Bill Text: FL S1090 | 2012 | Regular Session | Introduced
Bill Title: Uniform Commercial Code
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-03-01 - Laid on Table, refer to CS/HB 483 -SJ 737 [S1090 Detail]
Download: Florida-2012-S1090-Introduced.html
Florida Senate - 2012 SB 1090 By Senator Richter 37-00774A-12 20121090__ 1 A bill to be entitled 2 An act relating to the Uniform Commercial Code; 3 revising and providing provisions of the Uniform 4 Commercial Code relating to secured transactions to 5 conform to the revised Article 9 of the Uniform 6 Commercial Code as prepared by the National Conference 7 of Commissioners on Uniform State Laws; amending s. 8 679.1021, F.S.; revising and providing definitions; 9 amending s. 679.1051, F.S.; revising provisions 10 relating to control of electronic chattel paper; 11 amending s. 679.3071, F.S.; revising provisions 12 relating to the location of debtors; amending s. 13 679.3111, F.S.; making editorial changes; amending s. 14 679.3161, F.S.; providing rules that apply to certain 15 collateral to which a security interest attaches; 16 providing rules relating to certain financing 17 statements; amending s. 679.3171, F.S.; revising 18 provisions relating to interests that take priority 19 over or take free of a security interest or 20 agricultural lien; amending s. 679.326, F.S.; revising 21 priority of security interests created by a new 22 debtor; amending ss. 679.4061 and 679.4081, F.S.; 23 revising application; amending s. 679.5021, F.S.; 24 revising when a record of a mortgage satisfying the 25 requirements of ch. 697, F.S., is effective as a 26 filing statement; amending s. 679.5031, F.S.; revising 27 when a financing statement sufficiently provides the 28 name of the debtor; amending s. 679.5071, F.S.; 29 revising the effect of certain events on the 30 effectiveness of a financing statement; amending s. 31 679.515, F.S.; revising the duration and effectiveness 32 of a financing statement; amending s. 679.516, F.S.; 33 revising instances when filing does not occur with 34 respect to a record that a filing office refuses to 35 accept; amending s. 679.518, F.S.; revising 36 requirements for claims concerning an inaccurate or 37 wrongfully filed record; amending s. 679.607, F.S.; 38 revising recording requirements for the enforcement of 39 mortgages nonjudicially outside this state; creating 40 part VIII of ch. 679, F.S., relating to transition 41 from prior law under the chapter to law under the 42 chapter as amended by the act; creating s. 679.801, 43 F.S.; providing scope of application and limitations; 44 creating s. 679.802, F.S.; providing that security 45 interests perfected under prior law that also satisfy 46 the requirements for perfection under the act remain 47 effective; creating s. 679.803, F.S.; providing that 48 security interests unperfected under prior law but 49 that satisfy the requirements for perfection under 50 this act will become effective July 1, 2013; creating 51 s. 679.804, F.S.; providing when financing statements 52 effective under prior law in a different jurisdiction 53 remain effective; creating s. 679.805, F.S.; requiring 54 the recording of a financing statement in lieu of a 55 continuation statement under certain conditions; 56 providing for the continuation of the effectiveness of 57 a financing statement filed before the effective date 58 of the act under certain conditions; creating s. 59 679.806, F.S.; providing requirements for the 60 amendment of financing statements filed before the 61 effective date of the act; providing requirements for 62 financing statements prior to amendment; creating s. 63 679.807, F.S.; providing person entitled to file 64 initial financing statement or continuation statement; 65 creating s. 679.808, F.S.; providing priority of 66 conflicting claims to collateral; amending s. 67 680.1031, F.S.; conforming a cross-reference; 68 providing a directive to the Division of Statutory 69 Revision; providing an effective date. 70 71 Be It Enacted by the Legislature of the State of Florida: 72 73 Section 1. Paragraphs (ooo) through (aaaa) of subsection 74 (1) of section 679.1021, Florida Statutes, are redesignated as 75 paragraphs (ppp) through (bbbb), respectively, a new paragraph 76 (ooo) is added to that subsection, and present paragraphs (g), 77 (j), (xx), and (qqq) of subsection (1) of that section are 78 amended to read: 79 679.1021 Definitions and index of definitions.— 80 (1) In this chapter, the term: 81 (g) “Authenticate” means: 82 1. To sign; or 83 2.To execute or otherwise adopt a symbol, or encrypt or84similarly process a record in whole or in part,With the present 85 intentof the authenticating persontoidentify the person and86 adopt or accept a record, to attach to or logically associate 87 with the record an electronic sound, symbol, or process. 88 (j) “Certificate of title” means a certificate of title 89 with respect to which a statute provides for the security 90 interest in question to be indicated on the certificate as a 91 condition or result of the security interest’s obtaining 92 priority over the rights of a lien creditor with respect to the 93 collateral. The term includes another record maintained as an 94 alternative to a certificate of title by the governmental unit 95 that issues certificates of title if a statute permits the 96 security interest in question to be indicated on the record as a 97 condition or result of the security interest’s obtaining 98 priority over the rights of a lien creditor with respect to the 99 collateral. 