§ 6A-9-702 - Savings clause. - Rhode Island Statutes

SECTION 6A-9-702

   § 6A-9-702  Savings clause. – (a) Pre-effective-date transactions or liens. Except as otherwiseprovided in this part, this chapter applies to a transaction or lien within itsscope, even if the transaction or lien was entered into or created before thischapter takes effect.

   (b) Continuing validity. Except as otherwise providedin subsection (c) and §§ 6A-9-703 through 6A-9-709:

   (1) Transactions and liens that were not governed by formerchapter 9 of this title, were validly entered into or created before thischapter takes effect, and would be subject to this chapter if they had beenentered into or created after this chapter takes effect, and the rights,duties, and interests flowing from those transactions and liens remain validafter this chapter takes effect; and

   (2) The transactions and liens may be terminated, completed,consummated, and enforced as required or permitted by this chapter or by thelaw that otherwise would apply if this act had not taken effect.

   (c) Pre-effective-date proceedings. This chapter doesnot affect an action, case, or proceeding commenced before this chapter takeseffect.