HRS 0490-0008-0101 ANNOTATIONS

L 1997, c 33, §18 provides:

"SECTION 18. (a) This Act does not affect an action or proceeding commenced before this Act takes effect [April 22, 1997].

(b) If a security interest in a security is perfected at the date this Act takes effect [April 22, 1997], and the action by which the security interest was perfected would suffice to perfect a security interest under this Act, no further action is required to continue perfection. If a security interest in a security is perfected at the date this Act takes effect [April 22, 1997] but the action by which the security interest was perfected would not suffice to perfect a security interest under this Act, the security interest remains perfected for a period of four months after the effective date [April 22, 1997] and continues perfected thereafter if appropriate action to perfect under this Act is taken within that period. If a security interest is perfected at the date this Act takes effect [April 22, 1997] and the security interest can be perfected by filing under this Act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect."