SB 1097 Modifies provisions relating to the Uniform Commercial Code
Sponsor: Dixon
LR Number: 6466S.01I Fiscal Notes
Committee: Judiciary and Civil and Criminal Jurisprudence
Last Action: 4/5/2016 - Hearing Conducted S Judiciary and Civil and Criminal Jurisprudence Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2016

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Current Bill Summary

SB 1097 - This act makes numerous changes to Articles 1 and 7 of the Uniform Commercial Code to conform to the most recent revision. More specifically, it also makes several changes to definitions of both articles. Furthermore, it adds the following provisions:

• New language is added throughout Article 7 to accommodate references to electronic documents;

• New language is added as it pertains to the subordination of obligations, which was not previously adopted when the UCC was initially enacted in 1963;

• New conflicts of laws provisions are added to Article 7 to clarify when the UCC applies to certain transactions;

• The act further modifies provisions relating to the contractual limitation of a carrier's liability;

• Language is inserted in Article 7 which references a lessor's right to stop delivery;

• New language is added pertaining to the voidance of transfers of nonnegotiable documents.

This act is identical to HB 2590 (2016).