Transactions validly entered into after September twenty-seventh, nineteen hundred sixty-four and before the effective date of Revised Article 9, and which were subject to the provisions of Original Article 9 and which would be subject to Revised Article 9 if they had been entered into on or after the effective date of Revised Article 9 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 Revised Article 9.

Security interests arising out of such transactions which are perfected when Revised Article 9 becomes effective shall remain perfected until they lapse as provided in Revised Article 9, and may be continued as permitted by the Revised Article 9, except as provided in Section 11-105.