§46-11-103 Transition to new code -- General rule.
§46-11-103. Transition to new code -- General rule.
Transactions validly entered into after the first day of July, one thousand nine hundred sixty-four, and before the first day of July, one thousand nine hundred seventy-five, and which were subject to the provisions of the old Uniform Commercial Code and which would be subject to this chapter as amended if they had been entered into after the effective date of the new Uniform Commercial Code and the rights, duties and interests flowing from such transactions remain valid after the latter date and may be terminated, completed, consummated or enforced as required or permitted by the new Uniform Commercial Code. Security interests arising out of such transactions which are perfected when the new Uniform Commercial Code becomes effective shall remain perfected until they lapse as provided in the new Uniform Commercial Code, and may be continued as permitted by the new Uniform Commercial Code, except as stated in section 11-105. In any instance in which a person who under the new Uniform Commercial Code would be a transmitting utility has perfected a security interest under the provisions of subsection (5) of the former provisions of section 9-302 of this chapter, such security interest shall remain perfected with the same priority rights as if the new Uniform Commercial Code had been in effect at the time such security interest was perfected and such person had at such time filed a financing statement thereunder as a transmitting utility.