This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0681 - Significant Revisions to Uniform Commercial Code
L.R. NO. 1836-01
BILL NO. SB 681
SUBJECT: Uniform Laws: Commercial Code
TYPE: Original
DATE: January 11, 1996
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Office of the Secretary of State assume the proposal would
have no fiscal impact on their agency.
FISCAL IMPACT - State Government FY 1997 FY 1998 FY 1999
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 1997 FY 1998 FY 1999
(10 Mo.)
0 0 0
DESCRIPTION
The proposed legislation would revise Articles 5 and 8 of the Uniform
Commercial Code Statutes and would bring the present law in conformity with
present requirements. In Article 5, clarification would be made regarding
letters of credit with more defined standards of practice. In Article 8, the
proposal would revise the attachment and perfection of security interests in
investment securities.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Office of the Secretary of State