Florida Senate - 2012 SB 1090
By Senator Richter
37-00774A-12 20121090__
1 A bill to be entitled
2 An act relating to the Uniform Commercial Code;
3 revising and providing provisions of the Uniform
4 Commercial Code relating to secured transactions to
5 conform to the revised Article 9 of the Uniform
6 Commercial Code as prepared by the National Conference
7 of Commissioners on Uniform State Laws; amending s.
8 679.1021, F.S.; revising and providing definitions;
9 amending s. 679.1051, F.S.; revising provisions
10 relating to control of electronic chattel paper;
11 amending s. 679.3071, F.S.; revising provisions
12 relating to the location of debtors; amending s.
13 679.3111, F.S.; making editorial changes; amending s.
14 679.3161, F.S.; providing rules that apply to certain
15 collateral to which a security interest attaches;
16 providing rules relating to certain financing
17 statements; amending s. 679.3171, F.S.; revising
18 provisions relating to interests that take priority
19 over or take free of a security interest or
20 agricultural lien; amending s. 679.326, F.S.; revising
21 priority of security interests created by a new
22 debtor; amending ss. 679.4061 and 679.4081, F.S.;
23 revising application; amending s. 679.5021, F.S.;
24 revising when a record of a mortgage satisfying the
25 requirements of ch. 697, F.S., is effective as a
26 filing statement; amending s. 679.5031, F.S.; revising
27 when a financing statement sufficiently provides the
28 name of the debtor; amending s. 679.5071, F.S.;
29 revising the effect of certain events on the
30 effectiveness of a financing statement; amending s.
31 679.515, F.S.; revising the duration and effectiveness
32 of a financing statement; amending s. 679.516, F.S.;
33 revising instances when filing does not occur with
34 respect to a record that a filing office refuses to
35 accept; amending s. 679.518, F.S.; revising
36 requirements for claims concerning an inaccurate or
37 wrongfully filed record; amending s. 679.607, F.S.;
38 revising recording requirements for the enforcement of
39 mortgages nonjudicially outside this state; creating
40 part VIII of ch. 679, F.S., relating to transition
41 from prior law under the chapter to law under the
42 chapter as amended by the act; creating s. 679.801,
43 F.S.; providing scope of application and limitations;
44 creating s. 679.802, F.S.; providing that security
45 interests perfected under prior law that also satisfy
46 the requirements for perfection under the act remain
47 effective; creating s. 679.803, F.S.; providing that
48 security interests unperfected under prior law but
49 that satisfy the requirements for perfection under
50 this act will become effective July 1, 2013; creating
51 s. 679.804, F.S.; providing when financing statements
52 effective under prior law in a different jurisdiction
53 remain effective; creating s. 679.805, F.S.; requiring
54 the recording of a financing statement in lieu of a
55 continuation statement under certain conditions;
56 providing for the continuation of the effectiveness of
57 a financing statement filed before the effective date
58 of the act under certain conditions; creating s.
59 679.806, F.S.; providing requirements for the
60 amendment of financing statements filed before the
61 effective date of the act; providing requirements for
62 financing statements prior to amendment; creating s.
63 679.807, F.S.; providing person entitled to file
64 initial financing statement or continuation statement;
65 creating s. 679.808, F.S.; providing priority of
66 conflicting claims to collateral; amending s.
67 680.1031, F.S.; conforming a cross-reference;
68 providing a directive to the Division of Statutory
69 Revision; providing an effective date.
70
71 Be It Enacted by the Legislature of the State of Florida:
72
73 Section 1. Paragraphs (ooo) through (aaaa) of subsection
74 (1) of section 679.1021, Florida Statutes, are redesignated as
75 paragraphs (ppp) through (bbbb), respectively, a new paragraph
76 (ooo) is added to that subsection, and present paragraphs (g),
77 (j), (xx), and (qqq) of subsection (1) of that section are
78 amended to read:
79 679.1021 Definitions and index of definitions.—
80 (1) In this chapter, the term:
81 (g) “Authenticate” means:
82 1. To sign; or
83 2. To execute or otherwise adopt a symbol, or encrypt or
84 similarly process a record in whole or in part, With the present
85 intent of the authenticating person to identify the person and
86 adopt or accept a record, to attach to or logically associate
87 with the record an electronic sound, symbol, or process.
