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