2006 New York Code - Savings Clause; Effect On Prior Perfected Security Interest.

 
  Section 8--601. Savings  Clause;  Effect  on  Prior  Perfected  Security
                    Interest.
    (a) As used in this Part, the term "this Act" means  that  chapter  of
  the  laws  of  1997  which repealed former Article 8 of this code, added
  this article to this code, and made conforming amendments to  provisions
  of other articles of this code.
    (b) This  Act does not affect an action or proceeding commenced before
  this Act takes effect. An oral contract or a  modification  of  contract
  entered  into  before  the  date  this  Act takes effect does not become
  enforceable by reason of operation of Section 8--113.
    (c) If a security interest in a security is perfected at the date this
  Act takes effect, and the action by  which  the  security  interest  was
  perfected  would  suffice to perfect a security interest under this Act,
  no further action is required to  continue  perfection.  If  a  security
  interest  in  a  security is perfected at the date this Act takes effect
  but the action by which the security interest was  perfected  would  not
  suffice  to  perfect  a  security  interest under this Act, the security
  interest remains perfected for a period of 12 months after the effective
  date of this Act  and  continues  perfected  thereafter  if  appropriate
  action  to  perfect  under  this  Act  is taken within that period. If a
  security interest is perfected at the date this Act takes effect and the
  security interest can be perfected by filing under this Act, a financing
  statement signed by the secured party instead of by the  debtor  may  be
  filed  within  that  period  to  continue  perfection  or  thereafter to
  perfect.