§10-103. Transition to the new code; general rule
Transactions validly entered into after December 31, 1964, and before January 1, 1978, and which are subject to the provisions of the old code and which would be subject to the new code and this Article, as amended if they had been entered into after the effective date of public law, 1977, chapter 526 and the rights, duties and interests flowing from such transactions remain valid after January 1, 1978, and may be terminated, completed, consummated or enforced as required or permitted by the new code. Security interests arising out of those transactions, which are perfected when public law, 1977, chapter 526 becomes effective, shall remain perfected until they lapse as provided in the new code and may be continued as permitted by the new code, except as stated in section 10‑105. [PL 1977, c. 586 (NEW).]
SECTION HISTORY
PL 1977, c. 586 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 10: TRANSITION PROVISIONS
11 §10-101. Definitions; retroactivity
11 §10-102. Preservation of old transition provision
11 §10-103. Transition to the new code; general rule
11 §10-104. Transition provision on change of requirement of filing
11 §10-105. Transition provision on change of place of filing
11 §10-106. Required refilings
11 §10-107. Transition provisions as to priorities
11 §10-108. Presumption that rule of law continues unchanged