Section 55Sec./Art. 55

Interpretation of Transitional Provisions. For this Chapter, unless the context otherwise requires:

(a) Existing secured creditor means a secured creditor with a prior security interest;

(b) Prior law means any law that existed or in force before the effectivity of this Act;

(c) Prior interest means a security interest created or provided for by an agreement or other transaction that was made or entered into before the effectivity of this Act and that had not been terminated before the effectivity of this Act, but excludes a security interest that is renewed or extended by a security agreement or other transaction made or entered into on or after the effectivity of this Act; and

(d) Transitional period - means the period from the date of effectivity of this Act until the date when the Registry has been established and operational.