§490:11-103 Transition to new U.C.C.--General Rule. Transactions validly entered into after January 1, 1967 and before July 1, 1979, and which were subject to the provisions of old U.C.C. and which would be subject to this Act as amended if they had been entered into after the effective date of July 1, 1979 and the rights, duties and interests flowing from such transactions remain valid after the latter date and may be terminated, completed, consummated or enforced as required or permitted by the new U.C.C. Security interests arising out of such transactions which are perfected when the new U.C.C. becomes effective shall remain perfected until they lapse as provided in the new U.C.C., and may be continued as permitted by new U.C.C., except as stated in section 490:11-105. [L 1978, c 155, pt of §1(34)]