88 (j) “Certificate of title” means a certificate of title
89 with respect to which a statute provides for the security
90 interest in question to be indicated on the certificate as a
91 condition or result of the security interest’s obtaining
92 priority over the rights of a lien creditor with respect to the
93 collateral. The term includes another record maintained as an
94 alternative to a certificate of title by the governmental unit
95 that issues certificates of title if a statute permits the
96 security interest in question to be indicated on the record as a
97 condition or result of the security interest’s obtaining
98 priority over the rights of a lien creditor with respect to the
99 collateral.
100 (xx) “Jurisdiction of organization,” with respect to a
101 registered organization, means the jurisdiction under whose law
102 the organization is formed or organized.
103 (ooo) “Public organic record” means a record that is
104 available to the public for inspection and that is:
105 1. A record consisting of the record initially filed with
106 or issued by a state or the United States to form or organize an
107 organization and any record filed with or issued by the state or
108 the United States that amends or restates the initial record;
109 2. An organic record of a business trust consisting of the
110 record initially filed with a state and any record filed with
111 the state that amends or restates the initial record, if a
112 statute of the state governing business trusts requires that the
113 record be filed with the state; or
114 3. A record consisting of legislation enacted by the
115 Legislature of a state or the Congress of the United States that
116 forms or organizes an organization, any record amending the
117 legislation, and any record filed with or issued by the state or
118 the United States that amends or restates the name of the
119 organization.
120 (rrr)(qqq) “Registered organization” means an organization
121 formed or organized solely under the law of a single state or
122 the United States by the filing of a public organic record with,
123 the issuance of a public organic record by, or the enactment of
124 legislation by and as to which the state or the United States
125 must maintain a public record showing the organization to have
126 been organized. The term includes a business trust that is
127 formed or organized under the law of a single state if a statute
128 of the state governing business trusts requires that the
129 business trust’s organic record be filed with the state.
130 Section 2. Section 679.1051, Florida Statutes, is amended
131 to read:
132 679.1051 Control of electronic chattel paper.—
133 (1) A secured party has control of electronic chattel paper
134 if a system employed for evidencing the transfer of interests in
135 the chattel paper reliably establishes the secured party as the
136 person to which the chattel paper was assigned.
137 (2) A system satisfies subsection (1), and a secured party
138 has control of electronic chattel paper, if the record or
139 records comprising the chattel paper are created, stored, and
140 assigned in such a manner that:
141 (a)(1) A single authoritative copy of the record or records
142 exists which is unique, identifiable and, except as otherwise
143 provided in paragraphs (d), (e), and (f) subsections (4), (5),
144 and (6), unalterable;
145 (b)(2) The authoritative copy identifies the secured party
146 as the assignee of the record or records;
147 (c)(3) The authoritative copy is communicated to and
148 maintained by the secured party or its designated custodian;
149 (d)(4) Copies or amendments revisions that add or change an
150 identified assignee of the authoritative copy can be made only
151 with the consent participation of the secured party;
152 (e)(5) Each copy of the authoritative copy and any copy of
153 a copy is readily identifiable as a copy that is not the
154 authoritative copy; and
155 (f)(6) Any amendment revision of the authoritative copy is
156 readily identifiable as an authorized or unauthorized revision.
157 Section 3. Subsection (6) of section 679.3071, Florida
158 Statutes, is amended to read:
159 679.3071 Location of debtor.—
160 (6) Except as otherwise provided in subsection (9), a
161 registered organization that is organized under the law of the
162 United States and a branch or agency of a bank that is not
163 organized under the law of the United States or a state are
164 located:
165 (a) In the state that the law of the United States
166 designates, if the law designates a state of location;
167 (b) In the state that the registered organization, branch,
168 or agency designates, if the law of the United States authorizes
169 the registered organization, branch, or agency to designate its
170 state of location, including by designating its main office,
171 home office, or other comparable office; or
172 (c) In the District of Columbia, if neither paragraph (a)
173 nor paragraph (b) applies.
174 Section 4. Paragraph (c) of subsection (1) of section
175 679.3111, Florida Statutes, is amended to read:
176 679.3111 Perfection of security interests in property
177 subject to certain statutes, regulations, and treaties.—
178 (1) Except as otherwise provided in subsection (4), the
179 filing of a financing statement is not necessary or effective to
180 perfect a security interest in property subject to:
181 (c) A certificate-of-title statute of another jurisdiction
182 which provides for a security interest to be indicated on a the
183 certificate of title as a condition or result of the security
184 interest’s obtaining priority over the rights of a lien creditor
185 with respect to the property.
