Senate Bill sb0218c1

    Florida Senate - 2003                            CS for SB 218

    By the Committee on Banking and Insurance; and Senator
    Campbell




    311-1934-03

  1                      A bill to be entitled

  2         An act relating to the Uniform Commercial Code;

  3         amending s. 679.509, F.S.; providing additional

  4         requirements for filing certain amendments to

  5         financing statements; amending s. 679.513,

  6         F.S.; clarifying the requirements for filing

  7         termination of financing statements; providing

  8         an effective date.

  9  

10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Subsection (3) of section 679.509, Florida

13  Statutes, is amended to read:

14         679.509  Persons entitled to file a record.--

15         (3)  A person may file an amendment other than an

16  amendment that adds collateral covered by a financing

17  statement or an amendment that adds a debtor to a financing

18  statement only if:

19         (a)  The secured party of record authorizes the filing;

20  or

21         (b)  The amendment is a termination statement for a

22  financing statement as to which the secured party of record

23  has failed to file or send a termination statement as required

24  by s. 679.513(1) s. 679.5131(1) or (3), the debtor authorizes

25  the filing, and the termination statement indicates that the

26  debtor authorized it to be filed.

27         Section 2.  Subsection (4) of section 679.513, Florida

28  Statutes, is amended to read:

29         679.513  Termination statement.--

30         (4)  Except as otherwise provided in s. 679.510, upon

31  the filing of a termination statement with the filing office,

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2003                            CS for SB 218
    311-1934-03




 1  the financing statement to which the termination statement

 2  relates ceases to be effective. Except as otherwise provided

 3  in s. 679.510, for purposes of ss. 679.519(7) and 679.522(1),

 4  the filing with the filing office of a termination statement

 5  relating to a financing statement that indicates that the

 6  debtor is a transmitting utility also causes the effectiveness

 7  of the financing statement to lapse.

 8         Section 3.  This act shall take effect July 1, 2003.

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10          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
11                         Senate Bill 218

12                                 

13  The Committee Substitute makes the following changes:

14  1.   An incorrect citation is corrected in s. 679.509(3),
         F.S., from "s. 679.5131(1)" to the correct citation of
15       "s. 679.513(1)."

16  2.   The provisions of s. 679.513(4), F.S., are not applicable
         to situations covered by s. 679.510, F.S.
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CODING: Words stricken are deletions; words underlined are additions.