The bill amends Chapter 6A-11 of the General Laws, which addresses the Transitional Provisions for Uniform Commercial Code Amendments (2022). Key changes include extending the effective date for certain transactions, liens, and interests from January 1, 2024, to June 10, 2024. This extension ensures that any transaction entered into before June 10, 2024, remains valid and enforceable as if the new amendments had not taken effect. Additionally, security interests that are enforceable and perfected before this date will continue to be recognized under the new amendments, provided the necessary requirements are met. The bill also clarifies that the priority of conflicting claims to collateral will be determined by the amendatory act of June 10, 2024, while previously established priorities will remain in effect until that date.

Furthermore, the bill introduces amendments to the priority determination rules for conflicting claims related to property governed by Chapter 12, specifying that when Chapter 9's priority rules do not apply, the priorities established before June 10, 2024, will be governed by laws other than Chapter 12. It also states that any priorities established prior to this date will cease to apply if modified by the new priorities set forth in the amendatory act. Technical corrections are included to ensure clarity in the transitional provisions for security interests in emerging technologies, as outlined in the 2024 Public Laws Chapters 65 and 66. The act is set to take effect immediately upon passage.