MO HB1376

Repeals and replaces thirteen sections of Missouri's Uniform Commercial Code Article 9 relating to secured transactions, effective August 28, 2013.

Modifies definitions and requirements for financing statements, including rules for naming debtors (individuals, organizations, trusts, and decedents' estates) and provisions for electronic chattel paper control.

Updates provisions governing priority of security interests, including rules for purchase-money security interests that must be filed within twenty days of debtor receiving collateral.

Establishes transition rules for financing statements filed before the effective date, allowing them to remain effective under prior law or continue effectiveness through new filings under amended requirements.

Clarifies secured party rights to collect on obligations, enforce mortgages nonjudicially, and apply deposit account balances, with requirements for commercial reasonableness in collection efforts.