Bill Text: FL S1686 | 2010 | Regular Session | Introduced

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Bill Title: Uniform Commercial Code [CPSC]

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2010-04-30 - Died in Committee on Commerce [S1686 Detail]

Download: Florida-2010-S1686-Introduced.html

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       Florida Senate - 2010                                    SB 1686 
        
       By Senator Garcia 
       40-01054-10                                           20101686__ 
    1                        A bill to be entitled                       
    2         An act relating to the Uniform Commercial Code; 
    3         amending s. 668.50, F.S.; correcting cross-references; 
    4         amending s. 671.304, F.S.; correcting a cross 
    5         reference; providing an effective date. 
    6   
    7  Be It Enacted by the Legislature of the State of Florida: 
    8   
    9         Section 1. Subsection (16) of section 668.50, Florida 
   10  Statutes, is amended to read: 
   11         668.50 Uniform Electronic Transaction Act.— 
   12         (16) TRANSFERABLE RECORDS.— 
   13         (a) For purposes of this paragraph, “transferable record” 
   14  means an electronic record that: 
   15         1. Would be a note under chapter 673, or a document under 
   16  chapter 677, if the electronic record were in writing. 
   17         2. The issuer of the electronic record expressly has agreed 
   18  is a transferable record. 
   19         (b) A person has control of a transferable record if a 
   20  system employed for evidencing the transfer of interests in the 
   21  transferable record reliably establishes that person as the 
   22  person to which the transferable record was issued or 
   23  transferred. 
   24         (c) A system satisfies paragraph (b), and a person is 
   25  deemed to have control of a transferable record, if the 
   26  transferable record is created, stored, and assigned in such a 
   27  manner that: 
   28         1. A single authoritative copy of the transferable record 
   29  exists which is unique, identifiable, and, except as otherwise 
   30  provided in subparagraphs 4., 5., and 6., unalterable. 
   31         2. The authoritative copy identifies the person asserting 
   32  control as the person to which the transferable record was 
   33  issued or, if the authoritative copy indicates that the 
   34  transferable record has been transferred, the person to which 
   35  the transferable record was most recently transferred. 
   36         3. The authoritative copy is communicated to and maintained 
   37  by the person asserting control or its designated custodian. 
   38         4. Copies or revisions that add or change an identified 
   39  assignee of the authoritative copy can be made only with the 
   40  consent of the person asserting control. 
   41         5. Each copy of the authoritative copy and any copy of a 
   42  copy is readily identifiable as a copy that is not the 
   43  authoritative copy. 
   44         6. Any revision of the authoritative copy is readily 
   45  identifiable as authorized or unauthorized. 
   46         (d) Except as otherwise agreed, a person having control of 
   47  a transferable record is the holder, as defined in s. 
   48  671.201(21), of the transferable record and has the same rights 
   49  and defenses as a holder of an equivalent record or writing 
   50  under the Uniform Commercial Code, including, if the applicable 
   51  statutory requirements under s. 673.3021, s. 677.501, or s. 
   52  679.330 s. 673.3021, s. 677.501, or s. 679.308 are satisfied, 
   53  the rights and defenses of a holder in due course, a holder to 
   54  which a negotiable document of title has been duly negotiated, 
   55  or a purchaser, respectively. Delivery, possession, and 
   56  indorsement are not required to obtain or exercise any of the 
   57  rights under this paragraph. 
   58         (e) Except as otherwise agreed, an obligor under a 
   59  transferable record has the same rights and defenses as an 
   60  equivalent obligor under equivalent records or writings under 
   61  the Uniform Commercial Code. 
   62         (f) If requested by a person against which enforcement is 
   63  sought, the person seeking to enforce the transferable record 
   64  shall provide reasonable proof that the person is in control of 
   65  the transferable record. Proof may include access to the 
   66  authoritative copy of the transferable record and related 
   67  business records sufficient to review the terms of the 
   68  transferable record and to establish the identity of the person 
   69  having control of the transferable record. 
   70         Section 2. Subsection (5) of section 671.304, Florida 
   71  Statutes, is amended to read: 
   72         671.304 Laws not repealed; precedence where code provisions 
   73  in conflict with other laws; certain statutory remedies 
   74  retained.— 
   75         (5) The effectiveness of any financing statement or 
   76  continuation statement filed prior to January 1, 1980, or any 
   77  continuation statement filed on or after October 1, 1984, which 
   78  states that the debtor is a transmitting utility as provided in 
   79  s. 679.515(6) s. 679.403(6) shall continue until a termination 
   80  statement is filed, except that if this act requires a filing in 
   81  an office where there was no previous financing statement, a new 
   82  financing statement conforming to s. 680.109(4), Florida 
   83  Statutes 1979, shall be filed in that office. 
   84         Section 3. This act shall take effect July 1, 2010.