HB 0283 2003
1	CHAMBER ACTION
2
3
4
5
6	The Committee on Commerce recommends the following:
7
8	Committee Substitute
9	Remove the entire bill and insert:
10	A bill to be entitled
11	An act relating to the Uniform Commercial Code; amending
12	s. 679.509, F.S.; providing additional requirements for
13	filing certain amendments to financing statements;
14	amending s. 679.513, F.S.; providing exceptions to certain
15	requirements for filing termination statements; providing
16	an effective date.
17
18	Be It Enacted by the Legislature of the State of Florida:
19
20	Section 1. Subsection (3) of section 679.509, Florida
21	Statutes, is amended to read:
22	679.509 Persons entitled to file a record.--
23	(3) A person may file an amendment other than an amendment
24	that adds collateral covered by a financing statement or an
25	amendment that adds a debtor to a financing statement only if:
26	(a) The secured party of record authorizes the filing; or
27	(b) The amendment is a termination statement for a
28	financing statement as to which the secured party of record has
29	failed to file or send a termination statement as required by s.
30	679.513679.5131(1) or (3), the debtor authorizes the filing,
31	and the termination statement indicates that the debtor
32	authorized it to be filed.
33	Section 2. Subsection (4) of section 679.513, Florida
34	Statutes, is amended to read:
35	679.513 Termination statement.--
36	(4) Except as otherwise provided in s. 679.510,upon the
37	filing of a termination statement with the filing office, the
38	financing statement to which the termination statement relates
39	ceases to be effective. Except as otherwise provided in s.
40	679.510,for purposes of ss. 679.519(7) and 679.522(1), the
41	filing with the filing office of a termination statement
42	relating to a financing statement that indicates that the debtor
43	is a transmitting utility also causes the effectiveness of the
44	financing statement to lapse.
45	Section 3. This act shall take effect July 1, 2003.