HB32 Alabama 2014 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2014
Title
Secured Transactions, Uniform Commercial Code, Secs. 7-9A-102, 7-9A-105, 7-9A-307, 7-9A-311, 7-9A-316, 7-9A-317, 7-9A-326, 7-9A-406, 7-9A-408, 7-9A-502, 7-9A-503, 7-9A-507, 7-9A-515, 7-9A-516, 7-9A-518, 7-9A-521, 7-9A-607 am'd; Secs. 7-9A-801 to 7-9A-809, inclusive, added
Description
<p class="bill_description"> Under existing law, the Uniform Commercial
Code-Secured Transactions, appears as Chapter 9A of
Title 7 of the Code of Alabama 1975, and provides a
comprehensive program for the regulation of
security interests in personal property and
fixtures</p><p class="bill_description">
This bill would amend Alabama's adoption of
Article 9 to incorporate changes made to the
Uniform Commercial Code. This bill would update
Article 9 of the Uniform Commercial Code to provide
greater guidance as to the name of an individual
debtor to be provided on a financing statement. For
business entities and other registered
organizations, the bill would clarify that the
proper name for protection purposes is the name
filed with the state. For an individual debtor, the
proper name would be that which appears on the
debtor's driver's license, the debtor's actual
name, or the debtor's surname and first personal
name may be used on the financing statement. Other
amendments would change the information required on
the financing statements; provide greater
protection for an existing secured party having a
security interest in after-acquired property when
its debtor relocates to another state or merges
with another entity; and provide a safe harbor for
the transfer of chattel paper in conformance with
the Uniform Electronic Transaction Act</p><p class="bill_entitled_an_act"> To amend Sections 7-9A-102, 7-9A-105, 7-9A-307,
7-9A-311, 7-9A-316, 7-9A-317, 7-9A-326, 7-9A-406, 7-9A-408,
7-9A-502, 7-9A-503, 7-9A-507, 7-9A-515, 7-9A-516, 7-9A-518,
7-9A-521, and 7-9A-607 of, and to add Part 8, comprised of
Sections 7-9A-801, 7-9A-802, 7-9A-803, 7-9A-804, 7-9A-805,
7-9A-806, 7-9A-807, 7-9A-808, and 7-9A-809 to Chapter 9A of
Title 7, of the Code of Alabama 1975, relating to the Uniform
Commercial Code-Secured Transactions, including the
effectiveness of a security agreement, and attachment of
security interest.
</p>
Subjects
Uniform Commercial Code
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 1, 2014 | H | Indefinitely Postponed |
| January 22, 2014 | H | Read for the second time and placed on the calendar |
| January 14, 2014 | H | Read for the first time and referred to the House of Representatives committee on Judiciary |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB32 Alabama 2014 Session - Introduced |