Senate panel passes UCC bill

first_imgSenate panel passes UCC bill The Senate Judiciary recently moved a bill designed to fix technical errors in legislation passed a year ago revising Art. 9 of the Uniform Commercial Code, governing the process of establishing and foreclosing liens against personal property.Sen. Skip Campbell, D- Tamarac, said SB 1066 is primarily a glitch bill to correct technical errors clarifying sections with fixture filings.“It also clarifies questions that have been raised with respect to proceeds from the sale of homestead property,” Campbell said.“The clarifying language makes it clear the pledge of accounts does not include the proceeds of the sale of a homestead property unless there is a specific description and a security or pledge agreement adjoiner by a spouse. This is consistent with Florida law with respect to homestead property.”This bill, developed by the Business Law and Real Property Probate and Trust Law sections of the Bar, also has been referred to the Senate Banking and Insurance, Appropriations Subcommittee on General Government, and Appropriations committees. Its companion in the House, HB 1669, was approved February 14 by the Council for Smarter Government. Senate panel passes UCC billcenter_img March 1, 2002 Regular Newslast_img