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.