Section 11--103. Transition to Revised Article 9--General Rule

Transactions  validly  entered  into  after  September twenty-seventh,
  nineteen hundred sixty-four and before the  effective  date  of  Revised
  Article  9, and which were subject to the provisions of Original Article
  9 and which would be subject to Revised  Article  9  if  they  had  been
  entered into on or after the effective date of Revised Article 9 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  Revised  Article  9.    Security
  interests  arising  out  of  such  transactions which are perfected when
  Revised Article 9 becomes effective shall remain  perfected  until  they
  lapse  as  provided  in  Revised  Article  9,  and  may  be continued as
  permitted by the Revised  Article  9,  except  as  provided  in  Section   11-105.