§ 336.0A-301 — Saving Clause
Plain-Language Summary
The new UCC amendments (Articles 9 and 12) generally apply to transactions, liens, and property interests even if they were created before August 1, 2024, but existing valid transactions remain enforceable.
336.0A-301 SAVING CLAUSE.
(a) Pre-effective-date transaction, lien, or interest. Except as provided in this part, article 9, as amended by Laws 2024, chapter 93, and article 12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before August 1, 2024.
(b) Continuing validity. Except as provided in subsection (c) and sections 336.0A-302 to 336.0A-306:
(1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before August 1, 2024, and was not governed by this chapter, but would be subject to article 9, as amended by Laws 2024, chapter 93, or article 12 if it had been entered into, created, or transferred on or after August 1, 2024, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after August 1, 2024; and
(2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by Laws 2024, chapter 93, or by the law that would apply if Laws 2024, chapter 93, had not taken effect.
(c) Pre-effective-date proceeding. Laws 2024, chapter 93, does not affect an action, case, or proceeding commenced before August 1, 2024.
History:
History: History:
2024 c 93 art 11 s 4