100 (xx) “Jurisdiction of organization,” with respect to a 101 registered organization, means the jurisdiction under whose law 102 the organization is formed or organized. 103 (ooo) “Public organic record” means a record that is 104 available to the public for inspection and that is: 105 1. A record consisting of the record initially filed with 106 or issued by a state or the United States to form or organize an 107 organization and any record filed with or issued by the state or 108 the United States that amends or restates the initial record; 109 2. An organic record of a business trust consisting of the 110 record initially filed with a state and any record filed with 111 the state that amends or restates the initial record, if a 112 statute of the state governing business trusts requires that the 113 record be filed with the state; or 114 3. A record consisting of legislation enacted by the 115 Legislature of a state or the Congress of the United States that 116 forms or organizes an organization, any record amending the 117 legislation, and any record filed with or issued by the state or 118 the United States that amends or restates the name of the 119 organization. 120 (rrr)(qqq)“Registered organization” means an organization 121 formed or organized solely under the law of a single state or 122 the United States by the filing of a public organic record with, 123 the issuance of a public organic record by, or the enactment of 124 legislation byand as to whichthe state or the United States 125must maintain a public record showing the organization to have126been organized. The term includes a business trust that is 127 formed or organized under the law of a single state if a statute 128 of the state governing business trusts requires that the 129 business trust’s organic record be filed with the state. 130 Section 2. Section 679.1051, Florida Statutes, is amended 131 to read: 132 679.1051 Control of electronic chattel paper.— 133 (1) A secured party has control of electronic chattel paper 134 if a system employed for evidencing the transfer of interests in 135 the chattel paper reliably establishes the secured party as the 136 person to which the chattel paper was assigned. 137 (2) A system satisfies subsection (1), and a secured party 138 has control of electronic chattel paper, if the record or 139 records comprising the chattel paper are created, stored, and 140 assigned in such a manner that: 141 (a)(1)A single authoritative copy of the record or records 142 exists which is unique, identifiable and, except as otherwise 143 provided in paragraphs (d), (e), and (f)subsections (4), (5),144and (6), unalterable; 145 (b)(2)The authoritative copy identifies the secured party 146 as the assignee of the record or records; 147 (c)(3)The authoritative copy is communicated to and 148 maintained by the secured party or its designated custodian; 149 (d)(4)Copies or amendmentsrevisionsthat add or change an 150 identified assignee of the authoritative copy can be made only 151 with the consentparticipationof the secured party; 152 (e)(5)Each copy of the authoritative copy and any copy of 153 a copy is readily identifiable as a copy that is not the 154 authoritative copy; and 155 (f)(6)Any amendmentrevisionof the authoritative copy is 156 readily identifiable asanauthorized or unauthorizedrevision. 157 Section 3. Subsection (6) of section 679.3071, Florida 158 Statutes, is amended to read: 159 679.3071 Location of debtor.— 160 (6) Except as otherwise provided in subsection (9), a 161 registered organization that is organized under the law of the 162 United States and a branch or agency of a bank that is not 163 organized under the law of the United States or a state are 164 located: 165 (a) In the state that the law of the United States 166 designates, if the law designates a state of location; 167 (b) In the state that the registered organization, branch, 168 or agency designates, if the law of the United States authorizes 169 the registered organization, branch, or agency to designate its 170 state of location, including by designating its main office, 171 home office, or other comparable office; or 172 (c) In the District of Columbia, if neither paragraph (a) 173 nor paragraph (b) applies. 174 Section 4. Paragraph (c) of subsection (1) of section 175 679.3111, Florida Statutes, is amended to read: 176 679.3111 Perfection of security interests in property 177 subject to certain statutes, regulations, and treaties.— 178 (1) Except as otherwise provided in subsection (4), the 179 filing of a financing statement is not necessary or effective to 180 perfect a security interest in property subject to: 181 (c) Acertificate-of-titlestatute of another jurisdiction 182 which provides for a security interest to be indicated on athe183 certificate of title as a condition or result of the security 184 interest’s obtaining priority over the rights of a lien creditor 185 with respect to the property. 