SB 766 Summary

• Amends Missouri's Uniform Commercial Code Article 9 to update definitions and rules governing secured transactions in personal property and agricultural liens

• Modifies requirements for perfecting security interests in collateral, including changes to financing statement naming requirements for debtors (individuals, organizations, trusts, and decedents' estates)

• Changes electronic chattel paper control standards to require "consent" instead of "participation" for amendments to authoritative copies and updates terminology regarding authorized versus unauthorized amendments

• Updates transition provisions for financing statements filed before the act's effective date (August 28, 2013) and extends the deadline for continuing pre-existing financing statements to August 27, 2018

• Revises Article 2A definitions related to leases to cross-reference amended Article 9 provisions and update the reference citation for "pursuant to commitment"