1. Except as otherwise provided in this part, this chapter applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. 2. Except as otherwise provided in subsection 3 and sections 41 -09-125 through 41-09-131: a. Transactions and liens that were not governed by the former chapter 41 -09 were validly entered into or created before July 1, 2001, and would be subject to this chapter if they had been entered into or created on or after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid after July 1, 2001; and b. The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this chapter or by the law that otherwise would apply if this chapter had not taken effect. 3. This chapter does not affect an action, case, or proceeding commenced before July 1, 2001.
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