186 Section 5. Subsections (8) and (9) are added to section
187 679.3161, Florida Statutes, to read:
188 679.3161 Effect Continued perfection of security interest
189 following change in governing law.—
190 (8) The following rules apply to collateral to which a
191 security interest attaches within 4 months after the debtor
192 changes its location to another jurisdiction:
193 (a) A financing statement filed before the change of the
194 debtor’s location pursuant to the law of the jurisdiction
195 designated in s. 679.3011(1) or s. 679.3051(3) is effective to
196 perfect a security interest in the collateral if the financing
197 statement would have been effective to perfect a security
198 interest in the collateral if the debtor had not changed its
199 location.
200 (b) If a security interest that is perfected by a financing
201 statement that is effective under paragraph (a) becomes
202 perfected under the law of the other jurisdiction before the
203 earlier of the time the financing statement would have become
204 ineffective under the law of the jurisdiction designated in s.
205 679.3011(1) or s. 679.3051(3) or the expiration of the 4-month
206 period, it remains perfected thereafter. If the security
207 interest does not become perfected under the law of the other
208 jurisdiction before the earlier time or event, it becomes
209 unperfected and is deemed never to have been perfected as
210 against a purchaser of the collateral for value.
211 (9) If a financing statement naming an original debtor is
212 filed pursuant to the law of the jurisdiction designated in s.
213 679.3011(1) or s. 679.3051(3) and the new debtor is located in
214 another jurisdiction, the following rules apply:
215 (a) The financing statement is effective to perfect a
216 security interest in collateral in which the new debtor has or
217 acquires rights before or within 4 months after the new debtor
218 becomes bound under s. 679.2031(4), if the financing statement
219 would have been effective to perfect a security interest in the
220 collateral if the collateral had been acquired by the original
221 debtor.
222 (b) A security interest that is perfected by the financing
223 statement and that becomes perfected under the law of the other
224 jurisdiction before the earlier of the expiration of the 4-month
225 period or the time the financing statement would have become
226 ineffective under the law of the jurisdiction designated in s.
227 679.3011(1) or s. 679.3051(3) remains perfected thereafter. A
228 security interest that is perfected by the financing statement
229 but that does not become perfected under the law of the other
230 jurisdiction before the earlier time or event becomes
231 unperfected and is deemed never to have been perfected as
232 against a purchaser of the collateral for value.
233 Section 6. Subsections (2) and (4) of section 679.3171,
234 Florida Statutes, are amended to read:
235 679.3171 Interests that take priority over or take free of
236 security interest or agricultural lien.—
237 (2) Except as otherwise provided in subsection (5), a
238 buyer, other than a secured party, of tangible chattel paper,
239 tangible documents, goods, instruments, or a certificated
240 security certificate takes free of a security interest or
241 agricultural lien if the buyer gives value and receives delivery
242 of the collateral without knowledge of the security interest or
243 agricultural lien and before it is perfected.
244 (4) A licensee of a general intangible or a buyer, other
245 than a secured party, of collateral accounts, electronic chattel
246 paper, electronic documents, general intangibles, or investment
247 property other than tangible chattel paper, tangible documents,
248 goods, instruments, or a certificated security takes free of a
249 security interest if the licensee or buyer gives value without
250 knowledge of the security interest and before it is perfected.
251 Section 7. Section 679.326, Florida Statutes, is amended to
252 read:
253 679.326 Priority of security interests created by new
254 debtor.—
255 (1) Subject to subsection (2), a security interest that is
256 created by a new debtor in collateral in which the new debtor
257 has or acquires rights and which is perfected by a filed
258 financing statement that would be ineffective to perfect the
259 security interest but for the application of s. 679.508 or ss.
260 679.508 and 679.3161(9)(a) is effective solely under s. 679.508
261 in collateral in which a new debtor has or acquires rights is
262 subordinate to a security interest in the same collateral which
263 is perfected other than by such a filed financing statement that
264 is effective solely under s. 679.508.
265 (2) The other provisions of this part determine the
266 priority among conflicting security interests in the same
267 collateral perfected by filed financing statements described in
268 subsection (1) that are effective solely under s. 679.508.
269 However, if the security agreements to which a new debtor became
270 bound as debtor were not entered into by the same original
271 debtor, the conflicting security interests rank according to
272 priority in time of the new debtor’s having become bound.
