- Introduced -

SB 559- This act is intended to clarify the status of security interests in a security under the newly adopted revisions to Article 8 of the Uniform Commercial Code.

Revisions to the Code became effective on August 28, 1997, but the amendments thereto do not affect proceedings commenced prior to that date.

Security interests perfected prior to August 28 by actions that comply with the revisions remain perfected.

Other security interests remain perfected throughout 1998. As of January 1, 1999, such interests must take appropriate action under the new Code to remain perfected. Subsequent financing statements can be signed by the secured party instead of the debtor to continue perfection.

DENISE GARNIER