Validity of rights, duties, and interests flowing from law prior to ch. 2019-76.

(1) The rights, duties, and interests flowing from a transaction, certificate of title, or record relating to a vessel which was validly entered into or created before the effective date of this act and would be subject to this act if it had been entered into or created on or after the effective date of this act remain valid on and after the effective date of this act.

(2) This act does not affect an action or proceeding commenced before the effective date of this act.

(3) Except as otherwise provided in subsection (4), a security interest that is enforceable immediately before the effective date of this act and would have priority over the rights of a person who becomes a lien creditor at that time is a perfected security interest under this act.

(4) A security interest perfected immediately before the effective date of this act remains perfected until the earlier of:

(a) The time perfection would have ceased under the law under which the security interest was perfected; or

(b) Three years after the effective date of this act.

(5) This act does not affect the priority of a security interest in a vessel if immediately before the effective date of this act the security interest is enforceable and perfected, and that priority is established.