273 Section 8. Subsection (5) of section 679.4061, Florida
274 Statutes, is amended to read:
275 679.4061 Discharge of account debtor; notification of
276 assignment; identification and proof of assignment; restrictions
277 on assignment of accounts, chattel paper, payment intangibles,
278 and promissory notes ineffective.—
279 (5) Subsection (4) does not apply to the sale of a payment
280 intangible or promissory note, other than a sale pursuant to a
281 disposition under s. 679.610 or an acceptance of collateral
282 under s. 679.620.
283 Section 9. Subsection (2) of section 679.4081, Florida
284 Statutes, is amended to read:
285 679.4081 Restrictions on assignment of promissory notes,
286 health-care-insurance receivables, and certain general
287 intangibles ineffective.—
288 (2) Subsection (1) applies to a security interest in a
289 payment intangible or promissory note only if the security
290 interest arises out of a sale of the payment intangible or
291 promissory note, other than a sale pursuant to a disposition
292 under s. 679.610 or an acceptance of collateral under s.
293 679.620.
294 Section 10. Subsection (3) of section 679.5021, Florida
295 Statutes, is amended to read:
296 679.5021 Contents of financing statement; record of
297 mortgage as financing statement; time of filing financing
298 statement.—
299 (3) A record of a mortgage satisfying the requirements of
300 chapter 697 is effective, from the date of recording, as a
301 financing statement filed as a fixture filing or as a financing
302 statement covering as-extracted collateral or timber to be cut
303 only if:
304 (a) The record of a mortgage indicates the goods or
305 accounts that it covers;
306 (b) The goods are or are to become fixtures related to the
307 real property described in the record of a mortgage or the
308 collateral is related to the real property described in the
309 mortgage and is as-extracted collateral or timber to be cut;
310 (c) The record of a mortgage satisfies complies with the
311 requirements for a financing statement in this section,
312 although:
313 1. The record of a mortgage need not indicate other than an
314 indication that it is to be filed in the real property records;
315 and
316 2. The record of a mortgage sufficiently provides the name
317 of a debtor who is an individual if it provides the individual
318 name of the debtor or the surname and first personal name of the
319 debtor, even if the debtor is an individual to whom s.
320 679.5031(1)(d) or (e) applies; and
321 (d) The record of a mortgage is recorded as required by
322 chapter 697.
323 Section 11. Subsections (1) and (2) of section 679.5031,
324 Florida Statutes, are amended, and subsections (6), (7), and (8)
325 are added to that section, to read:
326 679.5031 Name of debtor and secured party.—
327 (1) A financing statement sufficiently provides the name of
328 the debtor:
329 (a) Except as otherwise provided in paragraph (c), if the
330 debtor is a registered organization or the collateral is held in
331 a trust that is a registered organization, only if the financing
332 statement provides the name that is stated to be the registered
333 organization’s name of the debtor indicated on the public
334 organic record most recently filed with or issued or enacted by
335 of the registered organization’s debtor’s jurisdiction of
336 organization that purports to state, amend, or restate the
337 registered organization’s name which shows the debtor to have
338 been organized;
339 (b) Subject to subsection (6), if the collateral is being
340 administered by the personal representative of a decedent debtor
341 is a decedent’s estate, only if the financing statement
342 provides, as the name of the debtor, the name of the decedent
343 and, in a separate part of the financing statement, indicates
344 that the collateral is being administered by a personal
345 representative debtor is an estate;
346 (c) If the collateral debtor is held in a trust that is not
347 a registered organization or a trustee acting with respect to
348 property held in trust, only if the financing statement:
349 1. Provides, as the name of the debtor:
350 a. If the organic record of the trust specifies a name, if
351 any, specified for the trust, the in its organic documents or,
352 if no name so is specified; or
353 b. If the organic record of the trust does not specify a
354 name for the trust, provides the name of the settlor or testator
355 and additional information sufficient to distinguish a debtor
356 from other trusts having one or more of the same settlors; and
357 2. In a separate part of the financing statement:
358 a. If the name is provided in accordance with sub
359 subparagraph 1.a., indicates, in the debtor’s name or otherwise,
360 that the collateral debtor is held in a trust or is a trustee
361 acting with respect to property held in trust; or
362 b. If the name is provided in accordance with sub
363 subparagraph 1.b., provides additional information sufficient to
364 distinguish the trust from other trusts having one or more of
365 the same settlors or the same testator and indicates that the
366 collateral is held in a trust, unless the additional information
367 so indicates;
368 (d) Subject to subsection (7), if the debtor is an
369 individual to whom this state has issued a driver license that
370 has not expired or to whom the agency of this state that issues
371 driver licenses has issued, in lieu of a driver license, a
372 personal identification card that has not expired, only if the
373 financing statement provides the name of the individual that is
374 indicated on the driver license or personal identification card;
375 (e) If the debtor is an individual to whom paragraph (d)
376 does not apply, only if the financing statement provides the
377 individual name of the debtor or the surname and first personal
378 name of the debtor; and
379 (f)(d) In other cases:
380 1. If the debtor has a name, only if it provides the
381 individual or organizational name of the debtor; and
382 2. If the debtor does not have a name, only if it provides
383 the names of the partners, members, associates, or other persons
384 comprising the debtor, in a manner that each name provided would
385 be sufficient if the person named were the debtor.
