HB 483

1
A bill to be entitled
2An act relating to the Uniform Commercial Code;
3revising and providing provisions of the Uniform
4Commercial Code relating to secured transactions to
5conform to the revised Article 9 of the Uniform
6Commercial Code as prepared by the National Conference
7of Commissioners on Uniform State Laws; amending s.
8679.1021, F.S.; revising and providing definitions;
9amending s. 679.1051, F.S.; revising provisions
10relating to control of electronic chattel paper;
11amending s. 679.3071, F.S.; revising provisions
12relating to the location of debtors; amending s.
13679.3111, F.S.; making editorial changes; amending s.
14679.3161, F.S.; providing rules that apply to certain
15collateral to which a security interest attaches;
16providing rules relating to certain financing
17statements; amending s. 679.3171, F.S.; revising
18provisions relating to interests that take priority
19over or take free of a security interest or
20agricultural lien; amending s. 679.326, F.S.; revising
21priority of security interests created by a new
22debtor; amending ss. 679.4061 and 679.4081, F.S.;
23revising application; amending s. 679.5021, F.S.;
24revising when a record of a mortgage satisfying the
25requirements of chapter 697 is effective as a filing
26statement; amending s. 679.5031, F.S.; revising when a
27financing statement sufficiently provides the name of
28the debtor; amending s. 679.5071, F.S.; revising the
29effect of certain events on the effectiveness of a
30financing statement; amending s. 679.515, F.S.;
31revising the duration and effectiveness of a financing
32statement; amending s. 679.516, F.S.; revising
33instances when filing does not occur with respect to a
34record that a filing office refuses to accept;
35amending s. 679.518, F.S.; revising requirements for
36claims concerning an inaccurate or wrongfully filed
37record; amending s. 679.607, F.S.; revising recording
38requirements for the enforcement of mortgages
39nonjudicially outside this state; creating part VIII
40of chapter 679, F.S., relating to transition from
41prior law under the chapter to law under the chapter
42as amended by this act; creating s. 679.801, F.S.;
43providing scope of application and limitations;
44creating s. 679.802, F.S.; providing that security
45interests perfected under prior law that also satisfy
46the requirements for perfection under this act remain
47effective; creating s. 679.803, F.S.; providing that
48security interests unperfected under prior law but
49that satisfy the requirements for perfection under
50this act will become effective July 1, 2013; creating
51s. 679.804, F.S.; providing when financing statements
52effective under prior law in a different jurisdiction
53remain effective; creating s. 679.805, F.S.; requiring
54the recording of a financing statement in lieu of a
55continuation statement under certain conditions;
56providing for the continuation of the effectiveness of
57a financing statement filed before the effective date
58of this act under certain conditions; creating s.
59679.806, F.S.; providing requirements for the
60amendment of financing statements filed before the
61effective date of this act; providing requirements for
62financing statements prior to amendment; creating s.
63679.807, F.S.; providing person entitled to file
64initial financing statement or continuation statement;
65creating s. 679.808, F.S.; providing priority of
66conflicting claims to collateral; amending s.
67680.1031, F.S.; conforming a cross-reference;
68providing an effective date.
69
70Be It Enacted by the Legislature of the State of Florida:
71
72     Section 1.  Paragraphs (ooo) through (aaaa) of subsection
73(1) of section 679.1021, Florida Statutes, are redesignated as
74paragraphs (ppp) through (bbbb), respectively, a new paragraph
75(ooo) is added to that subsection, and present paragraphs (g),
76(j), (xx), and (qqq) of subsection (1) of that section are
77amended to read:
78     679.1021  Definitions and index of definitions.-
79     (1)  In this chapter, the term:
80     (g)  "Authenticate" means:
81     1.  To sign; or
82     2.  To execute or otherwise adopt a symbol, or encrypt or
83similarly process a record in whole or in part, With the present
84intent of the authenticating person to identify the person and
85adopt or accept a record, to attach to or logically associate
86with the record an electronic sound, symbol, or process.
87     (j)  "Certificate of title" means a certificate of title
88with respect to which a statute provides for the security
89interest in question to be indicated on the certificate as a
90condition or result of the security interest's obtaining
91priority over the rights of a lien creditor with respect to the
92collateral. The term includes another record maintained as an
93alternative to a certificate of title by the governmental unit
94that issues certificates of title if a statute permits the
95security interest in question to be indicated on the record as a
96condition or result of the security interest's obtaining
97priority over the rights of a lien creditor with respect to the
98collateral.
