Section 62: Transitional provisions

(1) Security interests in movable assets created before the coming into effect ofthisAct shall continue to remain valid and effective on the terms and conditions agreed to by the Grantor and Creditor.
(2) Security interests in movable assets created by a Grantor under the Regulations, No.1, 2015 shall continue to remain valid and effective and be deemed to have been entered into under this Act if the transaction is still current and subsisting upon the coming into effect of this Act.
(3) Transactions creating security interests referred to in subsections (2) of this section, shall be valid only for a period of 180 days after the commencement of this Act, unless financing statements in respect of those transactions are registered and brought into compliance with the provisions of this Act before the expiration of the period.