Bill No.: HB0003 Drafter: LGC
LSO No.: 13LSO-0010 Effective Date: 7/1/2013
Enrolled Act No.: HEA0012
Chapter No.: CH0030
Prime Sponsor: Joint Corporations, Elections and Political Subdivisions Interim Committee
Catch Title: Effective financing statements-duration.
Subject: Financing statements filed under the Uniform Commercial Code.
Summary/Major Elements:
· Under current law, a financing statement filed under the Uniform Commercial Code is effective for five years and a continuation statement is effective for five years.
· This act extends the effective period for financing statements and continuation statements filed after July 1, 2013, to ten years.