99     (xx)  "Jurisdiction of organization," with respect to a
100registered organization, means the jurisdiction under whose law
101the organization is formed or organized.
102     (ooo)  "Public organic record" means a record that is
103available to the public for inspection and that is:
104     1.  A record consisting of the record initially filed with
105or issued by a state or the United States to form or organize an
106organization and any record filed with or issued by the state or
107the United States that amends or restates the initial record;
108     2.  An organic record of a business trust consisting of the
109record initially filed with a state and any record filed with
110the state that amends or restates the initial record, if a
111statute of the state governing business trusts requires that the
112record be filed with the state; or
113     3.  A record consisting of legislation enacted by the
114Legislature of a state or the Congress of the United States that
115forms or organizes an organization, any record amending the
116legislation, and any record filed with or issued by the state or
117the United States that amends or restates the name of the
118organization.
119     (rrr)(qqq)  "Registered organization" means an organization
120formed or organized solely under the law of a single state or
121the United States by the filing of a public organic record with,
122the issuance of a public organic record by, or the enactment of
123legislation by and as to which the state or the United States
124must maintain a public record showing the organization to have
125been organized. The term includes a business trust that is
126formed or organized under the law of a single state if a statute
127of the state governing business trusts requires that the
128business trust's organic record be filed with the state.
129     Section 2.  Section 679.1051, Florida Statutes, is amended
130to read:
131     679.1051  Control of electronic chattel paper.-
132     (1)  A secured party has control of electronic chattel
133paper if a system employed for evidencing the transfer of
134interests in the chattel paper reliably establishes the secured
135party as the person to which the chattel paper was assigned.
136     (2)  A system satisfies subsection (1), and a secured party
137has control of electronic chattel paper, if the record or
138records comprising the chattel paper are created, stored, and
139assigned in such a manner that:
140     (a)(1)  A single authoritative copy of the record or
141records exists which is unique, identifiable and, except as
142otherwise provided in paragraphs (d), (e), and (f) subsections
143(4), (5), and (6), unalterable;
144     (b)(2)  The authoritative copy identifies the secured party
145as the assignee of the record or records;
146     (c)(3)  The authoritative copy is communicated to and
147maintained by the secured party or its designated custodian;
148     (d)(4)  Copies or amendments revisions that add or change
149an identified assignee of the authoritative copy can be made
150only with the consent participation of the secured party;
151     (e)(5)  Each copy of the authoritative copy and any copy of
152a copy is readily identifiable as a copy that is not the
153authoritative copy; and
154     (f)(6)  Any amendment revision of the authoritative copy is
155readily identifiable as an authorized or unauthorized revision.
156     Section 3.  Subsection (6) of section 679.3071, Florida
157Statutes, is amended to read:
158     679.3071  Location of debtor.-
159     (6)  Except as otherwise provided in subsection (9), a
160registered organization that is organized under the law of the
161United States and a branch or agency of a bank that is not
162organized under the law of the United States or a state are
163located:
164     (a)  In the state that the law of the United States
165designates, if the law designates a state of location;
166     (b)  In the state that the registered organization, branch,
167or agency designates, if the law of the United States authorizes
168the registered organization, branch, or agency to designate its
169state of location, including by designating its main office,
170home office, or other comparable office; or
171     (c)  In the District of Columbia, if neither paragraph (a)
172nor paragraph (b) applies.
173     Section 4.  Paragraph (c) of subsection (1) of section
174679.3111, Florida Statutes, is amended to read:
175     679.3111  Perfection of security interests in property
176subject to certain statutes, regulations, and treaties.-
177     (1)  Except as otherwise provided in subsection (4), the
178filing of a financing statement is not necessary or effective to
179perfect a security interest in property subject to:
180     (c)  A certificate-of-title statute of another jurisdiction
181which provides for a security interest to be indicated on a the
182certificate of title as a condition or result of the security
183interest's obtaining priority over the rights of a lien creditor
184with respect to the property.
185     Section 5.  Subsections (8) and (9) are added to section
186679.3161, Florida Statutes, to read:
187     679.3161  Effect Continued perfection of security interest
188following change in governing law.-
189     (8)  The following rules apply to collateral to which a
190security interest attaches within 4 months after the debtor
191changes its location to another jurisdiction:
192     (a)  A financing statement filed before the change of the
193debtor's location pursuant to the law of the jurisdiction
194designated in s. 679.3011(1) or s. 679.3051(3) is effective to
195perfect a security interest in the collateral if the financing
196statement would have been effective to perfect a security
197interest in the collateral if the debtor had not changed its
198location.
199     (b)  If a security interest that is perfected by a
200financing statement that is effective under subsection (1)
201becomes perfected under the law of the other jurisdiction before
202the earlier of the time the financing statement would have
203become ineffective under the law of the jurisdiction designated
204in s. 679.3011(1) or s. 679.3051(3) or the expiration of the 4-
205month period, it remains perfected thereafter. If the security
206interest does not become perfected under the law of the other
207jurisdiction before the earlier time or event, it becomes
208unperfected and is deemed never to have been perfected as
209against a purchaser of the collateral for value.
210     (9)  If a financing statement naming an original debtor is
211filed pursuant to the law of the jurisdiction designated in s.
212679.3011(1) or s. 679.3051(3) and the new debtor is located in
213another jurisdiction, the following rules apply:
214     (a)  The financing statement is effective to perfect a
215security interest in collateral in which the new debtor has or
216acquires rights before or within 4 months after the new debtor
217becomes bound under s. 679.2031(4), if the financing statement
218would have been effective to perfect a security interest in the
219collateral if the collateral had been acquired by the original
220debtor.
221     (b)  A security interest that is perfected by the financing
222statement and that becomes perfected under the law of the other
223jurisdiction before the earlier of the expiration of the 4-month
224period or the time the financing statement would have become
225ineffective under the law of the jurisdiction designated in s.
226679.3011(1) or s. 679.3051(3) remains perfected thereafter. A
227security interest that is perfected by the financing statement
228but that does not become perfected under the law of the other
229jurisdiction before the earlier time or event becomes
230unperfected and is deemed never to have been perfected as
231against a purchaser of the collateral for value.
232     Section 6.  Subsections (2) and (4) of section 679.3171,
233Florida Statutes, are amended to read:
234     679.3171  Interests that take priority over or take free of
235security interest or agricultural lien.-
236     (2)  Except as otherwise provided in subsection (5), a
237buyer, other than a secured party, of tangible chattel paper,
238tangible documents, goods, instruments, or a certificated
239security certificate takes free of a security interest or
240agricultural lien if the buyer gives value and receives delivery
241of the collateral without knowledge of the security interest or
242agricultural lien and before it is perfected.
243     (4)  A licensee of a general intangible or a buyer, other
244than a secured party, of collateral accounts, electronic chattel
245paper, electronic documents, general intangibles, or investment
246property other than tangible chattel paper, tangible documents,
247goods, instruments, or a certificated security takes free of a
248security interest if the licensee or buyer gives value without
249knowledge of the security interest and before it is perfected.
250     Section 7.  Section 679.326, Florida Statutes, is amended
251to read:
252     679.326  Priority of security interests created by new
253debtor.-
254     (1)  Subject to subsection (2), a security interest that is
255created by a new debtor in collateral in which the new debtor
256has or acquires rights and which is perfected by a filed
257financing statement that would be ineffective to perfect the
258security interest but for the application of s. 679.508 or ss.
259679.508 and 679.3161(9)(a) is effective solely under s. 679.508
260in collateral in which a new debtor has or acquires rights is
261subordinate to a security interest in the same collateral which
262is perfected other than by such a filed financing statement that
263is effective solely under s. 679.508.
264     (2)  The other provisions of this part determine the
265priority among conflicting security interests in the same
266collateral perfected by filed financing statements described in
267subsection (1) that are effective solely under s. 679.508.
268However, if the security agreements to which a new debtor became
269bound as debtor were not entered into by the same original
270debtor, the conflicting security interests rank according to
271priority in time of the new debtor's having become bound.
