2017 New York Laws
UCC - Uniform Commercial Code
Article 9 - Secured Transactions
Part 7 - Transition
9-702 - Savings Clause
Section 9--702. Savings Clause.(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, Revised Article 9 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before Revised Article 9 takes effect.
(b) Continuing validity. Except as otherwise provided in subsection (c) and Sections 9--703 through 9--709:
(1) transactions and liens that were not governed by Former
Article 9, were validly entered into or created before
Revised Article 9 takes effect, and would be subject to
Revised Article 9 if they had been entered into or created
after Revised Article 9 takes effect, and the rights, duties,
and interests flowing from those transactions and liens
remain valid after Revised Article 9 takes effect; and
(2) the transactions and liens may be terminated, completed,
consummated, and enforced as required or permitted by Revised
Article 9 or by the law that otherwise would apply if Revised
Article 9 had not taken effect.
(c) Pre-effective-date proceedings. Revised Article 9 does not affect an action, case, or proceeding commenced before Revised Article 9 takes effect.
