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 a provision in the truly agreed to and finally passed SS/SCS/SB 106 (2021), HB 518 (2021), and a provision in the perfected HCS/HB 814(2021).
SCOTT SVAGERA