Section 13--102. Laws Repealed; Provision for Transition.

(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Article, that portion specified in the last column is hereby REPEALED.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by any statute or other law repealed or modified by this Act as though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1-201) and however denominated in any law repealed or modified by this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refiling or recording under a law repealed by this Act and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provided by the law so repealed for such further filing,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refiling or recording under a law repealed by this Act and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denominated in any statute or other law repealed or modified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in any statute or other law repealed or modified by this Act,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.