Donald Wagner
- Republican
Author
The Uniform Commercial Code governs security interests in collateral, including personal property and fixtures, as well as certain sales of accounts, contract rights, and chattel paper. The code, among other things, specifies requirements and procedures regarding perfecting a security interest, including the filing of a financing statement with the Secretary of State, amending a financing statement, transferring a security interest, and terminating a security interest. The code also governs the effectiveness of a security interest when a debtor changes locations to another jurisdiction. This bill would, on and after July 1, 2014, revise and recast specified provisions governing security interests. Among other things, the revised provisions would (1) define a "public organic record" and revise the definitions of "authenticate," "certificate of title," and "registered organization" for purposes of those provisions, (2) specify an additional requirement for determining whether a secured party has control of electronic chattel paper, (3) specify rules that apply to collateral to which a security interest attaches within 4 months after the debtor changes its location to another jurisdiction, (4) revise the requirements for a record to sufficiently provide the name of a registered organization, a decedent's estate, or an individual, (5) provide for a secured party of record with respect to a financing statement to file an information statement with respect to a record if the secured party believes that the person that filed the record was not entitled to do so, and (6) enact changes relating to the subordination of security interests, the assignment of security interests, and the refusal of a filing office to accept a record for filing. This bill would implement transitional rules for determining the perfection of a security interest, as specified. The bill would also revise cross-references and make conforming changes to related provisions. This bill would become operative on July 1, 2014. This bill would appropriate $240,000 from the Secretary of State's Business Fees Fund to the Secretary of State to implement this bill, including, but not limited to, promulgating appropriate regulations, modifying automated filing systems and programming, and updating filing forms.
Chaptered by Secretary of State - Chapter 531, Statutes of 2013.
Approved by the Governor.
Enrolled and presented to the Governor at 4 p.m.
Assembly Rule 77 suspended. (Ayes 53. Noes 25. Page 3064.)
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 76. Noes 2. Page 3100.).
Assembly Rule 63 suspended. (Ayes 53. Noes 25. Page 3064.)
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0. Page 2248.).
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0.) (August 30).
In committee: Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 2). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1742.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 17. Noes 0.) (May 24).
In committee: Set, first hearing. Referred to APPR. suspense file.
Read second time and amended.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 4.) (April 30).
In committee: Hearing postponed by committee.
In committee: Set, first hearing. Hearing canceled at the request of author.
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
From printer. May be heard in committee March 23.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB502 | HTML |
| 02/20/13 - Introduced | |
| 04/01/13 - Amended Assembly | |
| 05/07/13 - Amended Assembly | |
| 05/24/13 - Amended Assembly | |
| 06/24/13 - Amended Senate | |
| 09/16/13 - Enrolled | |
| 10/04/13 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.