Savings clause.

Except as otherwise provided in this part, this article applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. Except as otherwise provided in subsection (c) of this section and §§ 28:9-703 through 28:9-709: Transactions and liens that were not governed by former Article 9, were validly entered into or created before July 1, 2001, and would be subject to this article 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 The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this article or by the law that otherwise would apply if this article had not taken effect. This article shall not affect an action, case, or proceeding commenced before July 1, 2001. 2. Judicial Proceedings Commenced Before Effective Date. As is usual in transition provisions, subsection (c) provides that this Article does not affect litigation pending on the effective date. 1. Pre-Effective-Date Transactions. Subsection (a) contains the general rule that this Article applies to transactions, security interests, and other liens within its scope (see Section 9-109), even if the transaction or lien was entered into or created before the effective date. Thus, secured transactions entered into under former Article 9 must be terminated, completed, consummated, and enforced under this Article. Subsection (b) is an exception to the general rule. It applies to valid, pre-effective-date transactions and liens that were not governed by former Article 9 but would be governed by this Article if they had been entered into or created after this Article takes effect. Under subsection (b), these valid transactions, such as the creation of agricultural liens and security interests in commercial tort claims, retain their validity under this Article and may be terminated, completed, consummated, and enforced under this Article. However, these transactions also may be terminated, completed, consummated, and enforced by the law that otherwise would apply had this Article not taken effect.