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Senate Bill 0357


 

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Senate Bill 0357

ARCHIVE (2001)

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DIGEST OF SB357 (Updated March 29, 2001 11:09 AM - DI 84)

UCC financing statements. Provides that a security interest, instead of an unperfected security interest, is subordinate to the rights of certain other persons with priority and to certain lien creditors. Eliminates the requirement that the debtor authenticate financing statements and amendments to financing statements. Requires a secured party to furnish a copy of the financing statement to the debtor not later than 30 days after the filing of the financing statement. Provides that the burden of establishing compliance with the requirement to furnish a copy of the financing statement falls on the secured party. Establishes remedies for the failure of a secured party to furnish a copy of the financing statement to a debtor. Allows a debtor to recover an additional $500 from a secured party that does not furnish a copy of the financing statement to a debtor. Makes certain changes to conform to uniform law. Provides that before July 1, 2002, a financing statement to perfect a security interest in farm equipment, a farm product, or an account or general intangible arising from or relating to the sale of a farm product shall be filed in a specified county recorder's office. Makes technical corrections.
    Current Status:
     Law Enacted
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