272     Section 8.  Subsection (5) of section 679.4061, Florida
273Statutes, is amended to read:
274     679.4061  Discharge of account debtor; notification of
275assignment; identification and proof of assignment; restrictions
276on assignment of accounts, chattel paper, payment intangibles,
277and promissory notes ineffective.-
278     (5)  Subsection (4) does not apply to the sale of a payment
279intangible or promissory note, other than a sale pursuant to a
280disposition under s. 679.610 or an acceptance of collateral
281under s. 679.620.
282     Section 9.  Subsection (2) of section 679.4081, Florida
283Statutes, is amended to read:
284     679.4081  Restrictions on assignment of promissory notes,
285health-care-insurance receivables, and certain general
286intangibles ineffective.-
287     (2)  Subsection (1) applies to a security interest in a
288payment intangible or promissory note only if the security
289interest arises out of a sale of the payment intangible or
290promissory note, other than a sale pursuant to a disposition
291under s. 679.610 or an acceptance of collateral under s.
292679.620.
293     Section 10.  Subsection (3) of section 679.5021, Florida
294Statutes, is amended to read:
295     679.5021  Contents of financing statement; record of
296mortgage as financing statement; time of filing financing
297statement.-
298     (3)  A record of a mortgage satisfying the requirements of
299chapter 697 is effective, from the date of recording, as a
300financing statement filed as a fixture filing or as a financing
301statement covering as-extracted collateral or timber to be cut
302only if:
303     (a)  The record of a mortgage indicates the goods or
304accounts that it covers;
305     (b)  The goods are or are to become fixtures related to the
306real property described in the record of a mortgage or the
307collateral is related to the real property described in the
308mortgage and is as-extracted collateral or timber to be cut;
309     (c)  The record satisfies of a mortgage complies with the
310requirements for a financing statement in this section,
311although:
312     1.  The record need not indicate other than an indication
313that it is to be filed in the real property records; and
314     2.  The record sufficiently provides the name of a debtor
315who is an individual if it provides the individual name of the
316debtor or the surname and first personal name of the debtor,
317even if the debtor is an individual to whom s. 679.5031(1)(d) or
318(e) applies; and
319     (d)  The record of a mortgage is recorded as required by
320chapter 697.
321     Section 11.  Subsections (1) and (2) of section 679.5031,
322Florida Statutes, are amended, and subsections (6), (7), and (8)
323are added to that section, to read:
324     679.5031  Name of debtor and secured party.-
325     (1)  A financing statement sufficiently provides the name
326of the debtor:
327     (a)  Except as otherwise provided in paragraph (c), if the
328debtor is a registered organization or the collateral is held in
329a trust that is a registered organization, only if the financing
330statement provides the name that is stated to be the registered
331organization's name of the debtor indicated on the public
332organic record most recently filed with or issued or enacted by
333of the registered organization's debtor's jurisdiction of
334organization that purports to state, amend, or restate the
335registered organization's name which shows the debtor to have
336been organized;
337     (b)  Subject to subsection (6), if the collateral is being
338administered by the personal representative of a decedent debtor
339is a decedent's estate, only if the financing statement
340provides, as the name of the debtor, the name of the decedent
341and, in a separate part of the financing statement, indicates
342that the collateral is being administered by a personal
343representative debtor is an estate;
344     (c)  If the collateral debtor is held in a trust that is
345not a registered organization or a trustee acting with respect
346to property held in trust, only if the financing statement:
347     1.  Provides, as the name of the debtor:
348     a.  If the organic record of the trust specifies a name, if
349any, specified for the trust, the in its organic documents or,
350if no name so is specified; or
351     b.  If the organic record of the trust does not specify a
352name for the trust, provides the name of the settlor or testator
353and additional information sufficient to distinguish a debtor
354from other trusts having one or more of the same settlors; and
355     2.  In a separate part of the financing statement:
356     a.  If the name is provided in accordance with sub-
357subparagraph 1.a., indicates, in the debtor's name or otherwise,
358that the collateral debtor is held in a trust or is a trustee
359acting with respect to property held in trust; or
360     b.  If the name is provided in accordance with sub-
361subparagraph 1.b., provides additional information sufficient to
362distinguish the trust from other trusts having one or more of
363the same settlors or the same testator and indicates that the
364collateral is held in a trust, unless the additional information
365so indicates;
366     (d)  Subject to subsection (7), if the debtor is an
367individual to whom this state has issued a driver license that
368has not expired or to whom the agency of this state that issues
369driver licenses has issued, in lieu of a driver license, a
370personal identification card that has not expired, only if the
371financing statement provides the name of the individual that is
372indicated on the driver license or personal identification card;
373     (e)  If the debtor is an individual to whom paragraph (d)
374does not apply, only if the financing statement provides the
375individual name of the debtor or the surname and first personal
376name of the debtor; and
377     (f)(d)  In other cases:
378     1.  If the debtor has a name, only if it provides the
379individual or organizational name of the debtor; and
380     2.  If the debtor does not have a name, only if it provides
381the names of the partners, members, associates, or other persons
382comprising the debtor, in a manner that each name provided would
383be sufficient if the person named were the debtor.
