(a) The rights, duties, and interests flowing from a transaction, certificate of title, or record relating to a vessel that was validly entered into or created before January 1, 2016, and would be subject to this chapter if it had been entered into or created on or after January 1, 2016, remain valid on and after January 1, 2016.
(b) This chapter does not affect an action or proceeding commenced before January 1, 2016.
(c) Except as otherwise provided in subsection (d) of this section, a security interest that is enforceable immediately before January 1, 2016, 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 chapter.
(d) A security interest perfected immediately before January 1, 2016, remains perfected until the earlier of:
(1) The time perfection would have ceased under the law under which the security interest was perfected; or
(2) Three years after January 1, 2016.
(e) This chapter shall not affect the priority of a security interest in a vessel if immediately before January 1, 2016, the security interest is enforceable and perfected, and that priority is established.
(Mar. 11, 2015, D.C. Law 20-215, § 29, 61 DCR 13083.)
Applicability of D.C. Law 20-215: Section 32 of D.C. Law 20-215 provided that the act shall apply as of January 1, 2016.
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