N.Y. UCC Law § 9-702

Section 9--702. Savings Clause.\n (a) Pre-effective-date transactions or liens. Except as otherwise\nprovided in this part, Revised Article 9 applies to a transaction or\nlien within its scope, even if the transaction or lien was entered into\nor created before Revised Article 9 takes effect.\n (b) Continuing validity. Except as otherwise provided in subsection\n(c) and Sections 9--703 through 9--709:\n (1) transactions and liens that were not governed by Former\n Article 9, were validly entered into or created before\n Revised Article 9 takes effect, and would be subject to\n Revised Article 9 if they had been entered into or created\n after Revised Article 9 takes effect, and the rights, duties,\n and interests flowing from those transactions and liens\n remain valid after Revised Article 9 takes effect; and\n (2) the transactions and liens may be terminated, completed,\n consummated, and enforced as required or permitted by Revised\n Article 9 or by the law that otherwise would apply if Revised\n Article 9 had not taken effect.\n (c) Pre-effective-date proceedings. Revised Article 9 does not affect\nan action, case, or proceeding commenced before Revised Article 9 takes\neffect.\n