N.Y. Uniform Commercial Code Law Section 9-702
Savings Clause

Section 9--702. Savings Clause.

(a)

Pre-effective-date transactions or liens. Except as otherwise provided in this part, Revised Article 9 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before Revised Article 9 takes effect.

(b)

Continuing validity. Except as otherwise provided in subsection (c) and Sections 9--703 through 9--709:

(1)

transactions and liens that were not governed by Former Article 9, were validly entered into or created before Revised Article 9 takes effect, and would be subject to Revised Article 9 if they had been entered into or created after Revised Article 9 takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after Revised Article 9 takes effect; and

(2)

the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by Revised Article 9 or by the law that otherwise would apply if Revised Article 9 had not taken effect.

(c)

Pre-effective-date proceedings. Revised Article 9 does not affect an action, case, or proceeding commenced before Revised Article 9 takes effect.

Source: Section 9-702 — Savings Clause, https://www.­nysenate.­gov/legislation/laws/UCC/9-702 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 9-702’s source at nysenate​.gov

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