384     (2)  A financing statement that provides the name of the
385debtor in accordance with subsection (1) is not rendered
386ineffective by the absence of:
387     (a)  A trade name or other name of the debtor; or
388     (b)  Unless required under subparagraph (1)(f)2. (1)(d)2.,
389names of partners, members, associates, or other persons
390comprising the debtor.
391     (6)  The name of the decedent indicated on the order
392appointing the personal representative of the decedent issued by
393the court having jurisdiction over the collateral is sufficient
394as the name of the decedent under paragraph (1)(b).
395     (7)  If this state has issued to an individual more than
396one driver license or, if none, more than one identification
397card, of a kind described in paragraph (1)(d), the driver
398license or identification card, as applicable, that was issued
399most recently is the one to which paragraph (1)(d) refers.
400     (8)  As used in this section, the term "name of the settlor
401or testator" means:
402     (a)  If the settlor is a registered organization, the name
403of the registered organization indicated on the public organic
404record filed with or issued or enacted by the registered
405organization's jurisdiction of organization; or
406     (b)  In other cases, the name of the settlor or testator
407indicated in the trust's organic record.
408     Section 12.  Subsection (3) of section 679.5071, Florida
409Statutes, is amended to read:
410     679.5071  Effect of certain events on effectiveness of
411financing statement.-
412     (3)  If the a debtor so changes its name that a filed
413financing statement provides for a debtor becomes insufficient
414as the name of the debtor under s. 679.5031(1) so that the
415financing statement becomes seriously misleading under the
416standard set forth in s. 679.5061:
417     (a)  The financing statement is effective to perfect a
418security interest in collateral acquired by the debtor before,
419or within 4 months after, the filed financing statement becomes
420seriously misleading change; and
421     (b)  The financing statement is not effective to perfect a
422security interest in collateral acquired by the debtor more than
4234 months after the filed financing statement becomes seriously
424misleading change, unless an amendment to the financing
425statement which renders the financing statement not seriously
426misleading is filed within 4 months after that event the change.
427     Section 13.  Subsection (6) of section 679.515, Florida
428Statutes, is amended to read:
429     679.515  Duration and effectiveness of financing statement;
430effect of lapsed financing statement.-
431     (6)  If a debtor is a transmitting utility and a filed
432initial financing statement so indicates, the financing
433statement is effective until a termination statement is filed.
