Transactions validly entered into after January 1, 1962, and before January 1, 1986, and which were subject to the provisions of the 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 the new U.C.C. 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 the new U.C.C., except as stated in Section 12-105 [55-12-105 NMSA 1978].
History: 1978 Comp., § 55-12-103, enacted by Laws 1985, ch. 193, § 41.
ANNOTATIONSCross references. — For definition of "old UCC" and "new UCC," see 55-12-101 NMSA 1978.
Compiler's notes. — This section appears as § 11-103 in the Uniform Act.
Meaning of "this act". — This act, referred to near the middle of the first sentence, means Laws 1985, ch. 193, which extensively amends the Uniform Commercial Code. For present compilation of the provisions of ch. 193, see the Table of Disposition of Laws in Volume 14 NMSA 1978.