(a) Pre-effective date transaction, lien, or interest. Except as provided in this part, Article 9A as amended by Act 2023-492 and Article 12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before July 1, 2024. (b) Continuing validity. Except as provided in subsection (c) and Sections 7-12A-302 through 7-12A-306: (1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before July 1, 2024, and was not governed by the Uniform Commercial Code, but would be subject to Article 9A as amended by Act 2023-492 or Article 12 if it had been entered into, created, or transferred on or after July 1, 2024, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after the July 1, 2024; and (2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by Act 2023-492 or by the law that would apply if Act 2023-492 had not taken effect. (c) Pre-effective date proceeding. Act 2023-492 does not affect an action, case, or proceeding commenced before July 1, 2024.
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