400.7-703.  Applicability — This chapter applies to a document of title that is issued or a bailment that arises on or after the effective date of this chapter.  This chapter does not apply to a document of title that is issued or a bailment that arises before the effective date of this chapter even if the document of title or bailment would be subject to this chapter if the document of title had been issued or bailment had arisen on or after the effective date of this chapter.  This chapter does not apply to a right of action that has accrued before the effective date of this chapter.