Bill Text: NY S02044 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides that the warehouseman's lien under the uniform commercial code is superior to any other security interest and further provides that such lien attaches on the date the warehouse receipt covering the goods is issued by the warehouseman.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-18 - REFERRED TO JUDICIARY [S02044 Detail]

Download: New_York-2011-S02044-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2044
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 18, 2011
                                      ___________
       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Judiciary
       AN ACT to amend the uniform commercial code, in relation to the lien  of
         a warehouseman
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 7-209 of the uniform commercial code is amended  by
    2  adding a new subsection 5 to read as follows:
    3    (5) THE LIEN PROVIDED BY THIS SECTION IS SUPERIOR TO ANY OTHER SECURI-
    4  TY  INTEREST.    THE  LIEN ATTACHES AS OF THE DATE THE WAREHOUSE RECEIPT
    5  COVERING THE GOODS IS ISSUED BY THE WAREHOUSEMAN.
    6    S 2. Subsection 3 of section 7-209 of the uniform commercial  code  is
    7  amended to read as follows:
    8    (3)    A warehouseman's lien for charges and expenses under subsection
    9  (1) or a security  interest  under  subsection  (2)  is  also  effective
   10  against  any  person  who so entrusted the bailor with possession of the
   11  goods that a pledge of them by him to a good faith purchaser  for  value
   12  would  have been valid [but is not effective against a person as to whom
   13  the document confers no right in the goods covered by it  under  Section
   14  7--503].
   15    S  3.  This  act  shall  take  effect  on  the first of September next
   16  succeeding the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07433-01-1