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).