HB0003 • 2013

Effective financing statements-duration.

AN ACT relating to the Uniform Commercial Code; extending duration of effectiveness for filed financing statements; providing for future application; and providing for an effective date.

Elections

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Corporations
Last action: 2013-02-15
Official status: enrolled
Effective date: 7/1/2013

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0003HS001

Standing Committee • H07

Failed

Plain English: Failed Standing Committee by H07

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2013-02-15 LSO
Assigned Chapter Number
2013-02-14 Governor
Governor Signed HEA0012
2013-02-11 Senate
S President Signed HEA No. 0012
2013-02-11 House
H Speaker Signed HEA No. 0012
2013-02-11 LSO
Assigned Number HEA0012
2013-02-11 Senate
S Passed 3rd Reading
2013-02-08 Senate
S Passed 2nd Reading
2013-02-07 Senate
S Passed CoW
2013-02-05 Senate
S Placed on General File
2013-02-05 Senate
S07 Recommended Do Pass
2013-01-25 Senate
S Introduced and Referred to S07
2013-01-18 Senate
S Received for Introduction
2013-01-18 House
H Passed 3rd Reading
2013-01-17 House
H Passed 2nd Reading
2013-01-16 House
H Passed CoW
2013-01-16 House
Amendment Failed
2013-01-16 House
H Placed on General File
2013-01-16 House
H07 Recommended Amend and Do Pass
2013-01-08 House
H Introduced and Referred to H07
2013-01-08 House
H Received for Introduction
2012-11-28 LSO
Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

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.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE
BILL

NO.
0003

ENROLLED ACT NO. 12, HOUSE OF REPRESENTATIVES

SIXTY-SECOND LEGISLATURE OF THE STATE OF WYOMING
2013 GENERAL SESSION

AN ACT relating to
the
U
niform
C
ommercial
C
ode; extending duration of effectiveness for filed financing statements;

providing for future application;
and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.
W.S. 34.1
‑
9
‑
515(a), (d) and (e)
is
amended to read:

34.1
‑
9
‑
515.

Duration and effectiveness of financing statement; effect of lapsed financing statement.

(a)

Except as otherwise provided in subsections (b), (e), (f) and (g), a
filed
financing statement

filed prior to July 1, 2013
is effective for a period of
five (5)
years after the date of filing

and a financing statement filed on or after July 1, 2013 is effective for a period of ten (10) years
.

(d)

A continuation statement may be filed only within six (6) months before the expiration of the
five (5)

year
period specified in subsection (a) or the thirty (30) year period specified in subsection (b), whichever is applicable.

(e)

Except as otherwise provided in section 34.1
‑
9
‑
510, upon timely filing of a continuation statement

prior to July 1, 2013
, the effectiveness of the initial financing statement continues for a period of
five (5)
years commencing on the day on which the financing statement would have become ineffective in the absence of the filing.

Except as otherwise provided in section 34.1
‑
9
‑
510, upon timely filing of a continuation statement
on or after
July 1, 2013, the effectiveness of the initial
financing statement continues for a period of
ten
(
10
) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing.

Upon the expiration of the
five (5)

year

specified
period, the financing statement lapses in the same manner as provided in subsection (c), unless, before the lapse, another continuation statement is filed pursuant to subsection (d). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.

Section 2.
This act is effective July 1, 2013.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1