386 (2) A financing statement that provides the name of the
387 debtor in accordance with subsection (1) is not rendered
388 ineffective by the absence of:
389 (a) A trade name or other name of the debtor; or
390 (b) Unless required under subparagraph (1)(f)2. (1)(d)2.,
391 names of partners, members, associates, or other persons
392 comprising the debtor.
393 (6) The name of the decedent indicated on the order
394 appointing the personal representative of the decedent issued by
395 the court having jurisdiction over the collateral is sufficient
396 as the name of the decedent under paragraph (1)(b).
397 (7) If this state has issued to an individual more than one
398 driver license or, if none, more than one identification card,
399 of a kind described in paragraph (1)(d), the driver license or
400 identification card, as applicable, that was issued most
401 recently is the one to which paragraph (1)(d) refers.
402 (8) As used in this section, the term “name of the settlor
403 or testator” means:
404 (a) If the settlor is a registered organization, the name
405 of the registered organization indicated on the public organic
406 record filed with or issued or enacted by the registered
407 organization’s jurisdiction of organization; or
408 (b) In other cases, the name of the settlor or testator
409 indicated in the trust’s organic record.
410 Section 12. Subsection (3) of section 679.5071, Florida
411 Statutes, is amended to read:
412 679.5071 Effect of certain events on effectiveness of
413 financing statement.—
414 (3) If the a debtor so changes its name that a filed
415 financing statement provides for a debtor becomes insufficient
416 as the name of the debtor under s. 679.5031(1) so that the
417 financing statement becomes seriously misleading under the
418 standard set forth in s. 679.5061:
419 (a) The financing statement is effective to perfect a
420 security interest in collateral acquired by the debtor before,
421 or within 4 months after, the filed financing statement becomes
422 seriously misleading change; and
423 (b) The financing statement is not effective to perfect a
424 security interest in collateral acquired by the debtor more than
425 4 months after the filed financing statement becomes seriously
426 misleading change, unless an amendment to the financing
427 statement which renders the financing statement not seriously
428 misleading is filed within 4 months after that event the change.
429 Section 13. Subsection (6) of section 679.515, Florida
430 Statutes, is amended to read:
431 679.515 Duration and effectiveness of financing statement;
432 effect of lapsed financing statement.—
433 (6) If a debtor is a transmitting utility and a filed
434 initial financing statement so indicates, the financing
435 statement is effective until a termination statement is filed.