434     Section 14.  Subsection (2) of section 679.516, Florida
435Statutes, is amended to read:
436     679.516  What constitutes filing; effectiveness of filing.-
437     (2)  Filing does not occur with respect to a record that a
438filing office refuses to accept because:
439     (a)  The record is not communicated by a method or medium
440of communication authorized by the filing office;
441     (b)  An amount equal to or greater than the applicable
442processing fee is not tendered;
443     (c)  The filing office is unable to index the record
444because:
445     1.  In the case of an initial financing statement, the
446record does not provide an organization's name or, if an
447individual, the individual's last name and first name;
448     2.  In the case of an amendment or information correction
449statement, the record:
450     a.  Does not correctly identify the initial financing
451statement as required by s. 679.512 or s. 679.518, as
452applicable; or
453     b.  Identifies an initial financing statement the
454effectiveness of which has lapsed under s. 679.515;
455     3.  In the case of an initial financing statement that
456provides the name of a debtor identified as an individual or an
457amendment that provides a name of a debtor identified as an
458individual which was not previously provided in the financing
459statement to which the record relates, the record does not
460identify the debtor's surname last name and first name; or
461     4.  In the case of a record filed or recorded in the filing
462office described in s. 679.5011(1)(a), the record does not
463provide a sufficient description of the real property to which
464it relates;
465     (d)  In the case of an initial financing statement or an
466amendment that adds a secured party of record, the record does
467not provide an organization's name or, if an individual, the
468individual's last name and first name and mailing address for
469the secured party of record;
470     (e)  In the case of an initial financing statement or an
471amendment that provides a name of a debtor which was not
472previously provided in the financing statement to which the
473amendment relates, the record does not:
474     1.  Provide a mailing address for the debtor;
475     2.  Indicate whether the debtor is an individual or an
476organization; or
477     3.  If the financing statement indicates that the debtor is
478an organization, provide:
479     a.  A type of organization for the debtor;
480     b.  A jurisdiction of organization for the debtor; or
481     c.  An organizational identification number for the debtor
482or indicate that the debtor has none;
483     (f)  In the case of an assignment reflected in an initial
484financing statement under s. 679.514(1) or an amendment filed
485under s. 679.514(2), the record does not provide an
486organization's name or, if an individual, the individual's last
487name and first name and mailing address for the assignee;
488     (g)  In the case of a continuation statement, the record is
489not filed within the 6-month period prescribed by s. 679.515(4);
490     (h)  In the case of an initial financing statement or an
491amendment, which amendment requires the inclusion of a
492collateral statement but the record does not provide any, the
493record does not provide a statement of collateral; or
494     (i)  The record does not include the notation required by
495s. 201.22 indicating that the excise tax required by chapter 201
496had been paid or is not required.
497     Section 15.  Section 679.518, Florida Statutes, is amended
498to read:
499     679.518  Claim concerning inaccurate or wrongfully filed
500record.-
501     (1)  A person may file in the filing office an information
502a correction statement with respect to a record indexed there
503under the person's name if the person believes that the record
504is inaccurate or was wrongfully filed.
505     (2)  An information A correction statement must:
506     (a)  Identify the record to which it relates by the file
507number assigned to the initial financing statement, the debtor,
508and the secured party of record to which the record relates;
509     (b)  Indicate that it is an information a correction
510statement; and
511     (c)  Provide the basis for the person's belief that the
512record is inaccurate and indicate the manner in which the person
513believes the record should be amended to cure any inaccuracy or
514provide the basis for the person's belief that the record was
515wrongfully filed.
516     (3)  The filing of an information a correction statement
517does not affect the effectiveness of an initial financing
518statement or other filed record.
519     (4)  A person may file in the filing office an information
520statement with respect to a record filed there if the person is
521a secured party of record with respect to the financing
522statement to which the record relates and believes that the
523person that filed the record was not entitled to do so under s.
524679.509(3).
525     (5)  An information statement under subsection (4) must:
526     (a)  Identify the record to which it relates by file number
527assigned to the initial financing statement to which the record
528relates;
529     (b)  Indicate that it is an information statement; and
530     (c)  Provide the basis for the person's belief that the
531record is inaccurate and indicate the manner in which the person
532believes the record should be amended to cure any inaccuracy or
533provide the basis for the person's belief that the record was
534wrongfully filed.
535     Section 16.  Subsection (2) of section 679.607, Florida
536Statutes, is amended to read:
537     679.607  Collection and enforcement by secured party.-
538     (2)  If necessary to enable a secured party to exercise
539under paragraph (1)(c) the right of a debtor to enforce a
540mortgage nonjudicially outside this state, the secured party may
541record in the office in which a record of the mortgage is
542recorded:
543     (a)  A copy of the security agreement that creates or
544provides for a security interest in the obligation secured by
545the mortgage; and
546     (b)  The secured party's sworn affidavit in recordable form
547stating that:
548     1.  A default has occurred with respect to the obligation
549secured by the mortgage; and
550     2.  The secured party is entitled to enforce the mortgage
551nonjudicially outside this state.
552     Section 17.  Part VIII of chapter 679, Florida Statutes,
553consisting of sections 679.801, 679.802, 679.803, 679.804,
554679.805, 679.806, 679.807, and 679.808, Florida Statutes, is
555created to read:
556     679.801  Saving clause.-
557     (1)  Except as otherwise provided in this part, this part
558applies to a transaction or lien within its scope, even if the
559transaction or lien was entered into or created before July 1,
5602013.
