Section 9–702. Savings Clause.

(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, Revised Article 9 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before Revised Article 9 takes effect.

(b) Continuing validity. Except as otherwise provided in subsection (c) and Sections 9–703 through 9–709:

(1) transactions and liens that were not governed by Former

Article 9, were validly entered into or created before

Revised Article 9 takes effect, and would be subject to

Revised Article 9 if they had been entered into or created

after Revised Article 9 takes effect, and the rights, duties,

and interests flowing from those transactions and liens

remain valid after Revised Article 9 takes effect; and

(2) the transactions and liens may be terminated, completed,

consummated, and enforced as required or permitted by Revised

Article 9 or by the law that otherwise would apply if Revised

Article 9 had not taken effect.

(c) Pre-effective-date proceedings. Revised Article 9 does not affect an action, case, or proceeding commenced before Revised Article 9 takes effect.