Sec. 9702.
(1) Except as otherwise provided in this part, this amendatory act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this amendatory act takes effect.
(2) Except as otherwise provided in subsection (3) and sections 9703 through 9709, both of the following apply:
(a) Transactions and liens that were not governed by this article before this amendatory act takes effect, were validly entered into or created before this amendatory act takes effect, and would be subject to this amendatory act if they had been entered into or created after this amendatory act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this amendatory act takes effect.
(b) The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this amendatory act or by the law that otherwise would apply if this amendatory act had not taken effect.
(3) This amendatory act does not affect an action, case, or proceeding commenced before this amendatory act takes effect.
History: Add. 2000, Act 348, Eff. July 1, 2001
Last modified: October 10, 2016