Florida Senate - 2022 SB 406 By Senator Berman 31-00385-22 2022406__ 1 A bill to be entitled 2 An act relating to secured transactions; amending s. 3 679.1081, F.S.; providing that a description of 4 certain accounts and entitlements by a certain type of 5 collateral is insufficient for the purpose of security 6 agreements; providing retroactive application; 7 providing an effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1.Subsection (5) of section 679.1081, Florida 12 Statutes, is amended to read: 13 679.1081Sufficiency of description. 14 (5)A description only by type of collateral defined in 15 this chapter is an insufficient description of: 16 (a)A commercial tort claim; 17 (b)In a consumer transaction, consumer goods, a security 18 entitlement, a securities account, or a commodity account;or19 (c)An account consisting of a right to payment of a 20 monetary obligation for the sale of real property that is the 21 debtors homestead under the laws of this state; or 22 (d)Accounts and other entitlements set forth in ss. 23 222.13-222.16, s. 222.18, and ss. 222.201-222.22. 24 Section 2.The amendment made by this act to s. 679.1081, 25 Florida Statutes, is remedial in nature and applies 26 retroactively. 27 Section 3.This act shall take effect upon becoming a law.