90th General Assembly
Summary of HB3472
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Short description: 
UCC-SECURED TRANSACTIONS-CD'S                                              

Synopsis of Bill as introduced:
        Amends the Secured Transactions Article of the Uniform Commercial      
   Code.  Provides  that  "deposit  account"  includes  certain  accounts      
   maintained  with  a  bank  as  bank  is defined in the Article on bank      
   deposits and collections.    Defines  "non-negotiable  certificate  of      
   deposit"  and  "non-transferable  certificate of deposit" and includes      
   them in the  definition  of  "instrument".    Defines  "uncertificated      
   certificate  of  deposit" as an obligation of a bank to repay a sum of      
   money represented only by a writing  in  the  books  of  the  bank  or      
   documentation  given  to a customer, and provides that a filing is not      
   required  to  perfect  a  security  interest  in   an   uncertificated      
   certificate  of  deposit,  but  such  interest  is  perfected when the      
   security agreement is signed, or  when  the  issuer  acknowledges  and      
   consents  to  notice  of  perfection  by the secured party.  Effective      
          FISCAL NOTE (Office of Banks and Real Estate)                        
          No fiscal impact for the Office of Banks and Real Estate.            
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status