Bill Text: HI SB2444 | 2012 | Regular Session | Amended
Bill Title: Uniform Commercial Code; Secured Transactions
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2012-03-08 - (H) Referred to CPC/JUD, FIN, referral sheet 41 [SB2444 Detail]
Download: Hawaii-2012-SB2444-Amended.html
STAND. COM. REP. NO. 2506
Honolulu, Hawaii
RE: S.B. No. 2444
S.D. 1
Honorable Shan S. Tsutsui
President of the Senate
Twenty-Sixth State Legislature
Regular Session of 2012
State of Hawaii
Sir:
Your Committee on Judiciary and Labor, to which was referred S.B. No. 2444, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO UNIFORM COMMERCIAL CODE ARTICLE 9,"
begs leave to report as follows:
The purpose and intent of this measure is to implement amendments to article 9 of the Uniform Commercial Code, as set forth by the Commission to Promote Uniform Legislation.
Your Committee did not receive testimony for this measure.
Your Committee finds that this measure provides greater clarity regarding the name of an individual debtor to be provided on a financing statement, improves the filing system for financing statements, and provides greater protection for an existing secured party with a security interest in after-acquired property upon a relocation or merger of its debtor. Furthermore, this measure allows Hawaii's version of article 9 of the Uniform Commercial Code to be consistent with article 9 as it has been adopted in other jurisdictions, which is necessary to avoid conflicts and confusion with respect to interstate transactions.
As affirmed by the record of votes of the members of your Committee on Judiciary and Labor that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2444, S.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Judiciary and Labor,
|
|
|
____________________________ CLAYTON HEE, Chair |
|
|
|
|