186 Section 5. Subsections (8) and (9) are added to section 187 679.3161, Florida Statutes, to read: 188 679.3161 EffectContinued perfectionofsecurity interest189followingchange in governing law.— 190 (8) The following rules apply to collateral to which a 191 security interest attaches within 4 months after the debtor 192 changes its location to another jurisdiction: 193 (a) A financing statement filed before the change of the 194 debtor’s location pursuant to the law of the jurisdiction 195 designated in s. 679.3011(1) or s. 679.3051(3) is effective to 196 perfect a security interest in the collateral if the financing 197 statement would have been effective to perfect a security 198 interest in the collateral if the debtor had not changed its 199 location. 200 (b) If a security interest that is perfected by a financing 201 statement that is effective under paragraph (a) becomes 202 perfected under the law of the other jurisdiction before the 203 earlier of the time the financing statement would have become 204 ineffective under the law of the jurisdiction designated in s. 205 679.3011(1) or s. 679.3051(3) or the expiration of the 4-month 206 period, it remains perfected thereafter. If the security 207 interest does not become perfected under the law of the other 208 jurisdiction before the earlier time or event, it becomes 209 unperfected and is deemed never to have been perfected as 210 against a purchaser of the collateral for value. 211 (9) If a financing statement naming an original debtor is 212 filed pursuant to the law of the jurisdiction designated in s. 213 679.3011(1) or s. 679.3051(3) and the new debtor is located in 214 another jurisdiction, the following rules apply: 215 (a) The financing statement is effective to perfect a 216 security interest in collateral in which the new debtor has or 217 acquires rights before or within 4 months after the new debtor 218 becomes bound under s. 679.2031(4), if the financing statement 219 would have been effective to perfect a security interest in the 220 collateral if the collateral had been acquired by the original 221 debtor. 222 (b) A security interest that is perfected by the financing 223 statement and that becomes perfected under the law of the other 224 jurisdiction before the earlier of the expiration of the 4-month 225 period or the time the financing statement would have become 226 ineffective under the law of the jurisdiction designated in s. 227 679.3011(1) or s. 679.3051(3) remains perfected thereafter. A 228 security interest that is perfected by the financing statement 229 but that does not become perfected under the law of the other 230 jurisdiction before the earlier time or event becomes 231 unperfected and is deemed never to have been perfected as 232 against a purchaser of the collateral for value. 233 Section 6. Subsections (2) and (4) of section 679.3171, 234 Florida Statutes, are amended to read: 235 679.3171 Interests that take priority over or take free of 236 security interest or agricultural lien.— 237 (2) Except as otherwise provided in subsection (5), a 238 buyer, other than a secured party, of tangible chattel paper, 239 tangible documents, goods, instruments, or a certificated 240 securitycertificatetakes free of a security interest or 241 agricultural lien if the buyer gives value and receives delivery 242 of the collateral without knowledge of the security interest or 243 agricultural lien and before it is perfected. 244 (4) A licensee of a general intangible or a buyer, other 245 than a secured party, of collateralaccounts, electronic chattel246paper, electronic documents, general intangibles, or investment247propertyother than tangible chattel paper, tangible documents, 248 goods, instruments, or a certificated security takes free of a 249 security interest if the licensee or buyer gives value without 250 knowledge of the security interest and before it is perfected. 251 Section 7. Section 679.326, Florida Statutes, is amended to 252 read: 253 679.326 Priority of security interests created by new 254 debtor.— 255 (1) Subject to subsection (2), a security interest that is 256 created by a new debtor in collateral in which the new debtor 257 has or acquires rights andwhich isperfected by a filed 258 financing statement that would be ineffective to perfect the 259 security interest but for the application of s. 679.508 or ss. 260 679.508 and 679.3161(9)(a)is effective solely under s.679.508261in collateral in which a new debtor has or acquires rightsis 262 subordinate to a security interest in the same collateral which 263 is perfected other than by such a filed financing statementthat264is effective solely under s.679.508. 265 (2) The other provisions of this part determine the 266 priority among conflicting security interests in the same 267 collateral perfected by filed financing statements described in 268 subsection (1)that are effective solely under s.679.508. 269 However, if the security agreements to which a new debtor became 270 bound as debtor were not entered into by the same original 271 debtor, the conflicting security interests rank according to 272 priority in time of the new debtor’s having become bound. 