A. Except as otherwise provided in this article, this chapter, as added in 1999, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.

B. Except as otherwise provided in subsection C of this section and sections 47-9703 through 47-9709:

1. Transactions and liens that were not governed by chapter 9 of this title as it existed before July 1, 2001, were validly entered into or created before July 1, 2001 and would be subject to this chapter, as added in 1999, if they had been entered into or created after July 1, 2001, and the rights, duties and interests flowing from those transactions and 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 chapter, as added in 1999, or by the law that otherwise would apply if this chapter had not taken effect.

C. This chapter, as added in 1999, does not affect an action, case or proceeding commenced before July 1, 2001.