(a) Except as provided in sections 12A-301 to 12A-306, article 9 and article 12 as amended by Laws 2024, LB94, apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before July 19, 2024.

(b) Except as provided in subsection (c) and sections 12A-302 to 12A-306:

(1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before July 19, 2024, and was not governed by the Uniform Commercial Code, but would be subject to article 9 or article 12 as amended by Laws 2024, LB94, if it had been entered into, created, or transferred on or after July 19, 2024, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after July 19, 2024; and

(2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by Laws 2024, LB94, or by the law that would apply if Laws 2024, LB94, had not taken effect.

(c) Laws 2024, LB94, does not affect an action, a case, or a proceeding commenced before July 19, 2024.