a. Determination of priority. Subject to subsections (b) and (c), this act determines the priority of conflicting claims to collateral.
b. Established priorities. Subject to subsection (c), if the priorities of claims to collateral were established before the effective date of this act, Title 8.9A as in effect before the effective date of this act determines priority.
c. Determination of certain priorities on adjustment date. On the adjustment date, to the extent the priorities determined by Title 8.9A as amended by this act modify the priorities established before the effective date of this act, the priorities of claims to Title 8.12 property and electronic money established before the effective date of this act cease to apply.