8.9A-702 - A-702. Savings clause. - Virginia Statutes

§ 8.9A-702. Savings clause.

(a) Preeffective-date transactions or liens. Except as otherwise provided inthis part, this title applies to a transaction or lien within its scope, evenif the transaction or lien was entered into or created before this titletakes effect.

(b) Continuing validity. Except as otherwise provided in subsection (c) and§§ 8.9A-703 through 8.9A-709:

(1) transactions and liens that were not governed by former Title 8.9, werevalidly entered into or created before this title takes effect, and would besubject to this title if they had been entered into or created after thistitle takes effect, and the rights, duties, and interests flowing from thosetransactions and liens remain valid after this title takes effect; and

(2) the transactions and liens may be terminated, completed, consummated, andenforced as required or permitted by this title or by the law that otherwisewould apply if this title had not taken effect.

(c) Preeffective-date proceedings. This title does not affect an action,case, or proceeding commenced before this title takes effect.

(2000, c. 1007.)