Bill Text: HI SB2444 | 2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Uniform Commercial Code; Secured Transactions

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2012-03-08 - (H) Referred to CPC/JUD, FIN, referral sheet 41 [SB2444 Detail]

Download: Hawaii-2012-SB2444-Amended.html

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STAND. COM. REP. NO. 2040

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2444

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Commerce and Consumer Protection, to which was referred S.B. No. 2444 entitled:

 

"A BILL FOR AN ACT RELATING TO UNIFORM COMMERCIAL CODE ARTICLE 9,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to implement amendments to article 9 of the Uniform Commercial Code, as set forth by the Commission to Promote Uniform Legislation.

 

     Your Committee received testimony in support of this measure from the Commission to Promote Uniform Legislation.  Your Committee received comments on this measure from the Hawaii Bankers Association.

 

     Your Committee finds that article 9 of the Uniform Commercial Code was substantially revised in 1998.  In 2010, amendments were proposed that modified the existing article 9 to respond to filing issues and other matters that arose after a decade of experience with the revised article 9.

 

     Your Committee further finds that the amendments contained in this measure provide greater clarity regarding the name of an individual debtor to be provided on a financing statement, improve the filing system for financing statements, and provide greater protection for an existing secured party with a security interest in after-acquired property upon a relocation or merger of its debtor.

 

     Your Committee notes that this measure will allow Hawaii's version of article 9 of the Uniform Commercial Code to be consistent with article 9 as it has been adopted in other jurisdictions.  This consistency is necessary to avoid conflicts and confusion with respect to interstate transactions.

 

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2444, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2444, S.D. 1, and be referred to the Committee on Judiciary and Labor.

 

Respectfully submitted on behalf of the members of the Committee on Commerce and Consumer Protection,

 

		____________________________ ROSALYN H. BAKER, Chair