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Glossary of Legislative Terms

CS/CS/SB 740: UCC/Letters of Credit

GENERAL BILL by Judiciary ; Commerce and Economic Opportunities ; Campbell

UCC/Letters of Credit; revises article 5 of Uniform Commercial Code re letters of credit; provides formal requirements; provides that consideration is unnecessary; provides for issuance, amendment, cancellation, & duration; specifies rights & obligations of confirmers, nominated persons, & advisers; provides issuer's rights & obligations; provides procedures for counteracting fraud & forgery, etc. Amends 95.11, 671.105, 672.512, 675.101-.117, 679.103-.106,.304,.305.

Effective Date: 07/01/1999
 Last Action: 4/22/1999 - Approved by Governor; Chapter No. 99-137 -SJ 00887
Bill Text: Web Page | PDF

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  • Bill History

    Date Chamber Action
    1/19/1999 Senate • Prefiled
    1/26/1999 Senate • Referred to Commerce and Economic Opportunities; Judiciary
    2/9/1999 Senate • On Committee agenda-- Commerce and Economic Opportunities, 02/16/99, 3:00 pm, Room-110S
    2/16/1999 Senate • Comm. Action: CS by Commerce and Economic Opportunities
    2/19/1999 Senate • Now in Judiciary
    3/2/1999 Senate • Introduced, referred to Commerce and Economic Opportunities; Judiciary -SJ 00053; On Committee agenda-- Commerce and Economic Opportunities, 02/16/99, 3:00 pm, Room-110S; Comm. Action: CS by Commerce and Economic Opportunities -SJ 00015; CS read first time on 03/02/99 -SJ 00108; Now in Judiciary -SJ 00016
    3/8/1999 Senate • On Committee agenda-- Judiciary, 03/11/99, 10:45 am, Room-110S
    3/11/1999 Senate • Comm. Action:-CS/CS by Judiciary -SJ 00257; CS read first time on 03/16/99 -SJ 00281
    3/12/1999 Senate • Placed on Calendar -SJ 00257
    3/24/1999 Senate • Placed on Special Order Calendar -SJ 00308; Read second time -SJ 00302
    3/30/1999 Senate • Read third time -SJ 00376; CS passed; YEAS 38 NAYS 0 -SJ 00376
    4/6/1999 Senate • Immediately certified -SJ 00428
    4/6/1999 House • In Messages
    4/8/1999 House • Received, placed on Calendar -HJ 00518; Substituted for HB 515 -HJ 00531; Read second and third times -HJ 00532; CS passed; YEAS 113 NAYS 0 -HJ 00532
    4/13/1999 Senate • Ordered enrolled -SJ 00521
    4/15/1999 • Signed by Officers and presented to Governor -SJ 00585
    4/22/1999 • Approved by Governor; Chapter No. 99-137 -SJ 00887

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  • CS/CS/SB 740, Enrolled (Current Bill Version) Posted 8/28/2000 at 9:54 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location
    H 515 (e1) UCC/Letters of Credit Green Similar Last Action: 4/8/1999 H Senate Bill substituted; Laid on Table, Iden./Sim./Compare Bill(s) passed, refer to CS/CS/SB 740 (Ch. 99-137) -HJ 00531
    Location:

    Citations - Statutes (26)

    Citation Catchline Location in Bill Location In Bill Help
    95.11 Limitations other than for the recovery of real property.
    671.105 Territorial application of the code; parties' power to choose applicable law.
    672.512 Payment by buyer before inspection.
    675.101 Short title.
    675.102 Scope.
    675.103 Definitions.
    675.104 Formal requirements; signing.
    675.105 Consideration.
    675.106 Time and effect of establishment of credit.
    675.107 Advice of credit; confirmation; error in statement of terms.
    675.108 "Notation credit"; exhaustion of credit.
    675.109 Issuer's obligation to its customer.
    675.110 Availability of credit in portions; presenter's reservation of lien or claim.
    675.111 Warranties on transfer and presentment.
    675.112 Time allowed for honor or rejection; withholding honor or rejection by consent; "presenter."
    675.113 Indemnities.
    675.114 Issuer's duty and privilege to honor; right to reimbursement.
    675.115 Remedy for improper dishonor or anticipatory repudiation.
    675.116 Transfer and assignment.
    675.117 Insolvency of bank holding funds for documentary credit.
    679.103 Perfection of security interests in multiple state transactions.
    679.104 Transactions excluded from chapter.
    679.105 Definitions and index of definitions.
    679.106 Definitions
    679.304 Perfection of security interest in instruments, documents, and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession.
    679.305 When possession by secured party perfects security interest without filing.