273 Section 8. Subsection (5) of section 679.4061, Florida 274 Statutes, is amended to read: 275 679.4061 Discharge of account debtor; notification of 276 assignment; identification and proof of assignment; restrictions 277 on assignment of accounts, chattel paper, payment intangibles, 278 and promissory notes ineffective.— 279 (5) Subsection (4) does not apply to the sale of a payment 280 intangible or promissory note, other than a sale pursuant to a 281 disposition under s. 679.610 or an acceptance of collateral 282 under s. 679.620. 283 Section 9. Subsection (2) of section 679.4081, Florida 284 Statutes, is amended to read: 285 679.4081 Restrictions on assignment of promissory notes, 286 health-care-insurance receivables, and certain general 287 intangibles ineffective.— 288 (2) Subsection (1) applies to a security interest in a 289 payment intangible or promissory note only if the security 290 interest arises out of a sale of the payment intangible or 291 promissory note, other than a sale pursuant to a disposition 292 under s. 679.610 or an acceptance of collateral under s. 293 679.620. 294 Section 10. Subsection (3) of section 679.5021, Florida 295 Statutes, is amended to read: 296 679.5021 Contents of financing statement; record of 297 mortgage as financing statement; time of filing financing 298 statement.— 299 (3) A record of a mortgage satisfying the requirements of 300 chapter 697 is effective, from the date of recording, as a 301 financing statement filed as a fixture filing or as a financing 302 statement covering as-extracted collateral or timber to be cut 303 only if: 304 (a) The record of a mortgage indicates the goods or 305 accounts that it covers; 306 (b) The goods are or are to become fixtures related to the 307 real property described in the record of a mortgage or the 308 collateral is related to the real property described in the 309 mortgage and is as-extracted collateral or timber to be cut; 310 (c) The record of a mortgage satisfiescomplies withthe 311 requirements for a financing statement in this section, 312 although: 313 1. The record of a mortgage need not indicateother than an314indicationthat it is to be filed in the real property records; 315 and 316 2. The record of a mortgage sufficiently provides the name 317 of a debtor who is an individual if it provides the individual 318 name of the debtor or the surname and first personal name of the 319 debtor, even if the debtor is an individual to whom s. 320 679.5031(1)(d) or (e) applies; and 321 (d) The record of a mortgage is recorded as required by 322 chapter 697. 323 Section 11. Subsections (1) and (2) of section 679.5031, 324 Florida Statutes, are amended, and subsections (6), (7), and (8) 325 are added to that section, to read: 326 679.5031 Name of debtor and secured party.— 327 (1) A financing statement sufficiently provides the name of 328 the debtor: 329 (a) Except as otherwise provided in paragraph (c), if the 330 debtor is a registered organization or the collateral is held in 331 a trust that is a registered organization, only if the financing 332 statement provides the name that is stated to be the registered 333 organization’s nameof the debtor indicatedon the public 334 organic record most recently filed with or issued or enacted by 335ofthe registered organization’sdebtor’sjurisdiction of 336 organization that purports to state, amend, or restate the 337 registered organization’s namewhich shows the debtor to have338been organized; 339 (b) Subject to subsection (6), if the collateral is being 340 administered by the personal representative of a decedentdebtor341is a decedent’s estate, only if the financing statement 342 provides, as the name of the debtor, the name of the decedent 343 and, in a separate part of the financing statement, indicates 344 that the collateral is being administered by a personal 345 representativedebtor is an estate; 346 (c) If the collateraldebtoris held in a trust that is not 347 a registered organizationor a trustee acting with respect to348property held in trust, only if the financing statement: 349 1. Provides, as the name of the debtor: 350 a. If the organic record of the trust specifies a name, if351any, specifiedfor the trust, thein its organic documents or,352if noname soisspecified; or 353 b. If the organic record of the trust does not specify a 354 name for the trust,providesthe name of the settlor or testator 355and additional information sufficient to distinguish a debtor356from other trusts having one or more of the same settlors; and 357 2. In a separate part of the financing statement: 358 a. If the name is provided in accordance with sub 359 subparagraph 1.a., indicates, in the debtor’s name or otherwise,360 that the collateraldebtoris held in a trustor is a trustee361acting with respect to property held in trust; or 362 b. If the name is provided in accordance with sub 363 subparagraph 1.b., provides additional information sufficient to 364 distinguish the trust from other trusts having one or more of 365 the same settlors or the same testator and indicates that the 366 collateral is held in a trust, unless the additional information 367 so indicates; 368 (d) Subject to subsection (7), if the debtor is an 369 