§ 25-11-103. Transition to new article 9; general rule. - North Carolina Statutes

§25‑11‑103.  Transition to new article 9; general rule.

(1)        Transactionsvalidly entered into after midnight on June 30, 1967, and before July 1, 1976,and which were subject to the provisions of old article 9 and which would besubject to this act as amended if they had been entered into after July 1,1976, and the rights, duties and interests following from such transactionsremain valid after the latter date and may be terminated, completed,consummated or enforced as required or permitted by the new article 9.

(2)        Security interestsarising out of such transactions which are perfected when new article 9 becomeseffective shall remain perfected until they lapse as provided in new article 9,and may be continued as permitted by new article 9, except as stated in G.S. 25‑11‑105.(1975, c. 862, s. 8.)