SB252

What it does

• Updates the rule that a sale is presumed fraudulent if the seller keeps possession of the item after selling it, unless they are a merchant holding it briefly in normal business practice.
• States that corporate bonds issued under specific state laws count as negotiable instruments for all purposes under the Uniform Commercial Code.
• Declares that pledges on these corporate bonds are valid and secure immediately upon creation without needing physical delivery or filing paperwork.
• Adds a rule that transferring property to avoid paying child support is presumed fraudulent if the person keeps possession of the property after the transfer.
• Defines criminal penalties, including felonies, for forging vehicle titles, altering security interest releases on car titles, removing vehicle identification numbers, and moving vehicles out of state with intent to defraud lenders.