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