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  • CS/CS/SB 740, Committee Substitute 2 Posted 8/28/2000 at 9:54 AM

    Bill Text:   Web Page | PDF
    Analyses:   Judiciary (Post-Meeting) 3/11/1999 (pdf)

    Floor Votes (2)

    Date Chamber Result
    3/30/1999 10:33 AM Senate 38 Yeas - 0 Nays
    4/8/1999 1:38 PM House 113 Yeas - 0 Nays

    Citations - Statutes (26)

    Citation Catchline Location in Bill Location In Bill Help
    95.11 Limitations other than for the recovery of real property.
    671.105 Territorial application of the code; parties' power to choose applicable law.
    672.512 Payment by buyer before inspection.
    675.101 Short title.
    675.102 Scope.
    675.103 Definitions.
    675.104 Formal requirements; signing.
    675.105 Consideration.
    675.106 Time and effect of establishment of credit.
    675.107 Advice of credit; confirmation; error in statement of terms.
    675.108 "Notation credit"; exhaustion of credit.
    675.109 Issuer's obligation to its customer.
    675.110 Availability of credit in portions; presenter's reservation of lien or claim.
    675.111 Warranties on transfer and presentment.
    675.112 Time allowed for honor or rejection; withholding honor or rejection by consent; "presenter."
    675.113 Indemnities.
    675.114 Issuer's duty and privilege to honor; right to reimbursement.
    675.115 Remedy for improper dishonor or anticipatory repudiation.
    675.116 Transfer and assignment.
    675.117 Insolvency of bank holding funds for documentary credit.
    679.103 Perfection of security interests in multiple state transactions.
    679.104 Transactions excluded from chapter.
    679.105 Definitions and index of definitions.
    679.106 Definitions
    679.304 Perfection of security interest in instruments, documents, and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession.
    679.305 When possession by secured party perfects security interest without filing.

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  • CS/SB 740, Committee Substitute 1 Posted 8/28/2000 at 9:54 AM

    Bill Text:   Web Page | PDF
    Analyses:   Commerce and Economic Opportunities (Post-Meeting) 2/18/1999 (pdf)

    Citations - Statutes (25)

    Citation Catchline Location in Bill Location In Bill Help
    671.105 Territorial application of the code; parties' power to choose applicable law.
    672.512 Payment by buyer before inspection.
    675.101 Short title.
    675.102 Scope.
    675.103 Definitions.
    675.104 Formal requirements; signing.
    675.105 Consideration.
    675.106 Time and effect of establishment of credit.
    675.107 Advice of credit; confirmation; error in statement of terms.
    675.108 "Notation credit"; exhaustion of credit.
    675.109 Issuer's obligation to its customer.
    675.110 Availability of credit in portions; presenter's reservation of lien or claim.
    675.111 Warranties on transfer and presentment.
    675.112 Time allowed for honor or rejection; withholding honor or rejection by consent; "presenter."
    675.113 Indemnities.
    675.114 Issuer's duty and privilege to honor; right to reimbursement.
    675.115 Remedy for improper dishonor or anticipatory repudiation.
    675.116 Transfer and assignment.
    675.117 Insolvency of bank holding funds for documentary credit.
    679.103 Perfection of security interests in multiple state transactions.
    679.104 Transactions excluded from chapter.
    679.105 Definitions and index of definitions.
    679.106 Definitions
    679.304 Perfection of security interest in instruments, documents, and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession.
    679.305 When possession by secured party perfects security interest without filing.

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  • SB 740, Original Filed Version Posted 8/28/2000 at 9:54 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Citations - Statutes (26)

    Citation Catchline Location in Bill Location In Bill Help
    95.11 Limitations other than for the recovery of real property.
    671.105 Territorial application of the code; parties' power to choose applicable law.
    672.512 Payment by buyer before inspection.
    675.101 Short title.
    675.102 Scope.
    675.103 Definitions.
    675.104 Formal requirements; signing.
    675.105 Consideration.
    675.106 Time and effect of establishment of credit.
    675.107 Advice of credit; confirmation; error in statement of terms.
    675.108 "Notation credit"; exhaustion of credit.
    675.109 Issuer's obligation to its customer.
    675.110 Availability of credit in portions; presenter's reservation of lien or claim.
    675.111 Warranties on transfer and presentment.
    675.112 Time allowed for honor or rejection; withholding honor or rejection by consent; "presenter."
    675.113 Indemnities.
    675.114 Issuer's duty and privilege to honor; right to reimbursement.
    675.115 Remedy for improper dishonor or anticipatory repudiation.
    675.116 Transfer and assignment.
    675.117 Insolvency of bank holding funds for documentary credit.
    679.103 Perfection of security interests in multiple state transactions.
    679.104 Transactions excluded from chapter.
    679.105 Definitions and index of definitions.
    679.106 Definitions
    679.304 Perfection of security interest in instruments, documents, and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession.
    679.305 When possession by secured party perfects security interest without filing.

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