Florida 2025 Regular Session

Florida House Bill H0515 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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2		-	~~ENROLLED~~
3		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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9	9		Page 1 of 181
10	10		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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12	12
13	13
14		-	1
	14	+	A bill to be entitled 1
15	15		An act relating to the Uniform Commercial Code; 2
16	16		providing a directive to the Division of Law Revision; 3
17	17		creating part I of ch. 669, F.S., relating to 4
18	18		controllable electronic records; creating s. 669.101, 5
19	19		F.S.; providing a short title; creating s. 669.102, 6
20	20		F.S.; defining terms; providing construction; creating 7
21	21		s. 669.103, F.S.; providing construction; creating s. 8
22	22		669.104, F.S.; providing applicability; specifying 9
23	23		when a purchaser of a controllable account or 10
24	24		controllable payment intangible is a qualifying 11
25	25		purchaser; specifying rights acquired relating to 12
26	26		controllable electronic records; prohibiting actions 13
27	27		from being asserted against qualifying purchasers 14
28	28		under certain circumstances; specifying that filing a 15
29	29		certain financial statement is not notice of a claim 16
30	30		of a property right in a controllable electronic 17
31	31		record; creating s. 669.105, F.S.; specifying when a 18
32	32		person has control of a controllable electronic 19
33	33		record; providing when a person's power relating to 20
34	34		controllable electronic records is or is not 21
35	35		exclusive; providing that a person who has control of 22
36	36		a controllable electronic record is not required to 23
37	37		acknowledge such control; specifying that a person 24
38	38		that acknowledges control of a controllable electronic 25
39		-	~~ENROLLED~~
40		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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47	47		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
48	48
49	49
50	50
51	51		record does not owe any duty to the other person and 26
52	52		is not required to confirm the acknowledgment to any 27
53	53		other person; creating s. 669.106, F.S.; authorizing 28
54	54		account debtors on a controllable account or 29
55	55		controllable payment intangible to discharge 30
56	56		obligations under certain circumstances; providing 31
57	57		requirements for such discharge; prohibiting account 32
58	58		debtors from waiving or varying certain rights and 33
59	59		options; providing construction; creating s. 669.107, 34
60	60		F.S.; specifying the governing laws and jurisdictions 35
61	61		relating to controllable electronic records; creatin g 36
62	62		part II of ch. 669, F.S., relating to transitional 37
63	63		provisions; creating s. 669.501, F.S.; providing a 38
64	64		short title; creating s. 669.502, F.S.; defining 39
65	65		terms; creating ss. 669.601 and 669.701, F.S.; 40
66	66		providing saving clauses for certain transactions; 41
67	67		providing applicability; providing construction; 42
68	68		creating s. 669.702, F.S.; specifying requirements for 43
69	69		perfecting security interests that are enforceable and 44
70	70		perfected before a specified date; creating s. 45
71	71		669.703, F.S.; specifying requirements for security 46
72	72		interests that were unperfected before a specified 47
73	73		date; creating s. 669.704, F.S.; specifying the 48
74	74		effectiveness of certain actions relating to security 49
75	75		interests taken before a specified date; creating ss. 50
76		-	~~ENROLLED~~
77		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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83	83		Page 3 of 181
84	84		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
85	85
86	86
87	87
88	88		669.705 and 669.706, F.S.; providing priority for 51
89	89		conflicting claims to collateral; creating part III of 52
90	90		ch. 669, F.S., entitled "Miscellaneous Provisions"; 53
91	91		creating s. 669.711, F.S.; providing construction; 54
92	92		amending s. 670.103, F.S.; revising the definition of 55
93	93		the term "payment order"; amending s. 670.201, F.S.; 56
94	94		revising authorizations and requirements relating to 57
95	95		security procedures; amending s. 670.202, F.S.; 58
96	96		revising the circumstances under which payment orders 59
97	97		received by banks are effective as the order of a 60
98	98		customer; making technical changes; amending s. 61
99	99		670.203, F.S.; revising rules that apply to payment 62
100	100		orders that are not authorized orders of certain 63
101	101		customers; amending ss. 670.207, 670.208, 670.21, and 64
102	102		670.211, F.S.; making technical changes; amending s. 65
103	103		670.305, F.S.; revising liability requiremen ts 66
104	104		relating to payment orders; creating part VI of ch. 67
105	105		670, F.S., relating to transitional provisions; 68
106	106		creating s. 670.601, F.S.; providing applicability; 69
