By: Brimer S.B. No. 1533
(In the Senate - Filed March 14, 2003; March 20, 2003, read
first time and referred to Committee on Business and Commerce;
April 2, 2003, reported favorably by the following vote: Yeas 8,
Nays 0; April 2, 2003, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to the filing of a financing statement record under the
Uniform Commercial Code.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 9.516, Business & Commerce Code, is
amended to read as follows:
Sec. 9.516. WHAT CONSTITUTES FILING; EFFECTIVENESS OF
FILING. (a) Except as otherwise provided in Subsection (b),
communication of a record to a filing office and tender of the
filing fee or acceptance of the record by the filing office
constitutes filing.
(b) Filing does not occur with respect to a record that a
filing office refuses to accept because:
(1) the record is not on the National Standard Form or
a form approved by the International Association of Commercial
Administrators (IACA) and adopted by administrative rule by the
secretary of state;
(2) the record is not communicated by a method or
medium of communication authorized by the filing office;
(3) [(2)] an amount equal to or greater than the
applicable filing fee is not tendered;
(4) [(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 correction
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 last name; 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 a sufficient description of the real property to which
it relates;
(5) [(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;
(6) [(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;
(B) indicate whether the debtor is 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;
(7) [(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; or
(8) [(7)] in the case of a continuation statement, the
record is not filed within the six-month period prescribed by
Section 9.515(d).
(c) For purposes of Subsection (b):
(1) a record does not provide information if the
filing office is unable to read or decipher the information; and
(2) a record that does not indicate that it is an
amendment or identify an initial financing statement to which it
relates, as required by Section 9.512, 9.514, or 9.518, is an
initial financing statement.
(d) A record that is communicated to the filing office with
tender of the filing fee, but that the filing office refuses to
accept for a reason other than one set forth in Subsection (b), is
effective as a filed record except as against a purchaser of the
collateral that gives value in reasonable reliance upon the absence
of the record from the files.
SECTION 2. Section 9.521, Business & Commerce Code, is
amended to read as follows:
Sec. 9.521. UNIFORM FORM OF WRITTEN FINANCING STATEMENT AND
AMENDMENT. (a) A filing office that accepts written records may
not refuse to accept a written initial financing statement on the
National Standard Form or a form approved by the International
Association of Commercial Administrators (IACA) and adopted by
administrative rule by the secretary of state, [in the following
form and format] except for a reason set forth in Section
9.516(b).[:
"THE PRINTED VERSION OF THIS PAGE AND THE FOLLOWING PAGE CONTAIN A
COPY OF THE STANDARDIZED FORM FOR THE UCC FINANCING STATEMENT AND
FORM FOR THE UCC FINANCING STATEMENT ADDENDUM, RESPECTIVELY. THESE
FORMS ARE BEING DELETED FROM THE STATUTES AND ARE BRACKETED AND
STRICKEN THROUGH ON THESE PAGES. THE CONTENTS OF THESE PAGES CANNOT
BE VIEWED ON-LINE DUE TO WORD PROCESSOR LIMITATIONS WITH GRAPHIC
FILES. PLEASE CONTACT SENATE DOCUMENT DISTRIBUTION FOR A HARD
COPY."
(b) A filing office that accepts written records may not
refuse to accept a written record on the National Standard Form or a
form approved by the International Association of Commercial
Administrators (IACA) and adopted by administrative rule by the
secretary of state, [in the following form and format] except for a
reason set forth in Section 9.516(b).[:
"THE PRINTED VERSION OF THIS PAGE AND THE FOLLOWING PAGE CONTAIN A
COPY OF THE STANDARDIZED FORM FOR THE UCC FINANCING STATEMENT
AMENDMENT AND FORM FOR THE UCC FINANCING STATEMENT AMENDMENT
ADDENDUM, RESPECTIVELY. THESE FORMS ARE BEING DELETED FROM THE
STATUTES AND ARE BRACKETED AND STRICKEN THROUGH ON THESE PAGES. THE
CONTENTS OF THESE PAGES CANNOT BE VIEWED ON-LINE DUE TO WORD
PROCESSOR LIMITATIONS WITH GRAPHIC FILES. PLEASE CONTACT SENATE
DOCUMENT DISTRIBUTION FOR A HARD COPY."
SECTION 3. This Act takes effect January 1, 2004.
* * * * *