| | | into under former Article 9 must be terminated, completed, | | consummated, and enforced under this Article. Subsection (b) | | [Maine cite subsection (2)] is an exception to the general rule. | | It applies to valid, pre-effective-date transactions and liens | | that were not governed by former Article 9 but would be governed | | by this Article if they had been entered into or created after | | this Article takes effect. Under subsection (b) [Maine cite | | subsection (2)], these valid transactions, such as the creation | | of agricultural liens and security interests in commercial tort | | claims, retain their validity under this Article and may be | | terminated, completed, consummated, and enforced under this | | Article. However, these transactions also may be terminated, | | completed, consummated, and enforced by the law that otherwise | | would apply had this Article not taken effect. |
|
| | | 2. Judicial Proceedings Commenced Before Effective Date. As | | is usual in transition provisions, subsection (c) [Maine cite | | subsection (3)] provides that this Article does not affect | | litigation pending on the effective date. |
|
| | | §9-1703.__Security interest perfected before effective date |
|
| | | (1)__A security interest that is enforceable immediately | | before this Article takes effect and would have priority over the | | rights of a person that becomes a lien creditor at that time is a | | perfected security interest under this Article if, when this | | Article takes effect, the applicable requirements for | | enforceability and perfection under this Article are satisfied | | without further action. |
|
| | | (2)__Except as otherwise provided in section 9-1705, if, | | immediately before this Article takes effect, a security interest | | is enforceable and would have priority over the rights of a | | person that becomes a lien creditor at that time, but the | | applicable requirements for enforceability or perfection under | | this Article are not satisfied when this Article takes effect, | | the security interest: |
|
| | | (a)__Is a perfected security interest for one year after | | this Article takes effect; |
|
| | | (b)__Remains enforceable thereafter only if the security | | interest becomes enforceable under section 9-1203 before the | | year expires; and |
|
| | | (c)__Remains perfected thereafter only if the applicable | | requirements for perfection under this Article are satisfied | | before the year expires. |
|
|
