SB 359
Modifies provisions relating to the enforcement of instruments by persons not in possession
Sponsor:
LR Number:
0927S.02I
Last Action:
2/23/2021 - Hearing Conducted S Insurance and Banking Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 359 - This act modifies the process for how a person not in possession of an instrument can enforce an instrument under the Uniform Commercial Code. Specifically, a person can enforce such an instrument if, in addition to meeting criteria required under current law, the person directly or indirectly acquired ownership of the instrument from a person who was entitled to enforce the instrument when loss of possession occurred.

This act is substantially similar to HB 518 (2021).

SCOTT SVAGERA

Amendments

No Amendments Found.