(1) Of the laws enumerated in the schedule hereto annexed following Section 10-105 of this Act and subject to the provisions of this Article, that portion specified in the last column is hereby REPEALED.

(2) Transactions validly entered into before the effective date specified in Section 10-105 of this Act and the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law repealed or modified by this Act as though such repeal or modification had not occurred; provided, however, that the perfection of a security interest, as defined in this Act (Section 1-201) and however denominated in any law repealed or modified by this Act,

(a) which was perfected when this Act takes effect by a filing, refiling or recording under a law repealed by this Act and requiring a further filing, refiling or recording to continue its perfection, continues until and will lapse on the date provided by the law so repealed for such further filing, refiling or recording;

(b) which was perfected when this Act takes effect by a filing, refiling or recording under a law repealed by this Act and requiring no further filing, refiling or recording to continue its perfection, continues until and will lapse twelve months after the date this Act takes effect;

(c) which was perfected when this Act takes effect without any filing, refiling or recording, and for the perfection of which the filing of a financing statement would be required if this Act applied, continues until and will lapse twelve months after this Act takes effect if the security interest is in accounts or, otherwise, thirty-six months after this Act takes effect; unless, in each case, a continuation statement is filed by the secured party before the perfection of the security interest would otherwise lapse. Any such continuation statement must be signed by the secured party, identify the security agreement, statement or notice, however denominated in any statute or other law repealed or modified by this Act, state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however, denominated in any statute or other law repealed or modified by this Act, is still effective. Section 9--501 determines the proper place to file such a continuation statement. Except as specified in this subsection and except that the perfection of the security interest will lapse five years after the filing of a continuation statement in accordance with this subsection unless another continuation statement is filed within six months prior to such lapse, the provisions of Section 9--515 apply to such a continuation statement.

(3) Notwithstanding subsection (2):

(a) The perfection of a security interest, however denominated in any law repealed by this Act, which was perfected when this Act takes effect by a filing, refiling or recording under a law repealed by this Act, and for the perfection of which, if this Act applied, no filing of a financing statement would be required, continues under this Act.

(b) A security interest, however denominated in any law repealed by this Act, which was not perfected when this Act takes effect but which could have been perfected before this Act takes effect by a filing, refiling or recording under a law repealed by this Act, and which, if this Act applied, could be perfected by the filing of a financing statement under this Act, may be perfected by the filing of a financing statement in accordance with this Act.

(c) A security interest, however denominated in any law repealed or modified by this Act, which was not perfected when this Act takes effect but which could have been perfected before this Act takes effect by the secured party's taking possession of the collateral under a law repealed or modified by this Act, and which, if this Act applied, could be perfected by the secured party's taking possession of the collateral, may be perfected by the secured party's taking possession of the collateral in accordance with this Act.

(d) A continuation statement heretofore filed in accordance with subsection (2) except for having been filed more than twelve months before the perfection of the security interest would otherwise lapse shall be deemed to have been filed in accordance with subsection (2).

(e) A security interest which was perfected when this Act took effect and the perfection of which was or is continued by the filing of a continuation statement in accordance with subsection (2) is a perfected security interest for the purposes of Section 9--310.

(f) After September first, nineteen hundred sixty-five, no further filing shall be made in accordance with any statute repealed by this Act with respect to a security interest perfected when this Act takes effect, except that a certificate of payment or other satisfaction or discharge of a conditional sale contract or a certificate of payment or satisfaction of a chattel mortgage may be filed in accordance with section seventy-two of the personal property law or section two hundred thirty-eight of the lien law, respectively, both repealed by this Act.