On and after January 1, 1958, no lis pendens now of record or hereafter filed is notice, either actual or constructive, of the pendency of any action or of any of the matters referred to in the court files and records pertaining to the action noticed by such lis pendens, after such lis pendens has been of record for ten years unless a new notice of lis pendens in the same action is recorded within said ten years. The effect of any lis pendens which has been of record for ten years upon the effective date of this section may be preserved by the recording of a new notice of lis pendens in the same action on or before December 31, 1957. Nothing contained in this section increases the effect or lengthens the term for which a lis pendens is notice under any existing law nor create a right to renew the operation of a lis pendens already barred by any existing law.