- Introduced -

SB 373 - This act adds the definitions of "no commercial value," "private sale" and "public sale" to Chapter 415, RSMo. It changes the disclosure requirement for liability insurance to that of casualty insurance. Further, it corrects the current statute and refers to the proper section for the definition of "commercially reasonable manner" under the Uniform Commercial Code.

This act makes the lien held by an operator of a self-storage facility on property within his facility superior to all other liens. Additionally, it creates a method by which an operator may sell titled property that is subject to the self-storage facility lien without first acquiring a certificate of ownership from the Director of the Department of Revenue.

This act also requires the operator prior to sale of the occupants property to only notify those lien holders disclosed by the occupant pursuant to Section 415.410, RSMo. It also removes the current occupant notice requirement prior to denial of access, allowing the operator to deny access to the leased space once an occupant is in default.

This act clarifies the fact that the time requirements of subsections 2 and 4 of Section 415.415, RSMo, run concurrently.

RICHARD MOORE