SB 766 Modifies portions of the Uniform Commercial Code relating to secured transactions
Sponsor: Keaveny
LR Number: 5465S.01P Fiscal Note available
Committee: Financial and Governmental Organizations and Elections
Last Action: 5/16/2014 - H Calendar S Bills for Third Reading Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2014
House Handler: Mitten

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Current Bill Summary


SB 766 - This act modifies portions of the Uniform Commercial Code relating to secured transactions.

This act stipulates that the term "control" within Title 9 has the same definition as in Title 8.

Secured parties have control of chattel paper if a system employed for evidencing the transfer of interests in the item reliably establishes the secured party as the person to which the item was assigned.

Terms such as "amendments" and "certificated securities" are made consistent throughout the act.

The act allows individuals to use nondriver's licenses in the same manner that driver's licenses are used for identification purposes.

This act is identical to HCS/HB 1376 (2014).

CHRIS HOGERTY