Section 57
Transactions Executed Prior To Commencement Of This Act
(1) The following provisions shall apply to any hypothecation agreements, pledge agreements, hire-purchase agreements or leases of goods as defined in this Act concluded prior to the commencement of this Act. For the purposes of this Section, such transactions shall be treated as prior transactions executed prior to the enforcement of this Act:
(a) Except as provided otherwise in clauses (b) and (c), the validity, effect and enforcement of such prior transaction shall be determined by reference to the laws in force when the agreement was executed;
(b) Where an interest created by any transaction executed prior to the commencement of this Act conflicts with a security interest created after the commencement of this Act, the security interest created pursuant to this Act shall prevail to the extent of such conflict; and
(c) A security holder under a prior transaction may file a notice of the transaction within one year after the date of commencement of functions by the Registration Office, in accordance with the same manner as provided in Chapter 2 for a notice of a security interest. The priority of any maturity established by filing a notice under this Act shall be measured from the date of the establishment of the Registration Office.
(2) Notwithstanding anything contained elsewhere in this Act, where any transaction that falls within the jurisdiction of this Ordinance is concluded between the date of commencement of this Act and the time of the establishment and operation of the Registration Office, such transaction shall be deemed to have been done subject to sub-section (1)
(a) Except as provided otherwise in clauses (b) and (c), the validity, effect and enforcement of such prior transaction shall be determined by reference to the laws in force when the agreement was executed;
(b) Where an interest created by any transaction executed prior to the commencement of this Act conflicts with a security interest created after the commencement of this Act, the security interest created pursuant to this Act shall prevail to the extent of such conflict; and
(c) A security holder under a prior transaction may file a notice of the transaction within one year after the date of commencement of functions by the Registration Office, in accordance with the same manner as provided in Chapter 2 for a notice of a security interest. The priority of any maturity established by filing a notice under this Act shall be measured from the date of the establishment of the Registration Office.
(2) Notwithstanding anything contained elsewhere in this Act, where any transaction that falls within the jurisdiction of this Ordinance is concluded between the date of commencement of this Act and the time of the establishment and operation of the Registration Office, such transaction shall be deemed to have been done subject to sub-section (1)