436 Section 14. Subsection (2) of section 679.516, Florida
437 Statutes, is amended to read:
438 679.516 What constitutes filing; effectiveness of filing.—
439 (2) Filing does not occur with respect to a record that a
440 filing office refuses to accept because:
441 (a) The record is not communicated by a method or medium of
442 communication authorized by the filing office;
443 (b) An amount equal to or greater than the applicable
444 processing fee is not tendered;
445 (c) The filing office is unable to index the record
446 because:
447 1. In the case of an initial financing statement, the
448 record does not provide an organization’s name or, if an
449 individual, the individual’s last name and first name;
450 2. In the case of an amendment or information correction
451 statement, the record:
452 a. Does not correctly identify the initial financing
453 statement as required by s. 679.512 or s. 679.518, as
454 applicable; or
455 b. Identifies an initial financing statement the
456 effectiveness of which has lapsed under s. 679.515;
457 3. In the case of an initial financing statement that
458 provides the name of a debtor identified as an individual or an
459 amendment that provides a name of a debtor identified as an
460 individual which was not previously provided in the financing
461 statement to which the record relates, the record does not
462 identify the debtor’s surname last name and first personal name;
463 or
464 4. In the case of a record filed or recorded in the filing
465 office described in s. 679.5011(1)(a), the record does not
466 provide a sufficient description of the real property to which
467 it relates;
468 (d) In the case of an initial financing statement or an
469 amendment that adds a secured party of record, the record does
470 not provide an organization’s name or, if an individual, the
471 individual’s last name and first name and mailing address for
472 the secured party of record;
473 (e) In the case of an initial financing statement or an
474 amendment that provides a name of a debtor which was not
475 previously provided in the financing statement to which the
476 amendment relates, the record does not:
477 1. Provide a mailing address for the debtor; or
478 2. Indicate whether the name provided as the name of the
479 debtor is the name of an individual or an organization; or
480 3. If the financing statement indicates that the debtor is
481 an organization, provide:
482 a. A type of organization for the debtor;
483 b. A jurisdiction of organization for the debtor; or
484 c. An organizational identification number for the debtor
485 or indicate that the debtor has none;
486 (f) In the case of an assignment reflected in an initial
487 financing statement under s. 679.514(1) or an amendment filed
488 under s. 679.514(2), the record does not provide an
489 organization’s name or, if an individual, the individual’s last
490 name and first name and mailing address for the assignee;
491 (g) In the case of a continuation statement, the record is
492 not filed within the 6-month period prescribed by s. 679.515(4);
493 (h) In the case of an initial financing statement or an
494 amendment, which amendment requires the inclusion of a
495 collateral statement but the record does not provide any, the
496 record does not provide a statement of collateral; or
497 (i) The record does not include the notation required by s.
498 201.22 indicating that the excise tax required by chapter 201
499 had been paid or is not required.
500 Section 15. Section 679.518, Florida Statutes, is amended
501 to read:
502 679.518 Claim concerning inaccurate or wrongfully filed
503 record.—
504 (1) A person may file in the filing office an information a
505 correction statement with respect to a record indexed there
506 under the person’s name if the person believes that the record
507 is inaccurate or was wrongfully filed.
508 (2) An information A correction statement under subsection
509 (1) must:
510 (a) Identify the record to which it relates by the file
511 number assigned to the initial financing statement, the debtor,
512 and the secured party of record to which the record relates;
513 (b) Indicate that it is an information a correction
514 statement; and
515 (c) Provide the basis for the person’s belief that the
516 record is inaccurate and indicate the manner in which the person
517 believes the record should be amended to cure any inaccuracy or
518 provide the basis for the person’s belief that the record was
519 wrongfully filed.
520 (3) A person may file in the filing office an information
521 statement with respect to a record filed there if the person is
522 a secured party of record with respect to the financing
523 statement to which the record relates and believes that the
524 person that filed the record was not entitled to do so under s.
525 679.509(3).
526 (4) An information statement under subsection (3) must:
527 (a) Identify the record to which it relates by file number
528 assigned to the initial financing statement to which the record
529 relates;
530 (b) Indicate that it is an information statement; and
531 (c) Provide the basis for the person’s belief that the
532 record is inaccurate and indicate the manner in which the person
533 believes the record should be amended to cure any inaccuracy or
534 provide the basis for the person’s belief that the record was
535 wrongfully filed.
536 (5)(3) The filing of an information a correction statement
537 does not affect the effectiveness of an initial financing
538 statement or other filed record.
539 Section 16. Subsection (2) of section 679.607, Florida
540 Statutes, is amended to read:
541 679.607 Collection and enforcement by secured party.—
542 (2) If necessary to enable a secured party to exercise
543 under paragraph (1)(c) the right of a debtor to enforce a
544 mortgage nonjudicially outside this state, the secured party may
545 record in the office in which a record of the mortgage is
546 recorded:
547 (a) A copy of the security agreement that creates or
548 provides for a security interest in the obligation secured by
549 the mortgage; and
550 (b) The secured party’s sworn affidavit in recordable form
551 stating that:
552 1. A default has occurred with respect to the obligation
553 secured by the mortgage; and
554 2. The secured party is entitled to enforce the mortgage
555 nonjudicially outside this state.
556 Section 17. Part VIII of chapter 679, Florida Statutes,
557 consisting of sections 679.801, 679.802, 679.803, 679.804,
558 679.805, 679.806, 679.807, and 679.808, Florida Statutes, is
559 created to read:
560 679.801 Saving clause.—
561 (1) Except as otherwise provided in this part, this part
562 applies to a transaction or lien within its scope, even if the
563 transaction or lien was entered into or created before July 1,
564 2013.