107	107		amending s. 671.101, F.S.; making technical changes; 70
108	108		amending s. 671.105, F.S.; revising applicabilit y; 71
109	109		amending s. 671.107, F.S.; making a technical change; 72
110	110		amending s. 671.201, F.S.; revising definitions; 73
111	111		defining terms; amending s. 671.211, F.S.; conforming 74
112	112		a cross-reference; creating part IV of ch. 671, F.S., 75
113		-	~~ENROLLED~~
114		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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121	121		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
122	122
123	123
124	124
125	125		relating to transitional provisions; creat ing s. 76
126	126		671.401, F.S.; providing applicability; amending s. 77
127	127		672.102, F.S.; revising applicability; amending s. 78
128	128		672.106, F.S.; defining the term "hybrid transaction"; 79
129	129		making technical changes; amending ss. 672.201, 80
130	130		672.202, 672.203, and 672.205, F.S.; making technical 81
131	131		changes; amending s. 672.209, F.S.; revising a 82
132	132		prohibition on modifying or rescinding a signed 83
133	133		agreement that excludes modification or rescission; 84
134	134		creating part VIII of ch. 672, F.S., relating to 85
135	135		transitional provisions; creating s. 672.801, F.S .; 86
136	136		providing applicability; amending s. 673.1041, F.S.; 87
137	137		revising the definition of the term "negotiable 88
138	138		instrument"; amending s. 673.1051, F.S.; revising the 89
139	139		definition of the term "issue"; amending s. 673.4011, 90
140	140		F.S.; conforming provisions to changes made by the 91
141	141		act; amending s. 673.6041, F.S.; specifying that the 92
142	142		obligation of a party to pay a check is not discharged 93
143	143		solely by destruction of the check in connection with 94
144	144		a specified process; creating part VII of ch. 673, 95
145	145		F.S., relating to transitional provi sions; creating s. 96
146	146		673.702, F.S.; providing applicability; amending s. 97
147	147		675.104, F.S.; conforming provisions to changes made 98
148	148		by the act; amending s. 675.116, F.S.; providing that 99
149	149		a branch of a bank is considered to be located at the 100
150		-	~~ENROLLED~~
151		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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157	157		Page 5 of 181
158	158		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
159	159
160	160
161	161
162	162		address indicated in the branch's undertaking or, if 101
163	163		more than one address is indicated, the address from 102
164	164		which the undertaking was issued; making technical 103
165	165		changes; creating s. 675.119, F.S.; providing 104
166	166		applicability; amending s. 677.102, F.S.; deleting 105
167	167		definitions of the terms " record" and "sign"; amending 106
168	168		s. 677.106, F.S.; specifying when a system satisfies 107
169	169		certain requirements and a person has control of an 108
170	170		electronic document of title; specifying when certain 109
171	171		powers are or are not exclusive; providing that a 110
172	172		person that has control of an electronic document or 111
173	173		title does not need to acknowledge that it has control 112
174	174		on behalf of another person; specifying that a person 113
175	175		does not owe any duty to another person under certain 114
176	176		circumstances; creating part VII of ch. 677, F.S., 115
177	177		related to transitional provisions; creating s. 116
178	178		677.701, F.S.; providing applicability; amending s. 117
179	179		678.1021, F.S.; revising definitions; revising the 118
180	180		applicability of definitions; amending s. 678.1031, 119
181	181		F.S.; specifying that a controllable account, 120
182	182		controllable electronic record, or controllable 121
183	183		payment intangible is not a financial asset under 122
184	184		certain circumstances; conforming a cross -reference; 123
185	185		amending s. 678.1061, F.S.; revising the circumstances 124
186	186		under which purchasers have control of security 125
187		-	~~ENROLLED~~
188		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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194	194		Page 6 of 181
195	195		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
196	196
197	197
198	198
199	199		entitlements; specifying that a person that has such 126
200	200		control is not required to acknowledge such control on 127
201	201		behalf of a purchaser; specifying that certain persons 128
202	202		do not owe any duty to purchasers and are not required 129
203	203		to confirm certain acknowledgment under certain 130
204	204		circumstances; amending s. 678.1101, F.S.; providing 131
205	205		applicability; amending s. 678.3031, F.S; specifying 132
206	206		that protected purchasers acquire interest in a 133
207	207		security free of any adverse claim; creating part VI 134
208	208		of ch. 678, F.S., relating to transitional provisions; 135
209	209		creating s. 678.601, F.S.; providing applicability; 136
210	210		amending s. 679.1021, F.S.; defining terms; revising 137
