New York Consolidated Laws, Uniform Commercial Code - UCC § 12-A-301. Saving Clause

(1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before the effective date of the UCC Revision Act and was not governed by the Uniform Commercial Code, but would be subject to Article 9 as amended by the UCC Revision Act or Article 12 if it had been entered into, created, or transferred on or after the effective date, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after the effective date of the UCC Revision Act;  and

(2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by the revised UCC or by the law that would apply if the UCC Revision Act had not taken effect.