N.Y. Uniform Commercial Code Law § 8-601: Savings Clause; Effect on Prior Perfected Security Interest

Section 8--601. Savings Clause; Effect on Prior Perfected Security

Interest.

(a) As used in this Part, the term "this Act" means that chapter of

the laws of 1997 which repealed former Article 8 of this code, added

this article to this code, and made conforming amendments to provisions

of other articles of this code.

(b) This Act does not affect an action or proceeding commenced before

this Act takes effect. An oral contract or a modification of contract

entered into before the date this Act takes effect does not become

enforceable by reason of operation of Section 8--113.

(c) If a security interest in a security is perfected at the date this

Act takes effect, and the action by which the security interest was

perfected would suffice to perfect a security interest under this Act,

no further action is required to continue perfection. If a security

interest in a security is perfected at the date this Act takes effect

but the action by which the security interest was perfected would not

suffice to perfect a security interest under this Act, the security

interest remains perfected for a period of 12 months after the effective

date of this Act and continues perfected thereafter if appropriate

action to perfect under this Act is taken within that period. If a

security interest is perfected at the date this Act takes effect and the

security interest can be perfected by filing under this Act, a financing

statement signed by the secured party instead of by the debtor may be

filed within that period to continue perfection or thereafter to

perfect.