MO HB1153

Repeals and replaces Section 400.9-311, RSMo, to clarify when filing of a financing statement is not necessary to perfect a security interest in property.

Specifies that financing statement filing is not required for property subject to federal statutes, regulations, or treaties that preempt standard filing requirements, or for vehicles and equipment covered by certificate-of-title statutes.

Establishes that compliance with federal requirements or certificate-of-title statutes is equivalent to filing a financing statement and perfects security interests that remain valid despite changes in collateral use or possession.

States that duration and renewal of perfected security interests are governed by the applicable statute, regulation, or treaty, with security interests otherwise subject to Article 9 of the Uniform Commercial Code.

Excludes inventory held for sale or lease from the provisions of this section when the person holding the security interest is in the business of selling or leasing such goods.