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ID S1307
Bill
Status
3/27/2012
Primary Sponsor
Commerce and Human Resources Committee
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AI Summary
Senate Bill 1307 Summary
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Comprehensively amends Idaho's secured transactions law (Chapter 9, Title 28) to align with the 2010 amendments to the Uniform Commercial Code, effective July 1, 2013.
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Revises definitions and requirements for financing statements, including changes to debtor name sufficiency rules, control of electronic chattel paper, and filing office duties and procedures.
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Modifies rules governing security interest perfection and priority, including provisions for changes in governing law, new debtors, and when parties take free of security interests.
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Updates provisions restricting assignments of accounts, chattel paper, payment intangibles, promissory notes, and general intangibles to clarify when contractual restrictions are ineffective.
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Establishes transition provisions for existing security interests and financing statements filed before the effective date, allowing one year for compliance with new requirements.
Legislative Description
Amends and adds to existing law relating to secured transactions to revise definitions, to define terms; to revise control of electronic chattel paper; to revise the location of certain registered organizations, to revise an exception to a financing statement and filing requirement; to provide for the effect on a filed financing statement of change in governing law; to revise terminology, to revise when certain persons take free of a security interest in certain collateral; to revise when a security interest created by a new debtor is subordinated and to revise an exception; to revise the application of certain terms restricting certain assignments; to revise the application of certain terms restricting certain assignments; and revising and adding to other laws relating to secured transactions.
SECURED TRANSACTIONS
Last Action
Governor signed Session Law Chapter 145 Effective: 07/01/13
3/27/2012