211	211		and deleting definitions; revising the applicability 138
212	212		of definitions; amending s. 679.1041, F.S.; revising 139
213	213		the circumstances under which a secured party has 140
214	214		control of a deposit account; making a technical 141
215	215		change; amending s. 679.1051, F.S.; revising when a 142
216	216		person has control of electronic chattel paper; 143
217	217		specifying when power of such control is or is not 144
218	218		exclusive; creating s. 679.1052, F.S.; specifying w hen 145
219	219		a person has control of electronic money; specifying 146
220	220		when power of such control is or is not exclusive; 147
221	221		creating s. 679.1053, F.S.; specifying when a person 148
222	222		has control of controllable electronic records, 149
223	223		controllable accounts, or controllable payment 150
224		-	~~ENROLLED~~
225		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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231	231		Page 7 of 181
232	232		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
233	233
234	234
235	235
236	236		intangibles; creating s. 679.1054, F.S.; providing 151
237	237		that specified persons with certain control are not 152
238	238		required to acknowledge such control; specifying that 153
239	239		such persons do not owe any duty to certain persons 154
240	240		and are not required to confirm acknowledgment to any 155
241	241		other person; amending s. 679.2031, F.S.; revising the 156
242	242		circumstances under which a security interest is 157
243	243		enforceable against a debtor and third parties; 158
244	244		conforming a cross-reference and provisions to changes 159
245	245		made by the act; amending s. 679.2041, F.S .; revising 160
246	246		the circumstances under which a security interest does 161
247	247		not attach under a term constituting an after -acquired 162
248	248		property clause; amending s. 679.2071, F.S.; 163
249	249		conforming a provision to changes made by the act; 164
250	250		amending s. 679.2081, F.S.; revising d uties relating 165
251	251		to secured parties having control of collateral; 166
252	252		amending s. 679.209, F.S.; revising duties relating to 167
253	253		secured parties if an account debtor has been notified 168
254	254		of an assignment; revising cross -references; amending 169
255	255		s. 679.210, F.S.; conforming provisions to changes 170
256	256		made by the act; amending s. 679.3011, F.S.; revising 171
257	257		requirements relating to laws governing perfection and 172
258	258		priority of security interests; revising a cross -173
259	259		reference; amending s. 679.3041, F.S.; specifying that 174
260	260		the local law of a b ank's jurisdiction governs even if 175
261		-	~~ENROLLED~~
262		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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268	268		Page 8 of 181
269	269		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
270	270
271	271
272	272
273	273		a transaction does not bear any relation to the bank's 176
274	274		jurisdiction; amending s. 679.3051, F.S.; revising 177
275	275		applicability; creating s. 679.3062, F.S.; specifying 178
276	276		which laws govern the perfection and priority of 179
277	277		security interests in chattel paper; creating s. 180
278	278		679.3063, F.S.; specifying which laws govern the 181
279	279		perfection and priority of security interests in 182
280	280		controllable accounts, controllable electronic 183
281	281		records, and controllable payment intangibles; 184
282	282		amending s. 679.3101, F.S.; revising the circumstances 185
283	283		under which the filing of a financing statement is not 186
284	284		necessary to perfect a security interest; amending s. 187
285	285		679.3121, F.S.; providing requirements for perfecting 188
286	286		a security interest in controllable accounts, 189
287	287		controllable electronic records, and controllable 190
288	288		payment intangibles; amending s. 679.3131, F.S.; 191
289	289		conforming provisions to changes made by the act; 192
290	290		amending s. 679.3141, F.S.; revising requirements for 193
291	291		perfection by control; creating s. 679.3152, F.S.; 194
292	292		providing requirement s for perfecting a security 195
293	293		interest in chattel paper by possession and control; 196
294	294		amending s. 679.3161, F.S.; revising requirements 197
295	295		relating to maintaining perfection of security 198
296	296		interests following a change in governing law; 199
297	297		revising cross-references; amending s. 679.3171, F.S.; 200
298		-	~~ENROLLED~~
299		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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305	305		Page 9 of 181
306	306		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
307	307
308	308
309	309
310	310		revising the circumstances under which persons take 201
311	311		free of a security interest or agricultural lien; 202
312	312		amending s. 679.323, F.S.; revising the circumstances 203
313	313		under which a buyer or lessee of goods takes free of a 204
314	314		security interest or leasehold; amending s. 679.324, 205
