Legislative Session number- 83

Bill Name: SF1805

Enacting the revisions to the general provisions of the uniform +commercial code
(UCC) and a revised article 7 recommended by the national conference +of
commissioners on uniform state laws ARTICLE 1 � REVISION OF UNIFORM COMMERCIAL
CODEPART 1 � General Provisions "Uniform Commercial Code-General Provisions";
stating the scope, +purposes and policies of the law and the applicability of
supplemental principles,+ severablility clause; providing for the
interpretation of singular +and plural words and words indicating gender;
modifying and superseding the +federal electronic signatures in global and
national commerce act; +establishing the uniform commercial code account PART 2
� General Definitions and Principles of Interpretation Defining certain terms;
providing for the distinguishment of leases +from security interests, for the
giving of value for rights, for the +determination of reasonable time and for
interpretation of presumptions PART 3 � Territorial Applicability and General
Rules Providing for territorial applicability and for the power of parties +to
choose applicable law; authorizing variation of the law by agreement; +defining
course of performance, course of dealing and usage of trade; imposing an
+obligation of good faith; requiring the liberal administration of remedies;
+authorizing the discharge of claims or rights resulting from alleged breaches;
+providing for the treatment of certain third party documents as prima facie
+evidence, for performance or acceptance under reservation of rights and for the
+option to accelerate at will; authorizing subordinated obligations; repealing
+the general provisions of the existing uniform commercial code ARTICLE 2 �
CONFORMING AMENDMENTS TO OTHER UCC ARTICLESMaking conforming amendments to
certain other uniform commercial code+ articles regulating sales, leases,
negotiable instruments, bank deposits and collections, fund transfers, letters
of credit, investment securities+ and secured transactions; repealing certain
provisions relating to the +course of performance of contracts under sales and
leases regulations ARTICLE 3 � GENERAL CONFORMING AMENDMENTSMaking conforming
amendments to certain other statutory provisions +relating to agricultural
contracts, off highway motorcycles, all-terrain vehicles+ (ATVs), watercraft
titling, motor vehicle titles, the storage of grain on +farms, uniform
electronic transactions, credit agreements and crop liens ARTICLE 4 � UNIFORM
COMMERCIAL CODE ARTICLE 7-DOCUMENTS OF TITLEPART 1 - General "Uniform Commercial
Code-Documents of Title"; defining certain terms;+ providing for the
relationship of the article to treaties or statutes; +regulating negotiable and
nonnegotiable documents of title; authorizing the +issuance of tangible
documents of title as a substitute for electronic documents +under certain
conditions; providing for control of electronic documents of +title PART 2 �
Warehouse Receipts: Special Provisions Specifying the persons authorized to
issue warehouse receipts and +regulating alteration; providing for the
consideration of receipts for goods +under storage bonds as warehouse receipts
and for the form and effect of the +receipts; imposing liability for nonreceipt
or misdescription and a duty of +care; providing for warehouse termination of
storage; regulating warehouse +liens PART 3 � Bills of Lading: Special
Provisions Imposing liability for nonreceipt or misdescription of bills of
+lading; regulating through bills of lading and similar documents of title;
+providing for diversion, reconsignment and change of instructions in the
+delivery of goods; regulating tangible and altered bills of lading and carrier
+liens; imposing a duty of care PART 4 � Warehouse Receipts and Bills of
Lading: General Obligations Imposing obligations on issuers of warehouse
receipts and on delivery+ bailees; regulating duplicate documents of title PART
5 � Warehouse Receipts and Bills of Lading: Negotiation and +Transfer
Regulating the form of negotiable tangible documents of title; +specifying the
rights acquired by due negotiation and in absence of due negotiation; specifying
the effect of diversion or stoppage of the delivery of +goods; specifying the
liability of indorsers and the rights of transferees; +providing for certain
warranties PART 6 � Warehouse Receipts and Bills of Lading: Miscellaneous
+Provisions Providing for the effect of lost, stolen or destroyed documents of
+title and regulating conflicting claimsPART 7 � Miscellaneous Provisions
Specifying the effective date of the act; repealing the existing +provisions
regulating warehouse receipts; specifying the applicability of the +act; savings
clause ARTICLE 5 � UNIFORM COMMERCIAL CODE CONFORMING CHANGESMaking conforming
amendments to certain other provisions of the +uniform commercial code (UCC)
regulating sales, leases, bank deposits and +collections, investment securities
and secured transactions ARTICLE 6 � MISCELLANEOUS CONFORMING CHANGESMaking
conforming amendments to certain other statutory provisions +relating to grain
storage and the enforcement of liens (mk)