565 (2) The amendments to this chapter by this act do not
566 affect an action, case, or proceeding commenced before July 1,
567 2013.
568 679.802 Security interest perfected before effective date.—
569 (1) A security interest that is a perfected security
570 interest immediately before July 1, 2013, is a perfected
571 security interest under this chapter, as amended by this act, on
572 July 1, 2013, if the applicable requirements for attachment and
573 perfection under this chapter, as amended by this act, are
574 satisfied without further action.
575 (2) Except as otherwise provided in s. 679.804, if a
576 security interest is a perfected security interest immediately
577 before July 1, 2013, but the applicable requirements for
578 perfection under this chapter, as amended by this act, are not
579 satisfied on July 1, 2013, the security interest remains
580 perfected thereafter only if the applicable requirements for
581 perfection under this chapter, as amended by this act, are
582 satisfied no later than July 1, 2014.
583 679.803 Security interest unperfected before effective
584 date.—A security interest that is an unperfected security
585 interest immediately before July 1, 2013, becomes a perfected
586 security interest:
587 (1) Without further action, on July 1, 2013, if the
588 applicable requirements for perfection under this chapter, as
589 amended by this act, are satisfied before or at that time; or
590 (2) When the applicable requirements for perfection are
591 satisfied if the requirements are satisfied after that time.
592 679.804 Effectiveness of action taken before effective
593 date.—
594 (1) The filing of a financing statement before July 1,
595 2013, is effective to perfect a security interest to the extent
596 the filing would satisfy the applicable requirements for
597 perfection under this chapter, as amended by this act.
598 (2) The amendments to this chapter by this act do not
599 render ineffective an effective financing statement that was
600 filed before July 1, 2013, and satisfies the applicable
601 requirements for perfection under the law of the jurisdiction
602 governing perfection as provided in this chapter as it existed
603 before July 1, 2013. However, except as otherwise provided in
604 subsections (3) and (4) and s. 679.805, the financing statement
605 ceases to be effective:
606 (a) If the financing statement is filed in this state, at
607 the time the financing statement would have ceased to be
608 effective had this act not taken effect; or
609 (b) If the financing statement is filed in another
610 jurisdiction, at the earlier of:
611 1. The time the financing statement would have ceased to be
612 effective under the law of that jurisdiction; or
613 2. By June 30, 2018.
614 (3) The filing of a continuation statement on or after July
615 1, 2013, does not continue the effectiveness of the financing
616 statement filed before July 1, 2013. However, on the timely
617 filing of a continuation statement on or after July 1, 2013, and
618 in accordance with the law of the jurisdiction governing
619 perfection as provided in this chapter, as amended by this act,
620 the effectiveness of a financing statement filed in the same
621 office in that jurisdiction before July 1, 2013, continues for
622 the period provided by the law of that jurisdiction.
623 (4) Subparagraph (2)(b)2., applies to a financing statement
624 that was filed before July 1, 2013, against a transmitting
625 utility and satisfies the applicable requirements for perfection
626 under the law of the jurisdiction governing perfection as
627 provided in this chapter as it existed before July 1, 2013, only
628 to the extent that this chapter, as amended by this act,
629 provides that the law of a jurisdiction other than the
630 jurisdiction in which the financing statement is filed governs
631 perfection of a security interest in collateral covered by the
632 financing statement.
633 (5) A financing statement that includes a financing
634 statement filed before July 1, 2013, or a continuation statement
635 filed on or after July 1, 2013, is effective only to the extent
636 that it satisfies the requirements of part V, as amended by this
637 act, for an initial financing statement. A financing statement
638 that indicates that the debtor is a decedent’s estate indicates
639 that the collateral is being administered by a personal
640 representative within the meaning of s. 679.5031(1)(b), as
641 amended by this act. A financing statement that indicates that
642 the debtor is a trust or is a trustee acting with respect to
643 property held in trust indicates that the collateral is held in
644 a trust within the meaning of s. 679.5031(1)(c), as amended by
645 this act.
646 679.805 When initial financing statement suffices to
647 continue effectiveness of financing statement.—
648 (1) The filing of an initial financing statement in the
649 office specified in s. 679.5011 continues the effectiveness of a
650 financing statement filed before July 1, 2013, if:
651 (a) The filing of an initial financing statement in that
652 office would be effective to perfect a security interest under
653 this chapter, as amended by this act;
654 (b) The financing statement filed before July 1, 2013, was
655 filed in an office in another state; and
656 (c) The initial financing statement satisfies subsection
657 (3).
