Bill Text: TX SB474 | 2013-2014 | 83rd Legislature | Comm Sub

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Bill Title: Relating to financing statements and other records under the secured transactions law.

Sponsorship: Bipartisan Bill

Status: (Passed) 2013-06-14 - Effective on . . . . . . . . . . . . . . . [SB474 Detail]

Download: Texas-2013-SB474-Comm_Sub.html

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By: Carona S.B. No. 474
(In the Senate - Filed February 11, 2013;
February 13, 2013, read first time and referred to Committee on
Business and Commerce; February 27, 2013, reported favorably by
the following vote: Yeas 8, Nays 0; February 27, 2013, sent to
printer.)

A BILL TO BE ENTITLED
AN ACT
relating to financing statements and other records under the
secured transactions law.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (b), Section 9.516, Business &
Commerce Code, as effective July 1, 2013, is amended to read as
follows:
(b) Filing does not occur with respect to a record that a
filing office refuses to accept because:
(1) the record is not communicated by a method or
medium of communication authorized by the filing office;
(2) an amount equal to or greater than the applicable
filing fee is not tendered;
(3) the filing office is unable to index the record
because:
(A) in the case of an initial financing
statement, the record does not provide a name for the debtor;
(B) in the case of an amendment or information
statement, the record:
(i) does not identify the initial financing
statement as required by Section 9.512 or 9.518, as applicable; or
(ii) identifies an initial financing
statement whose effectiveness has lapsed under Section 9.515;
(C) in the case of an initial financing statement
that provides the name of a debtor identified as an individual or an
amendment that provides a name of a debtor identified as an
individual that was not previously provided in the financing
statement to which the record relates, the record does not identify
the debtor's surname; or
(D) in the case of a record filed or recorded in
the filing office described in Section 9.501(a)(1), the record does
not provide the name of the debtor and a sufficient description of
the real property to which it relates;
(4) in the case of an initial financing statement or an
amendment that adds a secured party of record, the record does not
provide a name and mailing address for the secured party of record;
(5) in the case of an initial financing statement or an
amendment that provides a name of a debtor that was not previously
provided in the financing statement to which the amendment relates,
the record does not:
(A) provide a mailing address for the debtor; or
(B) indicate whether the name provided as the
name of the debtor is the name of an individual or an organization[;
or
[(C) if the financing statement indicates that
the debtor is an organization, provide:
[(i) a type of organization for the debtor;
[(ii) a jurisdiction of organization for
the debtor; or
[(iii) an organizational identification
number for the debtor or indicate that the debtor has none];
(6) in the case of an assignment reflected in an
initial financing statement under Section 9.514(a) or an amendment
filed under Section 9.514(b), the record does not provide a name and
mailing address for the assignee;
(7) in the case of a continuation statement, the
record is not filed within the six-month period prescribed by
Section 9.515(d); or
(8) the record is not on an industry standard form,
including a national standard form or a form approved by the
International Association of Commercial Administrators, adopted by
rule by the secretary of state.
SECTION 2. This Act takes effect July 1, 2013, if it
receives a vote of two-thirds of all the members elected to each
house, as provided by Section 39, Article III, Texas Constitution.
If this Act does not receive the vote necessary for effect on that
date, this Act takes effect September 1, 2013.
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