(2) THE TRANSACTIONS AND LIENS MAY BE TERMINATED, COMPLETED,
CONSUMMATED, AND ENFORCED AS REQUIRED OR PERMITTED BY THIS TITLE OR BY
THE LAW THAT OTHERWISE WOULD APPLY IF THIS TITLE HAD NOT TAKEN EFFECT.

(C) THIS TITLE DOES NOT AFFECT AN ACTION, CASE, OR PROCEEDING
COMMENCED BEFORE THIS TITLE TAKES EFFECT.

9-703. SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.

(A) A SECURITY INTEREST THAT IS ENFORCEABLE IMMEDIATELY BEFORE
THIS TITLE TAKES EFFECT 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 TITLE IF, WHEN THIS TITLE TAKES EFFECT, THE APPLICABLE
REQUIREMENTS FOR ENFORCEABILITY AND PERFECTION UNDER THIS TITLE ARE
SATISFIED WITHOUT FURTHER ACTION.

(B) EXCEPT AS OTHERWISE PROVIDED IN § 9-705, IF, IMMEDIATELY BEFORE
THIS TITLE TAKES EFFECT, A SECURITY INTEREST IS ENFORCEABLE AND WOULD
HAVE PRIORITY OVER THE RIGHTS OF A PERSON THAT BECOMES A LIEN CREDITOR
AT THAT TIME, BUT THE APPLICABLE REQUIREMENTS FOR ENFORCEABILITY OR
PERFECTION UNDER THIS TITLE ARE NOT SATISFIED WHEN THIS TITLE TAKES
EFFECT, THE SECURITY INTEREST:

(1) IS A PERFECTED SECURITY INTEREST FOR ONE YEAR AFTER THIS
TITLE TAKES EFFECT;

(2) REMAINS ENFORCEABLE THEREAFTER ONLY IF THE SECURITY
INTEREST BECOMES ENFORCEABLE UNDER § 9-203 BEFORE THE YEAR EXPIRES; AND

(3) REMAINS PERFECTED THEREAFTER ONLY IF THE APPLICABLE
REQUIREMENTS FOR PERFECTION UNDER THIS TITLE ARE SATISFIED BEFORE THE
YEAR EXPIRES.

9-704. SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE.

A SECURITY INTEREST THAT IS ENFORCEABLE IMMEDIATELY BEFORE THIS
TITLE TAKES EFFECT BUT WHICH WOULD BE SUBORDINATE TO THE RIGHTS OF A
PERSON THAT BECOMES A LIEN CREDITOR AT THAT TIME:

(1) REMAINS AN ENFORCEABLE SECURITY INTEREST FOR ONE YEAR
AFTER THIS TITLE TAKES EFFECT;

(2) REMAINS ENFORCEABLE THEREAFTER IF THE SECURITY INTEREST
BECOMES ENFORCEABLE UNDER § 9-203 WHEN THIS TITLE TAKES EFFECT OR
WITHIN ONE YEAR THEREAFTER; AND

(3) BECOMES PERFECTED:

(A) WITHOUT FURTHER ACTION, WHEN THIS TITLE TAKES EFFECT
IF THE APPLICABLE REQUIREMENTS FOR PERFECTION UNDER THIS TITLE ARE
SATISFIED BEFORE OR AT THAT TIME; OR