SB 485 Modifies the law governing liens
Sponsor: Cunningham
LR Number: 4504L.03T Fiscal Note available
Committee: Transportation
Last Action: 7/10/2012 - Signed by Governor Journal Page:
Title: HCS SCS SB 485 Calendar Position:
Effective Date: August 28, 2012
House Handler: Kelly

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Current Bill Summary

HCS/SCS/SB 485 - Currently, the filing of a financing statement is not necessary to perfect a security interest in property subject to certain statutes, regulations, and treaties. Such a filing is currently necessary for property held as inventory held for sale or lease by a person in the business of leasing certain goods. This act removes that 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.

Currently, on a refinance of a loan secured by a watercraft, motor vehicle, or trailer, a lien is perfected by delivering the notice of lien to the director of revenue. The act modifies this provision only to apply to refinances by different lenders on prior loans.

Notice is required by certified instead of registered mail to establish a hospital lien.

This act is similar to SB 159 (2011), SCS/HCS/HB 1400 (2012), HCS/HB 1256 (2012), HB 1153 (2012), CCS/HCS/SCS/SB 635 (2012), and HCS/SCS/SB 726 (2012).