315	315		F.S.; conforming provisions to changes made by the 206
316	316		act; creating s. 679.3251, F.S.; specifying that 207
317	317		certain security interests in controllable accounts, 208
318	318		controllable electronic records, or controllable 209
319	319		payment intangibles ha ve priority over conflicting 210
320	320		security interests; amending s. 679.330, F.S.; 211
321	321		revising the circumstances under which purchasers of 212
322	322		chattel paper have priority over certain security 213
323	323		interests in the chattel paper; revising 214
324	324		applicability; making a technical ch ange; amending s. 215
325	325		679.331, F.S.; revising construction; amending s. 216
326	326		679.332, F.S.; revising the circumstances under which 217
327	327		a transferee takes money or funds free of a security 218
328	328		interest; amending ss. 679.341 and 679.4041, F.S.; 219
329	329		conforming provisions to chang es made by the act; 220
330	330		amending s. 679.4061, F.S.; defining the term 221
331	331		"promissory note"; conforming provisions to changes 222
332	332		made by the act; revising applicability; amending s. 223
333	333		679.4081, F.S.; defining the term "promissory note"; 224
334	334		amending ss. 679.509, 679.513, 6 79.601, and 679.604, 225
335		-	~~ENROLLED~~
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342	342		Page 10 of 181
343	343		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
344	344
345	345
346	346
347	347		F.S.; conforming provisions to changes made by the 226
348	348		act; amending s. 679.605, F.S.; specifying when a 227
349	349		secured party owes a duty to a person based on the 228
350	350		party's status as a secured party; amending ss. 229
351	351		679.608 and 679.611, F.S.; conformi ng provisions to 230
352	352		changes made by the act; making technical changes; 231
353	353		amending s. 679.613, F.S.; revising the form for 232
354	354		notification of the disposition of collateral; 233
355	355		providing requirements relating to such form; amending 234
356	356		s. 679.614, F.S.; revising form requi rements for 235
357	357		notice of a plan to sell property; providing 236
358	358		requirements relating to such form; amending ss. 237
359	359		679.615, 679.616, 679.619, 679.620, 679.621, 679.624, 238
360	360		and 679.625, F.S.; conforming provisions to changes 239
361	361		made by the act; amending s. 679.628, F.S.; providing 240
362	362		applicability; creating part IX of ch. 670, F.S., 241
363	363		relating to transitional provisions; creating ss. 242
364	364		679.901 and 679.902, F.S.; providing construction; 243
365	365		amending s. 680.1021, F.S.; revising applicability; 244
366	366		amending s. 680.1031, F.S.; defining the te rm "hybrid 245
367	367		lease"; conforming cross -references; amending ss. 246
368	368		680.1071, 680.201, 680.202, 680.203, 680.205, 680.208, 247
369	369		F.S.; conforming provisions to changes made by the 248
370	370		act; creating part VI of ch. 680, F.S., relating to 249
371	371		transitional provisions; creating s. 680.601, F.S.; 250
372		-	~~ENROLLED~~
373		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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380	380		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
381	381
382	382
383	383
384	384		providing applicability; amending ss. 55.205, 319.27, 251
385	385		328.0015, 517.061, 559.9232, 563.022, 668.50, F.S.; 252
386	386		conforming cross-references; reenacting ss. 655.55(1) 253
387	387		and (2) and 685.101(2), F.S., relating to law 254
388	388		applicable to deposits in and contr acts relating to 255
389	389		extensions of credit by a deposit or lending 256
390	390		institution located in this state and choice of law, 257
391	391		respectively, to incorporate the amendment made to s. 258
392	392		671.105, F.S., in references thereto; reenacting ss. 259
393	393		90.953(1), 673.1061(1), (3), and ( 4), and 673.1151(2), 260
394	394		F.S., relating to admissibility of duplicates, 261
395	395		unconditional promise or order, and incomplete 262
396	396		instruments, respectively, to incorporate the 263
397	397		amendment made to s. 673.1041, F.S., in references 264
398	398		thereto; reenacting s. 673.1031(2), F.S., re lating to 265
399	399		definitions, to incorporate the amendments made to ss. 266
400	400		673.1041 and 673.1051, F.S., in references thereto; 267
401	401		reenacting s. 673.6051(2), F.S., relating to discharge 268
402	402		of indorsers and accommodation parties, to incorporate 269
403	403		the amendment made to s. 673. 6041, F.S., in a 270
404	404		reference thereto; reenacting s. 679.3061(2), F.S., 271
405	405		relating to law governing perfection and priority of 272
406	406		security interests in letter -of-credit rights, to 273
407	407		incorporate the amendment made to s. 675.116, F.S., in 274
408	408		a reference thereto; reenacti ng s. 675.103(1)(j), 275
409		-	~~ENROLLED~~
410		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
411		-
412		-
413		-
414		-	CODING: Words stricken are deletions; words underlined are additions.
