2006 Ohio Revised Code - 1309.702. (UCC 9-702) Savings clause.

§ 1309.702. (UCC 9-702) Savings clause.
 

(A)  Except as otherwise provided in this chapter, this chapter applies to a transaction or lien within the scope of this chapter even if the transaction or lien was entered into or created before July 1, 2001. 

(B)  Except as otherwise provided in division (C) of this section and sections 1309.703 to 1309.709 of the Revised Code: 

(1) Transactions or liens that were not governed by this chapter as it existed before July 1, 2001, were validly entered into or created prior to that date, and would be subject to this chapter if they had been entered into or created on or after that date, and the rights, duties, and interests related to those transactions or liens, remain valid on and after July 1, 2001; and 

(2) The transactions and liens may be terminated, completed, consummated, or enforced as required or permitted by the law in effect immediately prior to July 1, 2001, or the law in effect on and after that date. 

(C)  This chapter does not affect an action, case, or proceeding commenced prior to July 1, 2001. 
 

HISTORY: 149 v S 74. Eff 7-1-2001.
 

The effective date is set by section 4 of SB 74. 

 

Official Comment

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. 

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.