House Bill 212 Summary

• Repeals and reenacts 14 existing sections of the Uniform Commercial Code relating to secured transactions, effective July 1, 2013

• Adds 9 new sections (400.9-801 through 400.9-809) establishing transition rules for secured transactions, including provisions addressing how security interests perfected before the law takes effect remain effective

• Modifies definitions and requirements for financing statements, including changes to how debtors must be named in statements, particularly for registered organizations, trusts, decedents' estates, and individuals with driver's licenses

• Revises rules for security interest perfection, debtor location, and the effectiveness of financing statements, including updates to how certificate of title requirements and fixture filings are handled

• Updates provisions governing assignment of accounts and payment intangibles, including restrictions on anti-assignment clauses and modifications to health-care-insurance receivable rules