(a) Preeffective-date transaction, lien, or interest. Except as provided in this part, Article 9A of this title as amended by chapter 266, Laws of 2023 and Article 12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before January 1, 2024.
(b) Continuing validity. Except as provided in subsection (c) of this section and *sections 1005 [1105] through 1109 of this act:
(1) A transaction, lien, or interest in property that was validly entered into, created, or transferred before January 1, 2024, and was not governed by this title, but would be subject to Article 9A of this title as amended by chapter 266, Laws of 2023 or Article 12 if it had been entered into, created, or transferred on or after January 1, 2024, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after January 1, 2024; and
(2) The transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by chapter 266, Laws of 2023 or by the law that would apply if chapter 266, Laws of 2023 had not taken effect.
(c) Preeffective-date proceeding. Chapter 266, Laws of 2023 does not affect an action, case, or proceeding commenced before January 1, 2024.