415		-	hb515 -03-er
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417	417		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
418	418
419	419
420	420
421	421		F.S., relating to definitions, to incorporate the 276
422	422		amendment made to s. 675.104, F.S., in a reference 277
423	423		thereto; reenacting ss. 674.2101(3), 675.1181(2), and 278
424	424		679.1101, F.S., relating to security interest of 279
425	425		collecting bank in items, accom panying documents, and 280
426	426		proceeds; security interest of issuer or nominated 281
427	427		person; and security interests arising under chapter 282
428	428		672 or chapter 680, respectively, to incorporate the 283
429	429		amendment made to s. 679.2031, F.S., in references 284
430	430		thereto; reenacting ss. 6 72.103(3) and 674.104(3), 285
431	431		F.S., relating to definitions and index of 286
432	432		definitions, to incorporate the amendment made to s. 287
433	433		677.106, F.S., in references thereto; reenacting ss. 288
434	434		678.5101(3) and 679.1061(1), F.S., relating to rights 289
435	435		of purchaser of security en titlement from entitlement 290
436	436		holder and control of investment property, 291
437	437		respectively, to incorporate the amendment made to s. 292
438	438		678.1061, F.S., in references thereto; reenacting s. 293
439	439		679.328(2), (5), and (7), F.S., relating to priority 294
440	440		of security interests in i nvestment property, to 295
441	441		incorporate the amendments made to ss. 678.1061, 296
442	442		679.3131, 679.3141, and 679.323, F.S., in references 297
443	443		thereto; reenacting s. 679.327(1) and (2), F.S., 298
444	444		relating to priority of security interests in deposit 299
445	445		account, to incorporate the amendment made to ss. 300
446		-	~~ENROLLED~~
447		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
448		-
449		-
450		-
451		-	CODING: Words stricken are deletions; words underlined are additions.
452		-	hb515 -03-er
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454	454		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
455	455
456	456
457	457
458	458		679.1041 and 679.3141, F.S., in references thereto; 301
459	459		reenacting s. 679.1091(4), F.S., relating to scope, to 302
460	460		incorporate the amendment made to ss. 679.2031 and 303
461	461		679.4041, F.S., in references thereto; reenacting s. 304
462	462		679.709(2), F.S., relat ing to priority, to incorporate 305
463	463		the amendment made to s. 679.2031, F.S., in a 306
464	464		reference thereto; reenacting s. 679.602(2), F.S., 307
465	465		relating to waiver and variance of rights and duties, 308
466	466		to incorporate the amendment made to s. 679.210, F.S., 309
467	467		in a reference thereto; reenacting s. 679.329, F.S., 310
468	468		relating to priority of security interests in deposit 311
469	469		account and priority of security interests in letter -312
470	470		of-credit right, respectively, to incorporate the 313
471	471		amendment made to s. 679.3141, F.S., in references 314
472	472		thereto; reenacting s. 679.320(3), F.S., buyer of 315
473	473		goods, to incorporate the amendment made to s. 316
474	474		679.3161, F.S., in references thereto; reenacting s. 317
475	475		727.109(8)(b), F.S., relating to power of the court, 318
476	476		to incorporate the amendment made to s. 679.3171, 319
477	477		F.S., in a reference thereto reenacting s. 680.307(3), 320
478	478		F.S., relating to priority of liens arising by 321
479	479		attachment or levy on, security interests in, and 322
480	480		other claims to goods, to incorporate the amendment 323
481	481		made to ss. 679.3171 and 679.323, F.S., in references 324
482	482		thereto; reenacting s. 679.626(3), F.S., relating to 325
483		-	~~ENROLLED~~
484		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
485		-
486		-
487		-
488		-	CODING: Words stricken are deletions; words underlined are additions.
