Section 10-105. Of this Act and subject to the provisions of this Article, that portion specified in the last column is hereby REPEALED

(2)  Transactions  validly  entered  into  before  the  effective date
  specified in Section 10-105 of this  Act  and  the  rights,  duties  and
  interests   flowing  from  them  remain  valid  thereafter  and  may  be
  terminated, completed, consummated or enforced as required or  permitted
  by  any  statute or other law repealed or modified by this Act as though
  such repeal or modification had not occurred;  provided,  however,  that
  the  perfection  of a security interest, as defined in this Act (Section   1-201) and however denominated in any law repealed or modified  by  this
  Act,
         (a) which  was  perfected when this Act takes effect by a filing,
             refiling or recording under a law repealed by  this  Act  and
             requiring a further filing, refiling or recording to continue
             its  perfection,  continues  until and will lapse on the date
             provided by the law so  repealed  for  such  further  filing,
             refiling or recording;
         (b) which  was  perfected when this Act takes effect by a filing,
             refiling or recording under a law repealed by  this  Act  and
             requiring   no  further  filing,  refiling  or  recording  to
             continue its  perfection,  continues  until  and  will  lapse
             twelve months after the date this Act takes effect;
         (c) which  was  perfected  when this Act takes effect without any
             filing, refiling or recording,  and  for  the  perfection  of
             which  the  filing of a financing statement would be required
             if this Act applied, continues until and  will  lapse  twelve
             months  after  this Act takes effect if the security interest
             is in accounts or, otherwise, thirty-six  months  after  this
             Act  takes  effect;  unless,  in  each  case,  a continuation
             statement is filed by the secured party before the perfection
             of the security interest  would  otherwise  lapse.  Any  such
             continuation  statement  must be signed by the secured party,
             identify the security agreement, statement or notice, however
             denominated in any statute or other law repealed or  modified
             by  this  Act,  state  the office where and the date when the
             last filing, refiling or recording, if  any,  was  made  with
             respect  thereto,  and the filing number, if any, or book and
             page, if  any,  of  recording  and  further  state  that  the
             security agreement, statement or notice, however, denominated
             in any statute or other law repealed or modified by this Act,
             is  still  effective.  Section  9--501  determines the proper
             place to  file  such  a  continuation  statement.  Except  as
             specified  in  this subsection and except that the perfection
             of the security interest will  lapse  five  years  after  the
             filing  of  a  continuation statement in accordance with this
             subsection unless another  continuation  statement  is  filed
             within  six  months  prior  to  such lapse, the provisions of