individual to whom this state has issued a driver license that 370 has not expired or to whom the agency of this state that issues 371 driver licenses has issued, in lieu of a driver license, a 372 personal identification card that has not expired, only if the 373 financing statement provides the name of the individual that is 374 indicated on the driver license or personal identification card; 375 (e) If the debtor is an individual to whom paragraph (d) 376 does not apply, only if the financing statement provides the 377 individual name of the debtor or the surname and first personal 378 name of the debtor; and 379 (f)(d)In other cases: 380 1. If the debtor has a name, only if it provides the 381individual ororganizational name of the debtor; and 382 2. If the debtor does not have a name, only if it provides 383 the names of the partners, members, associates, or other persons 384 comprising the debtor, in a manner that each name provided would 385 be sufficient if the person named were the debtor. 386 (2) A financing statement that provides the name of the 387 debtor in accordance with subsection (1) is not rendered 388 ineffective by the absence of: 389 (a) A trade name or other name of the debtor; or 390 (b) Unless required under subparagraph (1)(f)2.(1)(d)2., 391 names of partners, members, associates, or other persons 392 comprising the debtor. 393 (6) The name of the decedent indicated on the order 394 appointing the personal representative of the decedent issued by 395 the court having jurisdiction over the collateral is sufficient 396 as the name of the decedent under paragraph (1)(b). 397 (7) If this state has issued to an individual more than one 398 driver license or, if none, more than one identification card, 399 of a kind described in paragraph (1)(d), the driver license or 400 identification card, as applicable, that was issued most 401 recently is the one to which paragraph (1)(d) refers. 402 (8) As used in this section, the term “name of the settlor 403 or testator” means: 404 (a) If the settlor is a registered organization, the name 405 of the registered organization indicated on the public organic 406 record filed with or issued or enacted by the registered 407 organization’s jurisdiction of organization; or 408 (b) In other cases, the name of the settlor or testator 409 indicated in the trust’s organic record. 410 Section 12. Subsection (3) of section 679.5071, Florida 411 Statutes, is amended to read: 412 679.5071 Effect of certain events on effectiveness of 413 financing statement.— 414 (3) If thea debtor so changes itsname that a filed 415 financing statement provides for a debtor becomes insufficient 416 as the name of the debtor under s. 679.5031(1) so that the 417 financing statement becomes seriously misleading under the 418 standard set forth in s. 679.5061: 419 (a) The financing statement is effective to perfect a 420 security interest in collateral acquired by the debtor before, 421 or within 4 months after, the filed financing statement becomes 422 seriously misleadingchange; and 423 (b) The financing statement is not effective to perfect a 424 security interest in collateral acquired by the debtor more than 425 4 months after the filed financing statement becomes seriously 426 misleadingchange, unless an amendment to the financing 427 statement which renders the financing statement not seriously 428 misleading is filed within 4 months after that eventthe change. 429 Section 13. Subsection (6) of section 679.515, Florida 430 Statutes, is amended to read: 431 679.515 Duration and effectiveness of financing statement; 432 effect of lapsed financing statement.— 433 (6) If a debtor is a transmitting utility and a filed 434 initial financing statement so indicates, the financing 435 statement is effective until a termination statement is filed. 436 Section 14. Subsection (2) of section 679.516, Florida 437 Statutes, is amended to read: 438 679.516 What constitutes filing; effectiveness of filing.— 439 (2) Filing does not occur with respect to a record that a 440 filing office refuses to accept because: 441 (a) The record is not communicated by a method or medium of 442 communication authorized by the filing office; 443 (b) An amount equal to or greater than the applicable 444 processing fee is not tendered; 445 (c) The filing office is unable to index the record 446 because: 447 1. In the case of an initial financing statement, the 448 record does not provide an organization’s name or, if an 449 individual, the individual’s last name and first name; 450 2. In the case of an amendment or informationcorrection451 statement, the record: 452 a. Does not correctly identify the initial financing 453 statement as required by s. 679.512 or s. 679.518, as 454 applicable; or 455 b. Identifies an initial financing statement the 456 effectiveness of which has lapsed under s. 679.515; 457 3. In the case of an initial financing statement that 458 provides the name of a debtor identified as an individual or an 459 amendment that provides a name of a debtor identified as an 460 individual which was not previously provided in the financing 461 statement to which the record relates, the record does not 462 identify the debtor’s surnamelast nameand