Section 11--103. Transition to Revised Article 9--General Rule.

Transactions validly entered into after September twenty-seventh,
nineteen hundred sixty-four and before the effective date of Revised
Article 9, and which were subject to the provisions of Original Article
9 and which would be subject to Revised Article 9 if they had been
entered into on or after the effective date of Revised Article 9 and the
rights, duties and interests flowing from such transactions remain valid
after the latter date and may be terminated, completed, consummated or
enforced as required or permitted by Revised Article 9. Security
interests arising out of such transactions which are perfected when
Revised Article 9 becomes effective shall remain perfected until they
lapse as provided in Revised Article 9, and may be continued as
permitted by the Revised Article 9, except as provided in Section
11-105.