Sec. 301. (a) Except as otherwise provided in this section or in sections 302 through 306 of this chapter:
(1) IC 26-1-9.1, as amended by the act; and
(2) IC 26-1-12;
apply to a transaction, lien, or interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before July 1, 2023.
(b) Except as provided in subsection (c) and in sections 302 through 306 of this chapter:
(1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before July 1, 2023, and was not governed by IC 26-1, but would be subject to:
(A) IC 26-1-9.1, as amended by the act; or
(B) IC 26-1-12;
if it had been entered into, created, or transferred on or after July 1, 2023, including the rights, duties, and interests flowing from the transaction, lien, or interest, remain valid on and after July 1, 2023; and
(2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by:
(A) the act; or
(B) the law that would apply if the act had not taken effect.
(c) The act does not affect an action, case, or proceeding commenced before July 1, 2023.