first personal name; 463 or 464 4. In the case of a record filed or recorded in the filing 465 office described in s. 679.5011(1)(a), the record does not 466 provide a sufficient description of the real property to which 467 it relates; 468 (d) In the case of an initial financing statement or an 469 amendment that adds a secured party of record, the record does 470 not provide an organization’s name or, if an individual, the 471 individual’s last name and first name and mailing address for 472 the secured party of record; 473 (e) In the case of an initial financing statement or an 474 amendment that provides a name of a debtor which was not 475 previously provided in the financing statement to which the 476 amendment relates, the record does not: 477 1. Provide a mailing address for the debtor; or 478 2. Indicate whether the name provided as the name of the 479 debtor is the name of an individual or an organization;or4803. If the financing statement indicates that the debtor is481an organization, provide:482a. A type of organization for the debtor;483b. A jurisdiction of organization for the debtor; or484c. An organizational identification number for the debtor485or indicate that the debtor has none;486 (f) In the case of an assignment reflected in an initial 487 financing statement under s. 679.514(1) or an amendment filed 488 under s. 679.514(2), the record does not provide an 489 organization’s name or, if an individual, the individual’s last 490 name and first name and mailing address for the assignee; 491 (g) In the case of a continuation statement, the record is 492 not filed within the 6-month period prescribed by s. 679.515(4); 493 (h) In the case of an initial financing statement or an 494 amendment, which amendment requires the inclusion of a 495 collateral statement but the record does not provide any, the 496 record does not provide a statement of collateral; or 497 (i) The record does not include the notation required by s. 498 201.22 indicating that the excise tax required by chapter 201 499 had been paid or is not required. 500 Section 15. Section 679.518, Florida Statutes, is amended 501 to read: 502 679.518 Claim concerning inaccurate or wrongfully filed 503 record.— 504 (1) A person may file in the filing office an informationa505correctionstatement with respect to a record indexed there 506 under the person’s name if the person believes that the record 507 is inaccurate or was wrongfully filed. 508 (2) An informationA correctionstatement under subsection 509 (1) must: 510 (a) Identify the record to which it relates by the file 511 number assigned to the initial financing statement, the debtor, 512 and the secured party of record to which the record relates; 513 (b) Indicate that it is an informationa correction514 statement; and 515 (c) Provide the basis for the person’s belief that the 516 record is inaccurate and indicate the manner in which the person 517 believes the record should be amended to cure any inaccuracy or 518 provide the basis for the person’s belief that the record was 519 wrongfully filed. 520 (3) A person may file in the filing office an information 521 statement with respect to a record filed there if the person is 522 a secured party of record with respect to the financing 523 statement to which the record relates and believes that the 524 person that filed the record was not entitled to do so under s. 525 679.509(3). 526 (4) An information statement under subsection (3) must: 527 (a) Identify the record to which it relates by file number 528 assigned to the initial financing statement to which the record 529 relates; 530 (b) Indicate that it is an information statement; and 531 (c) Provide the basis for the person’s belief that the 532 record is inaccurate and indicate the manner in which the person 533 believes the record should be amended to cure any inaccuracy or 534 provide the basis for the person’s belief that the record was 535 wrongfully filed. 536 (5)(3)The filing of an informationa correctionstatement 537 does not affect the effectiveness of an initial financing 538 statement or other filed record. 539 Section 16. Subsection (2) of section 679.607, Florida 540 Statutes, is amended to read: 541 679.607 Collection and enforcement by secured party.— 542 (2) If necessary to enable a secured party to exercise 543 under paragraph (1)(c) the right of a debtor to enforce a 544 mortgage nonjudicially outside this state, the secured party may 545 record in the office in which a record of the mortgage is 546 recorded: 547 (a) A copy of the security agreement that creates or 548 provides for a security interest in the obligation secured by 549 the mortgage; and 550 (b) The secured party’s sworn affidavit in recordable form 551 stating that: 552 1. A default has occurred with respect to the obligation 553 secured by the mortgage; and 554 2. The secured party is entitled to enforce the mortgage 555 nonjudicially outside this state. 556 Section 17. Part VIII of chapter 679, Florida Statutes, 557 consisting of sections 679.801, 679.802, 679.803, 679.804, 558 679.805, 679.806, 679.807, and 679.808, Florida Statutes, is 559 created to read: 560 679.801 Saving clause.