Within one (1) year from the effective date of this act,¹ any husband and wife whose property or income was subject to the terms of the act repealed by the foregoing sections,² may enter into a recordable agreement, specifying the rights acquired by either or each of them under the terms of said act, altering those rights if they so desire, and describing the property affected, and may record the agreement in the office of the county clerk of their residence and in the office of the county clerk of each county where any of the affected property may be located. Should any husband and wife be unable to reach such an agreement, either may file an action in the district court of the county of the residence of either of them for a determination of the rights as acquired under the repealed act, and a certified copy of the judgment may thereupon be recorded in each county in which any of the affected property is located. The failure to make and record such an agreement, or to file such an action within one (1) year and record the judgment in due course thereafter, and in any event within three (3) years from the effective date of this act, shall bar the husband or wife whose title or interest does not appear of record, or who is not separately in possession of the property, from any claim or interest in the property as against third persons acquiring any interest therein. After three (3) years from the effective date of this act, no action or proceeding of any character shall be brought to establish or recover an interest in property based upon the terms of the act repealed, unless the interest has previously been established of record, as hereinabove provided.