Uniform Commercial Code; secured transactions. (SB51)

Introduced By

Sen. John Watkins (R-Midlothian)

Description

Uniform Commercial Code; secured transactions.  Incorporates amendments to the secured transactions title of the Uniform Commercial Code that have been adopted by the National Conference of Commissioners on Uniform State Laws. The amended sections (i) update certain definitions; (ii) incorporate safe harbor provisions for electronic chattel paper under the Uniform Electronic Actions Act; (iii) amend the laws of perfection and priority to increase the likelihood that a security interest will be perfected under certain conditions; (iv) set out the sufficiency requirements for a financing statement to provide the name of the debtor; (v) deletes prescribed forms for financing statements; and (vi) provide technical amendments and transition provisions. The measure takes effect on July 1, 2013. Amends § 4.1-212 (“Permits required in certain instances.”), of the Code of Virginia. View Full Text »

Outcome

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