Section 9--702. Savings Clause

(a) Pre-effective-date  transactions  or  liens.  Except  as otherwise
  provided in this part, Revised Article 9 applies  to  a  transaction  or
  lien  within its scope, even if the transaction or lien was entered into
  or created before Revised Article 9 takes effect.
    (b) Continuing validity. Except as otherwise  provided  in  subsection
  (c) and Sections 9--703 through 9--709:
         (1) transactions  and  liens  that  were  not  governed by Former
             Article 9,  were  validly  entered  into  or  created  before
             Revised  Article  9  takes  effect,  and  would be subject to
             Revised Article 9 if they had been entered  into  or  created
             after Revised Article 9 takes effect, and the rights, duties,
             and  interests  flowing  from  those  transactions  and liens
             remain valid after Revised Article 9 takes effect; and
         (2) the transactions and  liens  may  be  terminated,  completed,
             consummated, and enforced as required or permitted by Revised
             Article 9 or by the law that otherwise would apply if Revised
             Article 9 had not taken effect.
    (c) Pre-effective-date  proceedings. Revised Article 9 does not affect
  an action, case, or proceeding commenced before Revised Article 9  takes
  effect.