47-9702. Savings clause

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

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 the former chapter 9 of this title, were validly entered into or created before July 1, 2001 and would be subject to this chapter 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 or by the law that otherwise would apply if this chapter had not taken effect.

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

47-9702. Savings clause

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

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 the former chapter 9 of this title, were validly entered into or created before July 1, 2001 and would be subject to this chapter 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 or by the law that otherwise would apply if this chapter had not taken effect.

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