Transactions validly entered into after the date specified in Section 36-10-101 and before the date specified in Section 36-11-101 and which were subject to the provisions of the 1966 UCC and which would be subject to the 1988 UCC Amendments if they had been entered into after the effective date of the 1988 UCC Amendments, and the rights, duties, and interests flowing from the transactions remain valid after the date specified in Section 36-11-101, and may be terminated, completed, consummated, or enforced as required or permitted by the 1988 UCC Amendments. Security interests arising out of the transactions which are perfected when the 1988 UCC Amendments become effective shall remain perfected until they lapse as provided in the 1988 UCC Amendments and may be continued as permitted by the 1988 UCC Amendments, except as stated in Section 36-11-105.
HISTORY: 1988 Act No. 494, Section 7.
Structure South Carolina Code of Laws
Section 36-11-101. Effective date of the 1988 amendments.
Section 36-11-102. Preservation of old transition procedures.
Section 36-11-103. Transition to 1988 UCC Amendments-general rule.
Section 36-11-104. Transition provisions on change of requirement of filing.
Section 36-11-105. Transition provision on change of place of filing.
Section 36-11-106. Required refilings.
Section 36-11-107. Transition provisions as to priorities.
Section 36-11-108. Presumption that rule of law continues unchanged.