Old property deals stay valid under new rules

(a) Except as provided in this part, article 9 as amended by Act 132, Session Laws of Hawaii 2023, and article 12 shall apply to a transaction, lien, or other interest in property, regardless of whether the transaction, lien, or interest was entered into, created, or acquired before the effective date of this article. (b) Except as provided in subsection (c) and sections 490:13-302 through 490:13-306: (1) A transaction, lien, or interest in property that was validly entered into, created, or transferred before the effective date of this article and was not governed by this chapter, but would be subject to article 9, as amended by Act 132, Session Laws of Hawaii 2023, or article 12 if it had been entered into, created, or transferred on or after the effective date of this article, including the rights, duties, and interests flowing from the transaction, lien, or interest, shall remain valid on and after the effective date of this article; and (2) The transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by this article or by the law that would apply if this article had not taken effect. (c) This article shall not affect an action, case, or proceeding commenced before the effective date of this article.