(1) Except as provided in this part, Chapter 9a, Uniform Commercial Code - Secured Transactions, as amended by this chapter and Chapter 12, Uniform Commercial Code - Controllable Electronic Records, apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before May 6, 2026. (2) Except as provided in Subsection (3) and Sections 70A-12a-302 through 306: (a) a transaction, lien, or interest in property that was validly entered into, created, or transferred before May 6, 2026, and was not governed by this title, but would be subject to Chapter 9a, Uniform Commercial Code - Secured Transactions, as amended by this chapter or Chapter 12, Uniform Commercial Code - Controllable Electronic Records, if it had been entered into, created, or transferred on or after May 6, 2026, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after May 6, 2026; and (b) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by this chapter or by the law that would apply if this chapter had not taken effect. (3) This chapter does not affect an action, case, or proceeding commenced before May 6, 2026.
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