— 561 (1) Except as otherwise provided in this part, this part 562 applies to a transaction or lien within its scope, even if the 563 transaction or lien was entered into or created before July 1, 564 2013. 565 (2) The amendments to this chapter by this act do not 566 affect an action, case, or proceeding commenced before July 1, 567 2013. 568 679.802 Security interest perfected before effective date.— 569 (1) A security interest that is a perfected security 570 interest immediately before July 1, 2013, is a perfected 571 security interest under this chapter, as amended by this act, on 572 July 1, 2013, if the applicable requirements for attachment and 573 perfection under this chapter, as amended by this act, are 574 satisfied without further action. 575 (2) Except as otherwise provided in s. 679.804, if a 576 security interest is a perfected security interest immediately 577 before July 1, 2013, but the applicable requirements for 578 perfection under this chapter, as amended by this act, are not 579 satisfied on July 1, 2013, the security interest remains 580 perfected thereafter only if the applicable requirements for 581 perfection under this chapter, as amended by this act, are 582 satisfied no later than July 1, 2014. 583 679.803 Security interest unperfected before effective 584 date.—A security interest that is an unperfected security 585 interest immediately before July 1, 2013, becomes a perfected 586 security interest: 587 (1) Without further action, on July 1, 2013, if the 588 applicable requirements for perfection under this chapter, as 589 amended by this act, are satisfied before or at that time; or 590 (2) When the applicable requirements for perfection are 591 satisfied if the requirements are satisfied after that time. 592 679.804 Effectiveness of action taken before effective 593 date.— 594 (1) The filing of a financing statement before July 1, 595 2013, is effective to perfect a security interest to the extent 596 the filing would satisfy the applicable requirements for 597 perfection under this chapter, as amended by this act. 598 (2) The amendments to this chapter by this act do not 599 render ineffective an effective financing statement that was 600 filed before July 1, 2013, and satisfies the applicable 601 requirements for perfection under the law of the jurisdiction 602 governing perfection as provided in this chapter as it existed 603 before July 1, 2013. However, except as otherwise provided in 604 subsections (3) and (4) and s. 679.805, the financing statement 605 ceases to be effective: 606 (a) If the financing statement is filed in this state, at 607 the time the financing statement would have ceased to be 608 effective had this act not taken effect; or 609 (b) If the financing statement is filed in another 610 jurisdiction, at the earlier of: 611 1. The time the financing statement would have ceased to be 612 effective under the law of that jurisdiction; or 613 2. By June 30, 2018. 614 (3) The filing of a continuation statement on or after July 615 1, 2013, does not continue the effectiveness of the financing 616 statement filed before July 1, 2013. However, on the timely 617 filing of a continuation statement on or after July 1, 2013, and 618 in accordance with the law of the jurisdiction governing 619 perfection as provided in this chapter, as amended by this act, 620 the effectiveness of a financing statement filed in the same 621 office in that jurisdiction before July 1, 2013, continues for 622 the period provided by the law of that jurisdiction. 623 (4) Subparagraph (2)(b)2., applies to a financing statement 624 that was filed before July 1, 2013, against a transmitting 625 utility and satisfies the applicable requirements for perfection 626 under the law of the jurisdiction governing perfection as 627 provided in this chapter as it existed before July 1, 2013, only 628 to the extent that this chapter, as amended by this act, 629 provides that the law of a jurisdiction other than the 630 jurisdiction in which the financing statement is filed governs 631 perfection of a security interest in collateral covered by the 632 financing statement. 633 (5) A financing statement that includes a financing 634 statement filed before July 1, 2013, or a continuation statement 635 filed on or after July 1, 2013, is effective only to the extent 636 that it satisfies the requirements of part V, as amended by this 637 act, for an initial financing statement. A financing statement 638 that indicates that the debtor is a decedent’s estate indicates 639 that the collateral is being administered by a personal 640 representative within the meaning of s. 679.5031(1)(b), as 641 amended by this act. A financing statement that indicates that 642 the debtor is a trust or is a trustee acting with respect to 643 property held in trust indicates that the collateral is held in 644 a trust within the meaning of s. 679.5031(1)(c), as amended by 645 this act. 646 679.805 When initial financing statement suffices to 647 continue effectiveness of financing statement.