1. Subject to subsections 2 and 3, this Act determines the priority of conflicting claims to collateral.
2. Subject to subsection 3, if the priorities of claims to collateral were established before August 1, 2023, chapter 41-09 as in effect before August 1, 2023, determines priority.
3. On the adjustment date, to the extent the priorities determined by chapter 41-09 as amended by this Act modify the priorities established before August 1, 2023, the priorities of claims to Article 12 property and electronic money established before August 1, 2023, cease to apply.