedings.— This chapter does not affect an action, case, or proceeding commenced before this act takes effect.\nHistory —Sept. 19, 1996, No. 241, added as § 9–702 on Jan. 17, 2012, No. 21, § 11, eff.

ceedings.— This chapter does not affect an action, case, or proceeding commenced before this act takes effect.\nHistory —Sept. 19, 1996, No. 241, added as § 9–702 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.