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2013 SESSION

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HB 2102 Uniform Commercial Code; secured transactions, filing of documents, etc.

Introduced by: Benjamin L. Cline | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Uniform Commercial Code - Secured Transactions; filings. Provides that a filing under Article 8.9A of the Uniform Commercial Code does not occur with respect to an initial financing statement or amendment thereto that the State Corporation Commission refuses to file on grounds that such a record is not created pursuant to Article 8.9A, is materially false or fraudulent, is presented for an improper purpose, or indicates that the debtor and secured party are substantially the same person or that the record was transmitted by an individual debtor. If a record should have been rejected for any of these reasons, the record shall be deemed void and ineffective and the filing office may remove it from the index. Other changes conform terminology regarding persons falsely identified in a financing statement filed with the office of the clerk of the Commission.

SUMMARY AS PASSED HOUSE:

Uniform Commercial Code - Secured Transactions; filings. Provides that a filing under Article 8.9A of the Uniform Commercial Code does not occur with respect to an initial financing statement or amendment thereto that the State Corporation Commission refuses, or may have refused, to file on grounds that such a record is not created pursuant to Article 8.9A, is materially false or fraudulent, is presented for an improper purpose, or indicates that the debtor and secured party are substantially the same person or that the record was transmitted by an individual debtor. If a record should have been rejected for any of these reasons, the record shall be deemed void and ineffective and the filing office may remove it from the index. Other changes conform terminology regarding persons falsely identified in a financing statement filed with the office of the clerk of the Commission.

SUMMARY AS INTRODUCED:

Uniform Commercial Code - Secured Transactions; filings. Authorizes the filing office for financing statements filed under Article 8.9A of the Uniform Commercial Code authority to reject financing statements submitted to it that are materially false or fraudulent, filed for an improper purpose, or otherwise appear to be bogus. If a record should have been rejected on any of these grounds, the filing office may remove the wrongfully filed record. Other changes conform terminology regarding persons falsely identified in a financing statement filed with the office of the clerk of the State Corporation Commission.