§490:10-102  Specific repealer; provision
for transition.  (1)  The following acts and all other acts and parts of
acts inconsistent herewith are hereby repealed:



Chapter 172, Part IV, Revised Laws of Hawaii
1955, The Uniform Stock Transfer Act (modified)



Chapter 187, Revised Laws of Hawaii 1955,
Accounts Receivable; Assignment and Notice



Chapter 197, Revised Laws of Hawaii 1955, The
Uniform Negotiable Instruments Act



Chapter 200, Revised Laws of Hawaii 1955, Sales
of Merchandise in Bulk



Chapter 202, Revised Laws of Hawaii 1955, The
Uniform Sales Act



Chapter 206, Revised Laws of Hawaii 1955, The
Uniform Trust Receipts Act



Chapter 207, Revised Laws of Hawaii 1955, The
Uniform Warehouse Receipts Act



Sections 178-93 and 178-95 to 178-99, Revised
Laws of Hawaii 1955, pertaining to banks



Section 189-3, Revised Laws of Hawaii 1955,
pertaining to the Uniform Fiduciaries Act



Sections 193-4 to 193-6, Revised Laws of Hawaii
1955, pertaining to liens



Sections 343-51 and 343-52, Revised Laws of
Hawaii 1955, pertaining to chattel mortgages.



(2)  Transactions validly entered into before
January 1, 1967, and the rights, duties, and interests flowing from them remain
valid thereafter and may be terminated, completed, consummated, or enforced as
required or permitted by any statute or other law repealed, amended, or
modified by this chapter as though such repeal, amendment, or modification had
not occurred; provided that the perfection of a security interest, as defined
in this chapter and however denominated in any law repealed, amended, or
modified by this chapter:



(a) Which was perfected on January 1, 1967, by a
filing or recording under a law repealed by this chapter and requiring a
further filing or recording to continue its perfection, continues until and will
lapse on the date provided by the law so repealed for such further filing or
recording;



(b) Which was perfected on January 1, 1967, by a
filing or recording under a law repealed by this chapter and requiring no
further filing or recording to continue its perfection, continues until and
will lapse twelve months after January 1, 1967;



(c) Which was perfected on January 1, 1967, without
any filing or recording, and for the perfection of which the filing of a
financing statement would be required if this chapter applied, continues until
and will lapse twelve months after January 1, 1967; unless, in each case, a
continuation statement is filed by the secured party before the perfection of
the security interest would otherwise lapse.  Any such continuation statement
must be signed by the secured party, identify the security agreement, statement
or notice, however denominated in any law repealed by this chapter, state the
office where and the date when the last filing or recording was made with
respect thereto, and the filing number, if any, or book and page, if any, of
recording and further state that the security agreement, statement or notice,
however denominated in any law repealed by this chapter, is still effective. 
Section 490:9-501 determines the proper place to file the continuation
statement.  Except as specified in this subsection, sections 490:9-515 and
490:9-522 apply to the continuation statement.



(3)  Notwithstanding subsection (2):



(a) The perfection of a security interest, however
denominated in any law repealed by this chapter, which was perfected on January
1, 1967 by a filing or recording under a law repealed by this chapter, and for
the perfection of which, if this chapter applied, no filing of a financing
statement would be required, continues under this chapter.



(b) A security interest, however denominated in any
law repealed by this chapter, which was not perfected on January 1, 1967 but
which could have been perfected before January 1, 1967 by a filing or recording
under a law repealed, by this chapter, and which, if this chapter applied,
could be perfected by the filing of a financing statement under this chapter,
may be perfected by the filing of a financing statement in accordance with this
chapter.



(c) A security interest, however denominated in any
law repealed, amended or modified by this chapter, which was not perfected on
January 1, 1967 but which could have been perfected before January 1, 1967 by
the secured party's taking possession of the collateral under a law repealed,
modified or amended by this chapter, and which, if this chapter applied, could
be perfected by the secured party's taking possession of the collateral, may be
perfected by the secured party's taking possession of the collateral in
accordance with this chapter. [L 1965, c 208, §10-102; am L 1966, c 18, §2(1);
HRS §490:10-102; am L 2000, c 241, §28]



 



Cross References



 



  Recordation, see §502-31.5.