This law section discusses changes to rules about security interests that took effect on January 1, 2015. It applies specifically to cases where a person (the debtor) is an individual, and there was a financing statement filed before this date listing their name. If there's a conflict between these new rules and previous rules in Chapter 8, the new rules will take priority, although Chapter 8 still applies within its own scope.

This law explains that if there are any new rules added to this section, they will apply to transactions or liens covered by it, even if those deals were made before January 1, 2015. However, these changes won't affect any legal actions or proceedings that started before that date.

If a security interest was considered "perfected," or fully valid and enforceable, before January 1, 2015, it remains perfected under the new rules as long as it meets the updated attachment and perfection requirements on that date, without needing any extra steps.

This law says that if a security interest wasn't perfected (made legally enforceable) by the end of 2014, it can still become perfected automatically on January 1, 2015, if it meets the updated requirements before or by that date. If the requirements are met after January 1, 2015, the security interest becomes perfected at that later time.

If you filed a financing statement before January 1, 2015, it's still valid for securing an interest if it met the rules back then. Even though the rules have changed, old filings aren't invalid. However, their validity will end when they were originally supposed to, unless you file a continuation statement after 2015. This continuation must have the debtor's name corrected to the new standard. Any old financing statements combined with new continuation statements need to meet the updated requirements for them to work.

If you need to file a financial document known as a financing statement or a continuation of it, you can do so under certain conditions. First, the secured party must authorize it. Second, the filing is either to keep a previous statement valid or to establish or maintain a claim on collateral.

This law explains how to decide which claim is more important when two claims conflict over the same property used as security for a debt. Generally, the new rules after January 1, 2015, apply. However, if the order of importance for the claims was already decided before that date, the old rules still apply.