HB 515: Uniform Commercial Code
GENERAL BILL by Gentry
Uniform Commercial Code; Specifies when purchaser of controllable account or controllable payment intangible is qualifying purchaser; specifies rights acquired relating to controllable electronic records; prohibits actions from being asserted against qualifying purchasers; specifies that filing certain financial statement is not notice of claim of property right in controllable electronic record; authorizes account debtors on controllable account or controllable payment intangible to discharge obligations.
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Bill History
Date Chamber Action 2/10/2025 House • Filed
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HB 515, Original Filed Version (Current Bill Version) Posted 2/10/2025 at 3:29 PM
Bill Text: PDF Analyses: None Citations - Statutes (152)
Citation Catchline Location in Bill Location In Bill Help 55.205 Effect of judgment lien. Page 153 (pdf) 90.953 Admissibility of duplicates. Page 162 (pdf) 319.27 Notice of lien on motor vehicles or mobile homes; notation on certificate; recording of lien. Page 153 (pdf) 328.0015 Definitions. Page 156 (pdf) 517.061 Exempt transactions. Page 157 (pdf) 559.9232 Definitions; exclusion of rental-purchase agreements from certain regulations. Page 157 (pdf) 563.022 Relations between beer distributors and manufacturers. Page 158 (pdf) 655.55 Law applicable to deposits in and contracts relating to extensions of credit by a deposit or lending institution located in this state. Page 159 (pdf) 668.50 Uniform Electronic Transaction Act. Page 158 (pdf) 669.101 Page 14 (pdf) 669.102 Page 14 (pdf) 669.103 Page 16 (pdf) 669.104 Page 16 (pdf) 669.105 Page 18 (pdf) 669.106 Page 20 (pdf) 669.107 Page 23 (pdf) 669.501 Page 26 (pdf) 669.502 Page 26 (pdf) 669.601 Page 27 (pdf) 669.701 Page 27 (pdf) 669.702 Page 28 (pdf) 669.703 Page 29 (pdf) 669.704 Page 30 (pdf) 669.705 Page 31 (pdf) 669.706 Page 31 (pdf) 670.103 Payment order: definitions. Page 32 (pdf) 670.201 Security procedure. Page 33 (pdf) 670.202 Authorized and verified payment orders. Page 33 (pdf) 670.203 Unenforceability of certain verified payment orders. Page 35 (pdf) 670.207 Misdescription of beneficiary. Page 36 (pdf) 670.208 Misdescription of intermediary bank or beneficiary’s bank. Page 36 (pdf) 670.21 Rejection of payment order. Page 37 (pdf) 670.211 Cancellation and amendment of payment order. Page 38 (pdf) 670.305 Liability for late or improper execution or failure to execute payment order. Page 38 (pdf) 670.601 Page 39 (pdf) 671.101 Short title; scope of chapter. Page 40 (pdf) 671.105 Territorial application of the code; parties’ power to choose applicable law. Page 40 (pdf) 671.107 Waiver or renunciation of claim or right after breach. Page 40 (pdf) 671.201 General definitions. Page 41 (pdf) 671.211 Value. Page 45 (pdf) 671.401 Page 46 (pdf) 672.102 Scope; certain security and other transactions excluded from this chapter. Page 46 (pdf) 672.103 Definitions and index of definitions. Page 170 (pdf) 672.106 Definitions: “contract”; “agreement”; “contract for sale”; “sale”; “present sale”; “conforming” to contract; “termination”; “cancellation.” Page 47 (pdf) 672.201 Formal requirements; statute of frauds. Page 49 (pdf) 672.202 Final written expression; parol or extrinsic evidence. Page 49 (pdf) 672.203 Seals inoperative. Page 50 (pdf) 672.205 Firm offers. Page 50 (pdf) 672.209 Modification, rescission, and waiver. Page 51 (pdf) 672.801 Page 51 (pdf) 673.1031 Definitions. Page 164 (pdf) 673.1041 Negotiable instrument. Page 52 (pdf) 673.1051 Issue of instrument. Page 53 (pdf) 673.1061 Unconditional promise or order. Page 162 (pdf) 673.1151 Incomplete instrument. Page 164 (pdf) 673.4011 Signature. Page 53 (pdf) 673.6041 Discharge by cancellation or renunciation. Page 54 (pdf) 673.6051 Discharge of indorsers and accommodation parties. Page 166 (pdf) 673.702 Page 55 (pdf) 674.104 Definitions and index of definitions. Page 170 (pdf) 674.2101 Security interest of collecting bank in items, accompanying documents, and proceeds. Page 167 (pdf) 675.103 Definitions. Page 167 (pdf) 675.104 Formal requirements. Page 55 (pdf) 675.116 Choice of law and forum. Page 55 (pdf) 675.1181 Security interest of issuer or nominated person. Page 168 (pdf) 675.119 Page 57 (pdf) 677.102 Definitions and index of definitions. Page 58 (pdf) 677.106 Control of electronic document of title. Page 58 (pdf) 677.701 Page 61 (pdf) 678.1021 Definitions. Page 62 (pdf) 678.1031 Rules for determining whether certain obligations and interests are securities or financial assets. Page 64 (pdf) 678.1061 Control. Page 64 (pdf) 678.1101 Applicability; choice of law. Page 65 (pdf) 678.3031 Protected purchaser. Page 65 (pdf) 678.5101 Rights of purchaser of security entitlement from entitlement holder. Page 171 (pdf) 678.601 Page 66 (pdf) 679.1021 Definitions and index of definitions. Page 66 (pdf) 679.1041 Control of deposit account. Page 74 (pdf) 