561     (2)  The amendments to this chapter by this act do not
562affect an action, case, or proceeding commenced before July 1,
5632013.
564     679.802  Security interest perfected before effective
565date.-
566     (1)  A security interest that is a perfected security
567interest immediately before July 1, 2013, is a perfected
568security interest under this chapter, as amended by this act, on
569July 1, 2013, if the applicable requirements for attachment and
570perfection under this chapter, as amended by this act, are
571satisfied without further action.
572     (2)  Except as otherwise provided in s. 679.804, if a
573security interest is a perfected security interest immediately
574before July 1, 2013, but the applicable requirements for
575perfection under this chapter, as amended by this act, are not
576satisfied on July 1, 2013, the security interest remains
577perfected thereafter only if the applicable requirements for
578perfection under this chapter, as amended by this act, are
579satisfied no later than July 1, 2014.
580     679.803  Security interest unperfected before effective
581date.-A security interest that is an unperfected security
582interest immediately before July 1, 2013, becomes a perfected
583security interest:
584     (1)  Without further action, on July 1, 2013, if the
585applicable requirements for perfection under this chapter, as
586amended by this act, are satisfied before or at that time; or
587     (2)  When the applicable requirements for perfection are
588satisfied if the requirements are satisfied after that time.
589     679.804  Effectiveness of action taken before effective
590date.-
591     (1)  The filing of a financing statement before July 1,
5922013, is effective to perfect a security interest to the extent
593the filing would satisfy the applicable requirements for
594perfection under this chapter, as amended by this act.
595     (2)  The amendments to this chapter by this act do not
596render ineffective an effective financing statement that was
597filed before July 1, 2013, and satisfies the applicable
598requirements for perfection under the law of the jurisdiction
599governing perfection as provided in this chapter as it existed
600before July 1, 2013. However, except as otherwise provided in
601subsections (3) and (4) and s. 679.805, the financing statement
602ceases to be effective:
603     (a)  If the financing statement is filed in this state, at
604the time the financing statement would have ceased to be
605effective had this act not taken effect; or
606     (b)  If the financing statement is filed in another
607jurisdiction, at the earlier of:
608     1.  The time the financing statement would have ceased to
609be effective under the law of that jurisdiction; or
610     2.  By June 30, 2018.
611     (3)  The filing of a continuation statement on or after
612July 1, 2013, does not continue the effectiveness of the
613financing statement filed before July 1, 2013. However, on the
614timely filing of a continuation statement on or after July 1,
6152013, and in accordance with the law of the jurisdiction
616governing perfection as provided in this chapter, as amended by
617this act, the effectiveness of a financing statement filed in
618the same office in that jurisdiction before July 1, 2013,
619continues for the period provided by the law of that
620jurisdiction.
621     (4)  Subparagraph (2)(b)2., applies to a financing
622statement that was filed before July 1, 2013, against a
623transmitting utility and satisfies the applicable requirements
624for perfection under the law of the jurisdiction governing
625perfection as provided in this chapter as it existed before July
6261, 2013, only to the extent that this chapter, as amended by
627this act, provides that the law of a jurisdiction other than the
628jurisdiction in which the financing statement is filed governs
629perfection of a security interest in collateral covered by the
630financing statement.
631     (5)  A financing statement that includes a financing
632statement filed before July 1, 2013, or a continuation statement
633filed on or after July 1, 2013, is effective only to the extent
634that it satisfies the requirements of part V, as amended by this
635act, for an initial financing statement. A financing statement
636that indicates that the debtor is a decedent's estate indicates
637that the collateral is being administered by a personal
638representative within the meaning of s. 679.5031(1)(b), as
639amended by this act. A financing statement that indicates that
640the debtor is a trust or is a trustee acting with respect to
641property held in trust indicates that the collateral is held in
642a trust within the meaning of s. 679.5031(1)(c), as amended by
643this act.
