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Senate Bill 474 |
Senate Author: Carona |
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Effective: 7-1-13 |
House Sponsor: Villarreal |
Senate Bill 474 amends Business & Commerce Code provisions relating to requirements for the effective filing of a record pertaining to a financing statement for the establishment of certain security interests to clarify that, when a record pertaining either to an initial financing statement or to an amendment that provides a debtor's name not provided in the statement is communicated to a filing office, filing does not occur if the filing office refuses to accept the record because it does not indicate whether the debtor's name is the name of an individual or an organization. The bill removes provisions establishing that filing does not occur if the filing office refuses to accept the pertinent record indicating that the debtor is an organization because the record does not provide certain identifying information about the debtor.