Section 9--515. Apply to such a continuation statement

(3) Notwithstanding subsection (2):
         (a) The perfection of a security interest, however denominated in
             any law repealed by this Act, which was perfected  when  this
             Act  takes  effect by a filing, refiling or recording under a
             law repealed by this Act, and for the perfection of which, if
             this Act applied, no filing of a financing statement would be
             required, continues under this Act.

         (b) A security interest, however denominated in any law  repealed
             by  this  Act,  which  was  not perfected when this Act takes
             effect but which could have been perfected  before  this  Act
             takes  effect  by a filing, refiling or recording under a law
             repealed  by  this Act, and which, if this Act applied, could
             be perfected by the filing of  a  financing  statement  under
             this  Act,  may  be  perfected  by  the filing of a financing
             statement in accordance with this Act.
         (c) A security interest, however denominated in any law  repealed
             or  modified  by  this Act, which was not perfected when this
             Act takes effect but which could have been  perfected  before
             this   Act   takes  effect  by  the  secured  party's  taking
             possession of the collateral under a law repealed or modified
             by this Act,  and  which,  if  this  Act  applied,  could  be
             perfected  by  the  secured  party's taking possession of the
             collateral, may be perfected by the  secured  party's  taking
             possession of the collateral in accordance with this Act.
         (d) A  continuation statement heretofore filed in accordance with
             subsection (2) except for having been filed more than  twelve
             months  before  the perfection of the security interest would
             otherwise lapse  shall  be  deemed  to  have  been  filed  in
             accordance with subsection (2).
         (e) A  security  interest  which was perfected when this Act took
             effect and the perfection of which was or is continued by the
             filing  of  a  continuation  statement  in  accordance   with
             subsection  (2)  is  a  perfected  security  interest for the
             purposes of Section 9--310.
         (f) After  September  first,  nineteen  hundred  sixty-five,   no
             further  filing  shall be made in accordance with any statute
             repealed by this Act with  respect  to  a  security  interest
             perfected   when   this  Act  takes  effect,  except  that  a
             certificate of payment or other satisfaction or discharge  of
             a  conditional  sale  contract or a certificate of payment or
             satisfaction of a chattel mortgage may be filed in accordance
             with section seventy-two of  the  personal  property  law  or
             section   two   hundred   thirty-eight   of   the  lien  law,
             respectively, both repealed by this Act.