SB 1090 Summary

• Revises Florida's Uniform Commercial Code Article 9 to conform to the 2010 revised model UCC, updating definitions including "authenticate," "certificate of title," "registered organization," and adding "public organic record."

• Modifies provisions governing secured transactions, including control of electronic chattel paper, debtor location rules, financing statement requirements, and priority of security interests created by new debtors.

• Establishes new naming requirements for financing statements covering debtors who are individuals, decedents' estates, trusts, and registered organizations, with specific standards based on driver licenses and organic records.

• Creates transition provisions (Part VIII, sections 679.801-679.808) allowing security interests perfected under prior law to remain effective if they meet new requirements by July 1, 2014, and establishing rules for filing continuation statements under the amended law.

• Effective date: July 1, 2013.