57A-11-101      Effective date.
57A-11-101(a)      Transition to 1999 Act--General rule.
57A-11-102      Preservation of old transition provision.
57A-11-103      Transition to 1983 Act--General rule.
57A-11-104      Transition provision on change of requirement of filing.
57A-11-105      Transition provision on change of place of filing.
57A-11-106      Required refilings.
57A-11-107      Transition provisions as to priorities.
57A-11-108      Presumption that rule of law continues unchanged.

57A-11-101. Effective date.

This 1983 Act shall become effective at 12:01 a.m. on July 1, 1983.

Source: SDCL, § 57A-11-101, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-101A. Transition to 1999 Act--General rule.

A transaction arising out of or associated with a letter of credit that was issued before July 1, 1999, and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this Act as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.

Source: SL 1998, ch 283, §§ 4, 5.

57A-11-102. Preservation of old transition provision.

The provisions of Title 57A in effect on July 1, 1983 shall continue to apply to this 1982 Act and for this purpose Title 57A in effect on July 1, 1983 and this 1982 Act shall be considered one continuous statute.

Source: SDCL, § 57A-11-102, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-103. Transition to 1983 Act--General rule.

Transactions validly entered into after the dates set by § 57A-10-101 and before July 1, 1983, and which were subject to the provisions of Title 57A and which would be subject to this 1983 Act as amended if they had been entered into after July 1, 1983 and the rights, duties and interests flowing from such transactions remain valid after the latter date and may be terminated, completed, consummated or enforced as required or permitted by this 1983 Act. Security interests arising out of such transactions which are perfected when this 1983 Act becomes effective shall remain perfected until they lapse as provided in this 1983 Act, and may be continued as permitted by this 1983 Act, except as stated in § 57A-11-105.

Source: SDCL, § 57A-11-103, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-104. Transition provision on change of requirement of filing.

A security interest for the perfection of which filing or the taking of possession was required under Title 57A and which attached prior to July 1, 1983 but was not perfected shall be deemed perfected on July 1, 1983 if this 1983 Act permits perfection without filing or authorizes filing in the office or offices where a prior ineffective filing was made.

Source: SDCL, § 57A-11-104, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-105. Transition provision on change of place of filing.

(1)    A financing statement or continuation statement filed prior to July 1, 1983 which shall not have lapsed prior to July 1, 1983 shall remain effective for the period provided in Title 57A, but not less than five years after the filing.

(2)    With respect to any collateral acquired by the debtor subsequent to July 1, 1983, any effective financing statement or continuation statement described in this section shall apply only if the filing or filings are in the office or offices that would be appropriate to perfect the security interests in the new collateral under this 1983 Act.

(3)    The effectiveness of any financing statement or continuation statement filed prior to July 1, 1983 may be continued by a continuation statement as permitted by this 1983 Act, except that if this 1983 Act requires a filing in an office where there was no previous financing statement, a new financing statement conforming to § 57A-11-106 shall be filed in that office.

(4)    If the record of a mortgage of real estate would have been effective as a fixture filing of goods described therein if this 1983 Act had been in effect on the date of recording the mortgage, the mortgage shall be deemed effective as a fixture filing as to such goods under subsection (6) of § 57A-9-402 of this 1983 Act on July 1, 1983.

Source: SDCL, § 57A-11-105, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-106. Required refilings.

(1)    If a security interest is perfected or has priority when this 1983 Act takes effect as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under this 1983 Act, the perfection and priority rights of the security interest continue until three years after July 1, 1983. The perfection will then lapse unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing.

(2)    If a security interest is perfected when this 1983 Act takes effect under a law other than the Uniform Commercial Code which requires no further filing, refiling or recording to continue its perfection, perfection continues until and will lapse three years after this 1983 Act takes effect, unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing, or unless under subsection (3) of § 57A-9-302 the other law continues to govern filing.

(3)    If a security interest is perfected by a filing, refiling or recording under a law repealed by this 1983 Act which required further filing, refiling or recording to continue its perfection, perfection continues and will lapse on the date provided by the law so repealed for such further filing, refiling or recording unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing.

(4)    A financing statement may be filed within six months before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by this 1983 Act), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under the Uniform Commercial Code or under any statute or other law repealed or modified by this 1983 Act is still effective. Sections 57A-9-401 and 57A-9-103 determine the proper place to file such a financing statement. Except as specified in this section, the provisions of § 57A-9-403(3) for continuation statements apply to such a financing statement.

Source: SDCL, § 57A-11-106, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-107. Transition provisions as to priorities.

Except as otherwise provided in this chapter, Title 57A shall apply to any questions of priority if the positions of the parties were fixed prior to July 1, 1983. In other cases questions of priority shall be determined by this 1983 Act.

Source: SDCL, § 57A-11-107, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.

57A-11-108. Presumption that rule of law continues unchanged.

Unless a change in law has clearly been made, the provisions of this 1983 Act shall be deemed declaratory of the meaning of Title 57A.

Source: SDCL, § 57A-11-108, enacted by SL 1982, ch 347, § 38; SL 1983, ch 367, § 7.