679.1051 Control of electronic chattel paper. Page 75 (pdf) 679.1052 Page 79 (pdf) 679.1053 Page 81 (pdf) 679.1054 Page 82 (pdf) 679.1061 Control of investment property. Page 162 (pdf), Page 172 (pdf) 679.1091 Scope. Page 175 (pdf) 679.1101 Security interests arising under chapter 672 or chapter 680. Page 169 (pdf) 679.2031 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. Page 82 (pdf) 679.2041 After-acquired property; future advances. Page 84 (pdf) 679.2071 Rights and duties of secured party having possession or control of collateral. Page 85 (pdf) 679.2081 Additional duties of secured party having control of collateral. Page 85 (pdf) 679.209 Duties of secured party if account debtor has been notified of assignment. Page 89 (pdf) 679.210 Request for accounting; request regarding list of collateral or statement of account. Page 89 (pdf) 679.3011 Law governing perfection and priority of security interests. Page 93 (pdf) 679.3041 Law governing perfection and priority of security interests in deposit accounts. Page 94 (pdf) 679.3051 Law governing perfection and priority of security interests in investment property. Page 95 (pdf) 679.3061 Law governing perfection and priority of security interests in letter-of-credit rights. Page 166 (pdf) 679.3062 Page 95 (pdf) 679.3063 Page 97 (pdf) 679.3101 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. Page 98 (pdf) 679.3121 Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or Page 99 (pdf) 679.3131 When possession by or delivery to secured party perfects security interest without filing. Page 102 (pdf) 679.3141 Perfection by control. Page 103 (pdf) 679.3152 Page 104 (pdf) 679.3161 Continued perfection of security interest following change in governing law. Page 105 (pdf) 679.3171 Interests that take priority over or take free of security interest or agricultural lien. Page 106 (pdf) 679.320 Buyer of goods. Page 179 (pdf) 679.323 Future advances. Page 108 (pdf) 679.324 Priority of purchase-money security interests. Page 110 (pdf) 679.3251 Page 111 (pdf) 679.327 Priority of security interests in deposit account. Page 174 (pdf) 679.328 Priority of security interests in investment property. Page 173 (pdf) 679.329 Priority of security interests in letter-of-credit right. Page 178 (pdf) 679.330 Priority of purchaser of chattel paper or instrument. Page 112 (pdf) 679.331 Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under chapter 678. Page 113 (pdf) 679.332 Transfer of money; transfer of funds from deposit account. Page 114 (pdf) 679.341 Bank’s rights and duties with respect to deposit account. Page 115 (pdf) 679.4041 Rights acquired by assignee; claims and defenses against assignee. Page 115 (pdf) 679.4061 Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. Page 116 (pdf) 679.4081 Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. Page 119 (pdf) 679.509 Persons entitled to file a record. Page 119 (pdf) 679.513 Termination statement. Page 120 (pdf) 679.601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. Page 121 (pdf) 679.602 Waiver and variance of rights and duties. Page 178 (pdf) 679.604 Procedure if security agreement covers real property or fixtures. Page 122 (pdf) 679.605 Unknown debtor or secondary obligor. Page 122 (pdf) 679.608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. Page 123 (pdf) 679.611 Notification before disposition of collateral. Page 126 (pdf) 679.613 Contents and form of notification before disposition of collateral; general. Page 129 (pdf) 679.614 Contents and form of notification before disposition of collateral; consumer-goods transaction. Page 131 (pdf) 679.615 Application of proceeds of disposition; liability for deficiency and right to surplus. Page 135 (pdf) 679.616 Explanation of calculation of surplus or deficiency. Page 136 (pdf) 679.619 Transfer of record or legal title. Page 138 (pdf) 679.620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. Page 139 (pdf) 679.621 Notification of proposal to accept collateral. Page 141 (pdf) 679.624 Waiver. Page 142 (pdf) 679.625 Remedies for failure to comply with article. Page 143 (pdf) 679.626 Action in which deficiency or surplus is in issue. Page 180 (pdf) 679.628 Nonliability and limitation on liability of secured party; liability of secondary obligor. Page 145 (pdf) 679.709 Priority. Page 177 (pdf) 679.901 Page 147 (pdf) 679.902 Page 147 (pdf) 680.1021 Scope. Page 147 (pdf) 680.1031 Definitions and index of definitions. Page 148 (pdf) 680.1071 Waiver or renunciation of claim or right after default. Page 149 (pdf) 680.201 Statute of frauds. Page 149 (pdf) 680.202 Final written expression: parol or extrinsic evidence. Page 151 (pdf) 680.203 Seals inoperative. Page 151 (pdf) 680.205 Firm offers. Page 151 (pdf) 680.208 Modification, rescission, and waiver. Page 152 (pdf) 680.307 Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. Page 180 (pdf) 680.601 Page 152 (pdf) 685.101 Choice of law. Page 161 (pdf) 727.109 Power of the court. Page 179 (pdf)