House Committee Substitute

HCS/SCS/SB 485 - Currently, security interests in property subject to certain federal or state filing requirements can only be perfected by following such requirements. There is an exception for property held as inventory by a person in the business of selling or leasing goods of that kind. This act removes persons in the business of leasing goods of that kind from the exception.

Currently, persons who perform labor on aircrafts and their parts and equipment who obtain a written memorandum of the work or material furnished signed by the owner, have a lien on such property. This act allows the memorandum to be signed by the authorized agent of the owner, or person in lawful possession of the property.

Currently, persons who perform labor on aircrafts, at a written request of an owner that contains the maximum amount to be charged for labor, has a lien on the property. This act allows persons who perform labor on parts or equipment of aircrafts to have a lien on the item in such an instance.

Currently, aircraft liens are required to be filed 30 days after surrendering the property. This act extends that time period to 180 days.

This act is similar to SB 159 (2011), SCS/HCS/HB 1400 (2012), HCS/HB 1256 (2012), HB 1153 (2012), and HCS/SCS/SB 726 (2012).


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