(1) Any deed or other instrument purporting to convey an interest in or lien upon real estate executed after May 11, 1972 and prior to June 22, 1973, which in all other respects meets the requirements of law, whether executed within or without this State, and whether or not such instrument was executed in the presence of and subscribed by two or more witnesses, as provided in SECTION 27-7-10, is hereby validated as to execution from the time of such execution and entitled to recordation if:
(a) The execution thereof was acknowledged in a form substantially identical to the forms set forth in SECTION 26-3-70, Uniform Recognition of Acknowledgments Act; or
(b) The execution thereof was acknowledged in a form conforming substantially to the provisions of SECTION 30-5-30, subsection (3), as amended in 1972.
(2) The recordation of any such instrument is hereby validated and declared to have constituted legal notice from the time of such recordation, if such instrument complies with the recording of statutes of this State.