658 (2) The filing of an initial financing statement under
659 subsection (1) continues the effectiveness of the financing
660 statement filed before July 1, 2013, if:
661 (a) The initial financing statement is filed before July 1,
662 2013, for the period provided in s. 679.515, as it existed
663 before its amendment by this act, with respect to an initial
664 financing statement; and
665 (b) The initial financing statement is filed on or after
666 July 1, 2013, for the period provided in s. 679.515, as amended
667 by this act, with respect to an initial financing statement.
668 (3) To be effective for purposes of subsection (1), an
669 initial financing statement must:
670 (a) Satisfy the requirements of part IV, as amended by this
671 act, for an initial financing statement;
672 (b) Identify the financing statement filed before July 1,
673 2013, by indicating the office in which the financing statement
674 was filed and providing the dates of filing and file numbers, if
675 any, of the financing statement and of the most recent
676 continuation statement filed with respect to the financing
677 statement; and
678 (c) Indicate that the financing statement filed before July
679 1, 2013, remains effective.
680 679.806 Amendment of financing statement filed before July
681 1, 2013.—
682 (1) On or after July 1, 2013, a person may add or delete
683 collateral covered by, continue or terminate the effectiveness
684 of, or otherwise amend the information provided in, a financing
685 statement only filed before July 1, 2013, in accordance with the
686 law of the jurisdiction governing perfection as provided in this
687 chapter, as amended by this act. However, the effectiveness of a
688 financing statement filed before July 1, 2013, also may be
689 terminated in accordance with the law of the jurisdiction in
690 which the financing statement is filed.
691 (2) Except as otherwise provided in subsection (3), if the
692 law of this state governs perfection of a security interest, the
693 information in a financing statement filed before July 1, 2013,
694 may be amended after July 1, 2013, only if:
695 (a) The financing statement filed before July 1, 2013, and
696 an amendment are filed in the office specified in s. 679.5011;
697 (b) An amendment is filed in the office specified in s.
698 679.5011 concurrently with, or after the filing in that office
699 of, an initial financing statement that satisfies s. 679.805(3);
700 or
701 (c) An initial financing statement that provides the
702 information as amended and satisfies s. 679.805(3) is filed in
703 the office specified in s. 679.5011.
704 (3) If the law of this state governs perfection of a
705 security interest, the effectiveness of a financing statement
706 filed before July 1, 2013, may be continued only under s.
707 679.804(3) and (5) or s. 679.805.
708 (4) Whether or not the law of this state governs perfection
709 of a security interest, the effectiveness of a financing
710 statement filed in this state before July 1, 2013, may be
711 terminated on or after July 1, 2013, by filing a termination
712 statement in the office in which the financing statement filed
713 before July 1, 2013, is filed, unless an initial financing
714 statement that satisfies s. 679.805(3) has been filed in the
715 office specified by the law of the jurisdiction governing
716 perfection as provided in this chapter, as amended by this act,
717 as the office in which to file a financing statement.
718 679.807 Person entitled to file initial financing statement
719 or continuation statement.—A person may file an initial
720 financing statement or a continuation statement under this part
721 if:
722 (1) The secured party of record authorizes the filing; and
723 (2) The filing is necessary under this part:
724 (a) To continue the effectiveness of a financing statement
725 filed before July 1, 2013; or
726 (b) To perfect or continue the perfection of a security
727 interest.
728 679.808 Priority.—This part and the amendments to this
729 chapter made by this act determine the priority of conflicting
730 claims to collateral. However, if the relative priorities of the
731 claims were established before July 1, 2013, this chapter as it
732 existed before July 1, 2013, determines priority.
733 Section 18. Paragraph (m) of subsection (3) of section
734 680.1031, Florida Statutes, is amended to read:
735 680.1031 Definitions and index of definitions.—
736 (3) The following definitions in other chapters of this
737 code apply to this chapter:
738 (m) “Pursuant to a commitment,” s. 679.1021(1)(ppp)
739 679.1021(1)(ooo).
740 Section 19. The Division of Statutory Revision is directed
741 to replace the phrase “this act” wherever it occurs in sections
742 679.801, 679.802, 679.803, 679.804, 679.805, 679.806, 679.807,
743 and 679.808, Florida Statutes, with the assigned chapter number
744 of this act.
745 Section 20. This act shall take effect July 1, 2013.