- Consolidated Laws - Uniform Commercial Code
PART 6
TRANSITION PROVISIONS FOR REVISED ARTICLE 8
AND FOR THE CONFORMING AMENDMENTS TO ARTICLES 1, 5, 9 and 13
Section 8--601. Savings Clause; Effect on Prior Perfected Security
Interest.
(a) As used in this Part, the term "this Act" means that chapter of
the laws of 1997 which repealed former Article 8 of this code, added
this article to this code, and made conforming amendments to provisions
of other articles of this code.
(b) This Act does not affect an action or proceeding commenced before
this Act takes effect. An oral contract or a modification of contract
entered into before the date this Act takes effect does not become
enforceable by reason of operation of Section 8--113.
(c) If a security interest in a security is perfected at the date this
Act takes effect, and the action by which the security interest was
perfected would suffice to perfect a security interest under this Act,
no further action is required to continue perfection. If a security
interest in a security is perfected at the date this Act takes effect
but the action by which the security interest was perfected would not
suffice to perfect a security interest under this Act, the security
interest remains perfected for a period of 12 months after the effective
date of this Act and continues perfected thereafter if appropriate
action to perfect under this Act is taken within that period. If a
security interest is perfected at the date this Act takes effect and the
security interest can be perfected by filing under this Act, a financing
statement signed by the secured party instead of by the debtor may be
filed within that period to continue perfection or thereafter to
perfect.
Section 8--602. Cross-References to former Article 8; Meaning or
Interpretation.
(a) Any reference made in law to a bond or other security or
instrument to be issued hereafter under the authority of such law as
being a negotiable instrument or security under former Article 8 of this
code shall be deemed to mean and refer to such bond or other security or
instrument issued on or after the effective date of this Act as being
one to be governed by the provisions of this new Article 8.
(b) The provisions of subsection (a) shall not be deemed to impair in
any manner the obligations of any bond or other security or instrument
previously issued and in existence on the effective date of this Act and
the same shall continue to be governed by its covenants. The provisions
of this Act shall apply to such previously issued and existing bond or
other security or instrument only to the extent that the provisions of
this Act can be harmonized with the provisions of covenants existing on
the effective date of this Act to which such bond or other security or
instrument is subject on such date, without impairing its obligations.
