Transactions validly entered into before the effective date of this act, and which were subject to the provisions of Title 13 of the Pennsylvania Consolidated Statutes (relating to commercial code) and which would be subject thereto under this act, if they had been entered into after the effective date of this act and the rights, duties and interests flowing from such transactions remain valid after the effective date of this act and may be terminated, completed, consummated or enforced as required or permitted after the effective date of this act. Security interests arising out of such transactions which are perfected when this act becomes effective shall remain perfected until they lapse as provided herein and may be continued, except as stated in section 4.
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