00RS SB11


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SB 11 (BR 810) - D. Karem

     AN ACT providing for the adoption of revised articles of the Uniform Commercial Code and making changes incidental thereto.
     Repeal and reenact various sections to Articles 5 and 9 of KRS Chapter 355, and create additional new sections to effect an omnibus revision of Article 5, letters of credit, and Article 9, secured transactions, of the Uniform Commercial Code, encompassing amendments to the uniform language of the code adopted by the Editorial Board of the American Law Institute and the National Conference of Commissioners on Uniform State Laws; amend 64.012, 186.045, 186A.195, 186A.200, 355.1-105, 355.1-201, 355.2-103, 355.2-210, 355.2-326, 355.2-502, 355.2-512, 355.2-716, 355.2A-103, 355.2A-303, 355.2A-307, 355.2-309, 355.4-210, 355.7-503, 355.8-103, 355.8-106, 355.8-110, 355.8-301, 355.8-302, and 355.8-510 to conform; repeal KRS 355.9-112, 355.9-113, 355.9-114, 355.9-115, 355.9-116, and 355.9-401A; EFFECTIVE July 1, 2001.


     SCA (1, G. Neal) - Make technical corrections.
     SFA (2, A. Kerr) - Incorporate technical and corrective amendments to the official text from the National Conference of Commissioners on Uniform State Laws and the American Law Institute issued subsequent to the preparation of the bill; preserve the substance of the current KRS 355.9-109(3)(b) by adding "equine interests" into the revised Article 9 definition of "farm products;" preserve the substance of the current KRS 355.9-307(6) relating to the ability of recognized horse sale auctions to sell horses and interests in horses clear of liens; create a new section of KRS Chapter 413 to preserve the current KRS 355.9-319 relating to the availability of remedies for parties holding liens and security interests in equine interests; exempt certain statutes involving the Department of Insurance from the application of specific provisions of revised Article 9; establish transition provisions from the current local filing of financing statements with the county clerks to the new centralized filing with the Secretary of State, including distribution of filing fees from the revised Article 9, record retention requirements, and eventual searching and optional electronic filing at county clerks' offices.
     HCS - Make technical corrections; amend proposed KRS 355.9-710 to delete fee splitting between Secretary of State and county clerks; further amend KRS 64.012 to provide for a $12 fee for the county clerk for noting a security interest on a certificate of title under KRS Chapter 186A; add a section to amend KRS 186A.190 to provide for expiration of notations for undischarged security interests after specified periods, if not extended by a continuation statement, and to make a conforming amendment to preserve material not retained in revised Article 9, and to transfer fee language to KRS 64.012's listing of fees; amend KRS 142.010 to transfer material being deleted by amendment from KRS 186A.190(7); add sections making conforming amendments to existing KRS 6.787, 186A.193, 382.200, and 425.011, and further amend KRS 186.045 to make conforming amendments; add KRS 186A.196, 186A.197, 355.11-102, 355.11-103, 355.11-104, 355.11-105, 355.11-106, 355.11-107, and 355.11-108; provide by noncodified section for retroactive application of expiration of notations on certificates of title.
     HFA (1, S. Cave) - Amend to reduce fee from $12 to $7.50.
     HFA (2/P, S. Westrom) - Attach provisions of HB 67.
     HFA (3/Title, S. Westrom) - Make title amendment.

     (Prefiled by the sponsor(s))

     Jan 4-introduced in Senate; to Judiciary (S)
     Feb 2-reported favorably, 1st reading, to Calendar with committee amendment (1)
     Feb 3-2nd reading, to Rules
     Feb 8-posted for passage in the Regular Orders of the Day for Thursday, February 10, 2000; floor amendment (2) filed
     Feb 10-passed over and retained in the Orders of the Day
     Feb 15-3rd reading, passed 36-0 with committee amendment (1), floor amendment (2)
     Feb 16-received in House
     Feb 17-to Judiciary (H)
     Mar 7-posted in committee
     Mar 16-reported favorably, 1st reading, to Calendar with Committee Substitute
     Mar 17-2nd reading, to Rules; floor amendment (1) filed to Committee Substitute
     Mar 20-posted for passage in the Regular Orders of the Day for Tuesday, March 21, 2000
     Mar 22-floor amendment (2) filed to Committee Substitute, floor amendment (3-title) filed
     Mar 24-floor amendments (2) and (3-title) withdrawn
     Mar 27-3rd reading, passed 97-0 with Committee Substitute
     Mar 28-received in Senate
     Mar 29-posted for passage for concurrence in House Committee Substitute ; taken from the Regular Orders of the Day, placed in Consent Orders of the Day; Senate concurred in House Committee Substitute ; passed 38-0
     Apr 11-enrolled, signed by each presiding officer, delivered to Governor
     Apr 21-signed by Governor (Acts ch. 408)

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