                                 CODE OF VIRGINIA

SAVINGS CLAUSE (§ 8.9A-702)

a. Preeffective-date transactions or liens. Except as otherwise provided in this
part, this title applies to a transaction or lien within its scope, even if the
transaction or lien was entered into or created before this title takes effect.

b. Continuing validity. Except as otherwise provided in subsection (c) and §§
8.9A-703 through 8.9A-709:

   1. transactions and liens that were not governed by former Title 8.9, were
   validly entered into or created before this title takes effect, and would be
   subject to this title if they had been entered into or created after this
   title takes effect, and the rights, duties, and interests flowing from those
   transactions and liens remain valid after this title takes effect; and

   2. the transactions and liens may be terminated, completed, consummated, and
   enforced as required or permitted by this title or by the law that otherwise
   would apply if this title had not taken effect.

c. Preeffective-date proceedings. This title does not affect an action, case, or
proceeding commenced before this title takes effect.

HISTORY: 2000, c. 1007.