Transactions validly entered into after December 31, 1962, and before October 1, 1981 and which were subject to the provisions of the U.C.C. prior to this act, and which would be subject to this act, as amended if they had been entered into after the effective date of this act¹ 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 act. Security interests arising out of such transactions which are perfected when this act becomes effective shall remain perfected until they lapse as provided herein, and may be continued as permitted by this act, except as stated in Section 11-104.