Sec. 42a-10-102. Provision for transition.

(1) Subject to the following subsections on filing with respect to certain security transactions, transactions validly entered into before October 1, 1961, and the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by sections 21-46, 33-67 to 33-94, inclusive, 36-75, 36-77, 36-78, 39-1 to 39-193, inclusive, 40-2 to 40-50, inclusive, 40-57 to 40-80, inclusive, 41-1 to 41-46, inclusive, 42-1 to 42-82, inclusive, 42-101 to 42-103, inclusive, 42-117 to 42-125, inclusive, 49-77 to 49-85, inclusive, 49-92 to 49-115, inclusive, 52-201, 52-290, 52-291 or 52-551 or by any statute or other law amended or repealed by this title as though such repeal or amendment had not occurred.

(2) A chattel mortgage which was filed before October 1, 1961, as provided in section 49-96, or a contract of conditional sale which was filed before October 1, 1961, as provided in section 42-77, need not be refiled under the provisions of article 9 of this title. Such a filing made before October 1, 1961, shall continue effective until three years after the date on which the final payment set forth in the chattel mortgage or contract of conditional sale becomes due and payable. After the date specified in the preceding sentence such a filing shall no longer be effective even though the conditional sale vendor or the chattel mortgagee has filed with the appropriate town clerk the request in writing referred to in section 42-78 and even though the town clerk continues to keep the chattel mortgage or the contract of conditional sale, together with any such request, on file.

(3) A statement of trust receipt financing which was filed before October 1, 1961, as provided in section 40-72, need not be refiled under the provisions of article 9 of this title with respect to any trust receipt transaction, as defined in section 40-61, under which the entruster acquired a security interest before October 1, 1961. The article on secured transactions (Article 9) governs the validity and perfection of any such transaction which occurs on or after October 1, 1961.

(4) A notice of a factor's lien on merchandise, goods and accounts receivable which was filed before October 1, 1961, as provided in sections 49-79 and 49-80 need not be refiled under the provisions of article 9 of this title with respect to any lien which such a factor was entitled to claim on October 1, 1961, under section 49-78. The article on secured transactions (Article 9) governs the validity and perfection of any transaction entered into on or after October 1, 1961, which would previously have been subject to the factor's lien act, sections 49-77 to 49-92.

(5) The assignment of an account which was subject to sections 42-117 to 42-125 and which was made before October 1, 1961, shall continue to be valid as provided in those sections without compliance with the filing provisions of article 9 of this title. The article on secured transactions (Article 9) governs the validity and perfection of any such assignment made on or after October 1, 1961, even though the assignment is made pursuant to or arises under an agreement entered into before October 1, 1961.

(6) A financing statement which contains the information required in section 42a-9-402 of the general statutes, revised to January 1, 2001, may be filed on or after October 1, 1961, in the place specified for filing in section 42a-9-401 of the general statutes, revised to January 1, 2001, with respect to transactions taking place before October 1, 1961. If a security interest arising from any such transaction was perfected under the law applicable thereto, filing under this title continues the perfected status of the interest. If any such interest was not perfected under applicable law, filing under this title perfects the interest from the time of filing. With respect to a chattel mortgage filed before October 1, 1961, as provided in section 49-96, or a contract of conditional sale filed before October 1, 1961, as provided in section 42-77, the financing statement need be signed only by the chattel mortgagee or conditional sale vendor as secured party and need not be signed by the chattel mortgagor or conditional vendee.

(1959, P.A. 133, S. 10–102; 615, S. 28; 1961, P.A. 116, S. 16; P.A. 01-132, S. 178.)

History: 1959, P.A. 615 deleted reference to Sec. 42-98 in Subsec. (1); 1961 act added Subsecs. (2)–(6); P.A. 01-132 amended Subsec. (6) to specify that the existing references to Secs. 42a-9-401 and 42a-9-402 are to those sections “of the general statutes, revised to January 1, 2001”.

Notation

Note: 1959, Public Act 133, S. 10-103 was omitted in the printing of this volume since it is a general repealing provision, a statutory form not used in this state.