- Consolidated Laws - Uniform Commercial Code
ARTICLE 13
EFFECTIVE DATE AND REPEALER
Section 13--101. Application of Act.
This Act applies to transactions entered into and events occurring on
and after the effective date specified in Section 10-105 of this Act.
Section 13--102. Laws Repealed; Provision for Transition.
(1) Of the laws enumerated in the schedule hereto annexed following
Section 10-105 of this Act and subject to the provisions of this
Article, that portion specified in the last column is hereby REPEALED.
(2) Transactions validly entered into before the effective date
specified in Section 10-105 of this Act and the rights, duties and
interests flowing from them remain valid thereafter and may be
terminated, completed, consummated or enforced as required or permitted
by any statute or other law repealed or modified by this Act as though
such repeal or modification had not occurred; provided, however, that
the perfection of a security interest, as defined in this Act (Section
1-201) and however denominated in any law repealed or modified by this
Act,
(a) which was perfected when this Act takes effect by a filing,
refiling or recording under a law repealed by this Act and
requiring a further filing, refiling or recording to continue
its perfection, continues until and will lapse on the date
provided by the law so repealed for such further filing,
refiling or recording;
(b) which was perfected when this Act takes effect by a filing,
refiling or recording under a law repealed by this Act and
requiring no further filing, refiling or recording to
continue its perfection, continues until and will lapse
twelve months after the date this Act takes effect;
(c) which was perfected when this Act takes effect without any
filing, refiling or recording, and for the perfection of
which the filing of a financing statement would be required
if this Act applied, continues until and will lapse twelve
months after this Act takes effect if the security interest
is in accounts or, otherwise, thirty-six months after this
Act takes effect; unless, in each case, a continuation
statement is filed by the secured party before the perfection
of the security interest would otherwise lapse. Any such
continuation statement must be signed by the secured party,
identify the security agreement, statement or notice, however
denominated in any statute or other law repealed or modified
by this Act, state the office where and the date when the
last filing, refiling or recording, if any, was made with
respect thereto, and the filing number, if any, or book and
page, if any, of recording and further state that the
security agreement, statement or notice, however, denominated
in any statute or other law repealed or modified by this Act,
is still effective. Section 9--501 determines the proper
place to file such a continuation statement. Except as
specified in this subsection and except that the perfection
of the security interest will lapse five years after the
filing of a continuation statement in accordance with this
subsection unless another continuation statement is filed
within six months prior to such lapse, the provisions of
Section 9--515 apply to such a continuation statement.
(3) Notwithstanding subsection (2):
(a) The perfection of a security interest, however denominated in
any law repealed by this Act, which was perfected when this
Act takes effect by a filing, refiling or recording under a
law repealed by this Act, and for the perfection of which, if
this Act applied, no filing of a financing statement would be
required, continues under this Act.
(b) A security interest, however denominated in any law repealed
by this Act, which was not perfected when this Act takes
effect but which could have been perfected before this Act
takes effect by a filing, refiling or recording under a law
repealed by this Act, and which, if this Act applied, could
be perfected by the filing of a financing statement under
this Act, may be perfected by the filing of a financing
statement in accordance with this Act.
(c) A security interest, however denominated in any law repealed
or modified by this Act, which was not perfected when this
Act takes effect but which could have been perfected before
this Act takes effect by the secured party`s taking
possession of the collateral under a law repealed or modified
by this Act, and which, if this Act applied, could be
perfected by the secured party`s taking possession of the
collateral, may be perfected by the secured party`s taking
possession of the collateral in accordance with this Act.
(d) A continuation statement heretofore filed in accordance with
subsection (2) except for having been filed more than twelve
months before the perfection of the security interest would
otherwise lapse shall be deemed to have been filed in
accordance with subsection (2).
(e) A security interest which was perfected when this Act took
effect and the perfection of which was or is continued by the
filing of a continuation statement in accordance with
subsection (2) is a perfected security interest for the
purposes of Section 9--310.
(f) After September first, nineteen hundred sixty-five, no
further filing shall be made in accordance with any statute
repealed by this Act with respect to a security interest
perfected when this Act takes effect, except that a
certificate of payment or other satisfaction or discharge of
a conditional sale contract or a certificate of payment or
satisfaction of a chattel mortgage may be filed in accordance
with section seventy-two of the personal property law or
section two hundred thirty-eight of the lien law,
respectively, both repealed by this Act.
Section 13--103. Inconsistent Laws; Which Law Governs.
If any other provision of law is inconsistent with this Act, this Act
shall govern unless this Act or such inconsistent provision of law
specifically provides otherwise.
Section 13--104. Laws Not Repealed.
The Article on Documents of Title (Article 7) does not repeal or
modify any laws prescribing the form or contents of documents of title
or the services or facilities to be afforded by bailees, or otherwise
regulating bailees` businesses in respects not specifically dealt with
herein; but the fact that such laws are violated does not affect the
status of a document of title which otherwise complies with the
definition of a document of title (Section 1--201).
Section 13--105. Effective Date.
This Act shall take effect September twenty-seventh, nineteen hundred
sixty-four.
