[§200A-28]  Savings clause.  (a)  The rights, duties, and interests flowing from a transaction, certificate of title, or record relating to a vessel that was validly entered into or created before July 1, 2018, and would be subject to this chapter if it had been entered into or created on or after July 1, 2018, remain valid on and after July 1, 2018.

     (b)  This chapter shall not affect an action or proceeding commenced before July 1, 2018.

     (c)  Except as otherwise provided in subsection (d), a security interest that is enforceable immediately before July 1, 2018, 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 chapter.

     (d)  A security interest perfected immediately before July 1, 2018, remains perfected until the earlier of:

     (1)  The time perfection would have ceased under the law under which the security interest was perfected; or

     (2)  Three years after July 1, 2018.

     (e)  This chapter shall not affect the priority of a security interest in a vessel if immediately before July 1, 2018, the security interest is enforceable and perfected, and that priority is established. [L 2018, c 46, pt of §1]

Revision Note

  "July 1, 2018" or "July 1, 2018," respectively, substituted for "the effective date of this chapter" pursuant to §23G-15.