IN SB0468 | 2023 | Regular Session
Status
Spectrum: Slight Partisan Bill (Republican 9-3)
Status: Engrossed on February 10 2023 - 50% progression
Action: 2023-03-20 - Representative Judy added as cosponsor
Pending: House Financial Institutions Committee
Hearing: Mar 30 @ 9:00 am in Room 156-A
Text: Latest bill text (Engrossed) [PDF]
Status: Engrossed on February 10 2023 - 50% progression
Action: 2023-03-20 - Representative Judy added as cosponsor
Pending: House Financial Institutions Committee
Hearing: Mar 30 @ 9:00 am in Room 156-A
Text: Latest bill text (Engrossed) [PDF]
Summary
Uniform Commercial Code amendments. Incorporates into Indiana's Uniform Commercial Code (UCC) the Amendments to the Uniform Commercial Code (2022) approved and recommended for enactment in all states by the Uniform Law Commission (ULC) to address emerging technologies. Makes conforming amendments to general provisions and definitions that apply throughout the UCC. Makes conforming amendments to chapters of the UCC governing the following: (1) Sales. (2) Leases. (3) Negotiable instruments. (4) Fund transfers. (5) Letters of credit. (6) Documents of title. (7) Investment securities. (8) Secured transactions. Repeals the chapter in the UCC governing controllable electronic records. Establishes a new chapter in the UCC that: (1) governs controllable electronic records; and (2) incorporates the provisions of the ULC's amendments governing controllable electronic records. Establishes a new chapter in the UCC that: (1) addresses the validity, enforceability, and perfection of certain commercial transactions, including secured transactions, entered into before the effective date of the amendments on July 1, 2023; and (2) establishes July 1, 2025, as an "adjustment date" on or after which certain transactions must conform to the requirements of the amendments to remain valid, enforceable, or perfected. Adds language to incorporate into Indiana's UCC the Amendments to Uniform Commercial Code Article 9 (2018), as approved by the American Law Institute and the National Conference of Commissioners of Uniform State Laws. Provides, through the incorporation of these amendments, that the provisions in the UCC providing that restrictions on the transfer of property pledged as collateral are ineffective do not apply in the case of a security interest in an ownership interest in a general partnership, limited partnership, or limited liability company.
Title
Uniform Commercial Code amendments.
Sponsors
Roll Calls
2023-02-09 - Senate - Senate - Third reading (Y: 48 N: 1 NV: 0 Abs: 1) [PASS]
History
Date | Chamber | Action |
---|---|---|
2023-03-20 | House | Representative Judy added as cosponsor |
2023-02-28 | House | First reading: referred to Committee on Financial Institutions |
2023-02-10 | Senate | Referred to the House |
2023-02-09 | Senate | Cosponsor: Representative Steuerwald |
2023-02-09 | Senate | House sponsor: Representative Jeter |
2023-02-09 | Senate | Third reading: passed; Roll Call 95: yeas 48, nays 1 |
2023-02-07 | Senate | Second reading: amended, ordered engrossed |
2023-02-07 | Senate | Amendment #1 (Young M) prevailed; voice vote |
2023-02-02 | Senate | Committee report: amend do pass, adopted |
2023-01-31 | Senate | Senator Randolph added as coauthor |
2023-01-30 | Senate | Senator Glick added as coauthor |
2023-01-23 | Senate | Senator Freeman added as coauthor |
2023-01-23 | Senate | Senators Charbonneau, Brown L, Pol added as coauthors |
2023-01-19 | Senate | First reading: referred to Committee on Judiciary |
2023-01-19 | Senate | Authored by Senators Garten, Koch, Taylor G |