— 648 (1) The filing of an initial financing statement in the 649 office specified in s. 679.5011 continues the effectiveness of a 650 financing statement filed before July 1, 2013, if: 651 (a) The filing of an initial financing statement in that 652 office would be effective to perfect a security interest under 653 this chapter, as amended by this act; 654 (b) The financing statement filed before July 1, 2013, was 655 filed in an office in another state; and 656 (c) The initial financing statement satisfies subsection 657 (3). 658 (2) The filing of an initial financing statement under 659 subsection (1) continues the effectiveness of the financing 660 statement filed before July 1, 2013, if: 661 (a) The initial financing statement is filed before July 1, 662 2013, for the period provided in s. 679.515, as it existed 663 before its amendment by this act, with respect to an initial 664 financing statement; and 665 (b) The initial financing statement is filed on or after 666 July 1, 2013, for the period provided in s. 679.515, as amended 667 by this act, with respect to an initial financing statement. 668 (3) To be effective for purposes of subsection (1), an 669 initial financing statement must: 670 (a) Satisfy the requirements of part IV, as amended by this 671 act, for an initial financing statement; 672 (b) Identify the financing statement filed before July 1, 673 2013, by indicating the office in which the financing statement 674 was filed and providing the dates of filing and file numbers, if 675 any, of the financing statement and of the most recent 676 continuation statement filed with respect to the financing 677 statement; and 678 (c) Indicate that the financing statement filed before July 679 1, 2013, remains effective. 680 679.806 Amendment of financing statement filed before July 681 1, 2013.— 682 (1) On or after July 1, 2013, a person may add or delete 683 collateral covered by, continue or terminate the effectiveness 684 of, or otherwise amend the information provided in, a financing 685 statement only filed before July 1, 2013, in accordance with the 686 law of the jurisdiction governing perfection as provided in this 687 chapter, as amended by this act. However, the effectiveness of a 688 financing statement filed before July 1, 2013, also may be 689 terminated in accordance with the law of the jurisdiction in 690 which the financing statement is filed. 691 (2) Except as otherwise provided in subsection (3), if the 692 law of this state governs perfection of a security interest, the 693 information in a financing statement filed before July 1, 2013, 694 may be amended after July 1, 2013, only if: 695 (a) The financing statement filed before July 1, 2013, and 696 an amendment are filed in the office specified in s. 679.5011; 697 (b) An amendment is filed in the office specified in s. 698 679.5011 concurrently with, or after the filing in that office 699 of, an initial financing statement that satisfies s. 679.805(3); 700 or 701 (c) An initial financing statement that provides the 702 information as amended and satisfies s. 679.805(3) is filed in 703 the office specified in s. 679.5011. 704 (3) If the law of this state governs perfection of a 705 security interest, the effectiveness of a financing statement 706 filed before July 1, 2013, may be continued only under s. 707 679.804(3) and (5) or s. 679.805. 708 (4) Whether or not the law of this state governs perfection 709 of a security interest, the effectiveness of a financing 710 statement filed in this state before July 1, 2013, may be 711 terminated on or after July 1, 2013, by filing a termination 712 statement in the office in which the financing statement filed 713 before July 1, 2013, is filed, unless an initial financing 714 statement that satisfies s. 679.805(3) has been filed in the 715 office specified by the law of the jurisdiction governing 716 perfection as provided in this chapter, as amended by this act, 717 as the office in which to file a financing statement. 718 679.807 Person entitled to file initial financing statement 719 or continuation statement.—A person may file an initial 720 financing statement or a continuation statement under this part 721 if: 722 (1) The secured party of record authorizes the filing; and 723 (2) The filing is necessary under this part: 724 (a) To continue the effectiveness of a financing statement 725 filed before July 1, 2013; or 726 (b) To perfect or continue the perfection of a security 727 interest. 728 679.808 Priority.—This part and the amendments to this 729 chapter made by this act determine the priority of conflicting 730 claims to collateral. However, if the relative priorities of the 731 claims were established before July 1, 2013, this chapter as it 732 existed before July 1, 2013, determines priority. 733 Section 18. Paragraph (m) of subsection (3) of section 734 680.1031, Florida Statutes, is amended to read: 735 680.1031 Definitions and index of definitions.— 736 (3) The following definitions in other chapters of this 737 code apply to this chapter: 738 (m) “Pursuant to a commitment,” s. 679.1021(1)(ppp) 739679.1021(1)(ooo). 740 Section 19. The Division of Statutory Revision is directed 741 to replace the phrase “this act” wherever it occurs in sections 742 679.801, 679.802, 679.803, 679.804, 679.805, 679.806, 679.807, 743 and 679.808, Florida Statutes, with the assigned chapter number 744 of this act. 745 Section 20. This act shall take effect July 1, 2013.