644     679.805  When initial financing statement suffices to
645continue effectiveness of financing statement.-
646     (1)  The filing of an initial financing statement in the
647office specified in s. 679.5011 continues the effectiveness of a
648financing statement filed before July 1, 2013, if:
649     (a)  The filing of an initial financing statement in that
650office would be effective to perfect a security interest under
651this chapter, as amended by this act;
652     (b)  The financing statement filed before July 1, 2013, was
653filed in an office in another state; and
654     (c)  The initial financing statement satisfies subsection
655(3).
656     (2)  The filing of an initial financing statement under
657subsection (1) continues the effectiveness of the financing
658statement filed before July 1, 2013, if:
659     (a)  The initial financing statement is filed before July
6601, 2013, for the period provided in s. 679.515, as it existed
661before its amendment by this act, with respect to an initial
662financing statement; and
663     (b)  The initial financing statement is filed on or after
664July 1, 2013,, for the period provided in s. 679.515, as amended
665by this act, with respect to an initial financing statement.
666     (3)  To be effective for purposes of subsection (1), an
667initial financing statement must:
668     (a)  Satisfy the requirements of part IV, as amended by
669this act, for an initial financing statement;
670     (b)  Identify the financing statement filed before July 1,
6712013, by indicating the office in which the financing statement
672was filed and providing the dates of filing and file numbers, if
673any, of the financing statement and of the most recent
674continuation statement filed with respect to the financing
675statement; and
676     (c)  Indicate that the financing statement filed before
677July 1, 2013, remains effective.
678     679.806  Amendment of financing statement filed before July
6791, 2013.-
680     (1)  After the 2013 amendments take effect, a person may
681add or delete collateral covered by, continue or terminate the
682effectiveness of, or otherwise amend the information provided
683in, a pre-effective date financing statement only in accordance
684with the law of the jurisdiction governing perfection as
685provided in this chapter, as amended by this act. However, the
686effectiveness of a pre-effective date financing statement also
687may be terminated in accordance with the law of the jurisdiction
688in which the financing statement is filed.
689     (2)  Except as otherwise provided in subsection (3), if the
690law of this state governs perfection of a security interest, the
691information in a financing statement filed before July 1, 2013,
692may be amended after July 1, 2013, only if:
693     (a)  The financing statement filed before July 1, 2013, and
694an amendment are filed in the office specified in s. 679.5011;
695     (b)  An amendment is filed in the office specified in s.
696679.5011 concurrently with, or after the filing in that office
697of, an initial financing statement that satisfies s. 679.805(3);
698or
699     (c)  an initial financing statement that provides the
700information as amended and satisfies s. 679.805(3) is filed in
701the office specified in s. 679.5011.
702     (3)  If the law of this state governs perfection of a
703security interest, the effectiveness of a pre-effective-date
704financing statement may be continued only under s. 679.804(3)
705and (5) or s. 679.805.
706     (4)  Whether or not the law of this state governs
707perfection of a security interest, the effectiveness of a pre-
708effective date financing statement filed in this state may be
709terminated after the 2013 amendments take effect by filing a
710termination statement in the office in which the pre-effective
711date financing statement is filed, unless an initial financing
712statement that satisfies s. 679.805(3) has been filed in the
713office specified by the law of the jurisdiction governing
714perfection as provided in this chapter, as amended by this act,
715as the office in which to file a financing statement.
716     679.807  Person entitled to file initial financing
717statement or continuation statement.-A person may file an
718initial financing statement or a continuation statement under
719this part if:
720     (1)  The secured party of record authorizes the filing; and
721     (2)  The filing is necessary under this part:
722     (a)  To continue the effectiveness of a financing statement
723filed before July 1, 2013; or
724     (b)  To perfect or continue the perfection of a security
725interest.
726     679.808  Priority.-This part and the amendments to this
727chapter by this act determine the priority of conflicting claims
728to collateral. However, if the relative priorities of the claims
729were established before July 1, 2013, this chapter as it existed
730before July 1, 2013, determines priority.
731     Section 18.  Paragraph (m) of subsection (3) of section
732680.1031, Florida Statutes, is amended to read:
733     680.1031  Definitions and index of definitions.-
734     (3)  The following definitions in other chapters of this
735code apply to this chapter:
736     (m)  "Pursuant to a commitment," s. 679.1021(1)(ppp)
737679.1021(1)(ooo).
738     Section 19.  This act shall take effect July 1, 2013.


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