(a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before January 1, 2002.
(b) Except as otherwise provided in subsection (c) and Sections 75-9-703 through 75-9-709:
(1) Transactions and liens that were not governed by former Article 9, were validly entered into or created before January 1, 2002, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after January 1, 2002; and
(2) The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c) This act does not affect an action, case, or proceeding commenced before January 1, 2002.
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