489		-	hb515 -03-er
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491	491		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
492	492
493	493
494	494
495	495		action in which deficiency or surplus is in issue, to 326
496	496		incorporate the amendment made to s. 679.628, F.S., in 327
497	497		a reference thereto; providing an effective date. 328
498	498		329
499	499		Be It Enacted by the Legislature of the State of Fl orida: 330
500	500		331
501	501		Section 1. The Division of Law Revision is directed to 332
502	502		create chapter 669, Florida Statutes, to be entitled "Uniform 333
503	503		Commercial Code: Controllable Electronic Records and 334
504	504		Transitional Provisions." 335
505	505		Section 2. Part I of chapter 669, Florida St atutes, 336
506	506		consisting of ss. 669.101 -669.107, Florida Statutes, is created 337
507	507		and entitled "Controllable Electronic Records." 338
508	508		Section 3. Section 669.101, Florida Statutes, is created 339
509	509		to read: 340
510	510		669.101 Short title. —This part may be cited as "Uniform 341
511	511		Commercial Code—Controllable Electronic Records." 342
512	512		Section 4. Section 669.102, Florida Statutes, is created 343
513	513		to read: 344
514	514		669.102 Definitions. — 345
515	515		(1) As used in this part, the term: 346
516	516		(a) "Central bank digital currency" has the same meaning 347
517	517		as provided in s. 671.2 01. 348
518	518		(b) "Controllable electronic record" means a record in an 349
519	519		electronic medium, subject to control under s. 669.105. The term 350
520		-	~~ENROLLED~~
521		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
522		-
523		-
524		-
525		-	CODING: Words stricken are deletions; words underlined are additions.
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528	528		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
529	529
530	530
531	531
532	532		does not include a central bank digital currency, a controllable 351
533	533		account, a controllable payment intangible, a deposit account, 352
534	534		an electronic chattel paper, an electronic document of title, 353
535	535		electronic money, investment property, or a transferable record. 354
536	536		(c) "Qualifying purchaser" means a purchaser of a 355
537	537		controllable electronic record or an interest in a controllable 356
538	538		electronic record which obtains control of the controllable 357
539	539		electronic record for value, in good faith, and without notice 358
540	540		of a claim of a property right in the controllable electronic 359
541	541		record. 360
542	542		(d) "Transferable record" has the same meaning as provided 361
543	543		in: 362
544	544		1. Section 201(a)(1) of the Electronic Signatures in 363
545	545		Global and National Commerce Act, 15 U.S.C. s. 7021(a)(1); or 364
546	546		2. Section 668.50(16)(a). 365
547	547		(e) "Value" has the meaning provided in s. 673.3031(1), as 366
548	548		if references in that subsection to an "instrument" were 367
549	549		references to a controllable account, controllable electronic 368
550	550		record, or controllable payment intangible. A controllable 369
551	551		electronic record is subject to control as specified in s. 370
552	552		669.105. 371
553	553		(2) The definitions in s. 679.1021 for the terms "account 372
554	554		debtor," "chattel paper," "controllable account," "controllable 373
555	555		payment intangible," "deposit account," "electronic money," and 374
556	556		"investment property" apply to this part. 375
557		-	~~ENROLLED~~
558		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
559		-
560		-
561		-
562		-	CODING: Words stricken are deletions; words underlined are additions.
563		-	hb515 -03-er
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565	565		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
566	566
567	567
568	568
569	569		(3) Chapter 671 contains general definitions and 376
570	570		principles of construction and interpretat ion applicable 377
571	571		throughout this part. 378
572	572		Section 5. Section 669.103, Florida Statutes, is created 379
573	573		to read: 380
574	574		669.103 Relation to chapter 679 and consumer laws. — 381
575	575		(1) If there is conflict between this part and chapter 382
576	576		679, chapter 679 governs. 383
577	577		(2) A transaction subject to this part is subject to any 384
578	578		applicable rule of law that establishes a different rule for 385
579	579		consumers; any other law or regulation that regulates the rates, 386
580	580		charges, agreements, and practices for loans, credit sales, or 387
581	581		other extensions of credit; and chapter 501. 388
582	582		Section 6. Section 669.104, Florida Statutes, is created 389
583	583		to read: 390
584	584		669.104 Rights in controllable account, controllable 391
585	585		electronic record, and controllable payment intangible. — 392
586	586		(1) This section applies to the acquisition and purchase 393
587	587		of rights in a controllable account or controllable payment 394
588	588		intangible, including the rights and benefits under subsections 395
589	589		(3), (4), (5), (7), and (8) of a purchaser and qualifying 396
590	590		purchaser, in the same manner in which this section applies to a 397
591	591		controllable electronic record. 398
592	592		(2) In determining whether a purchaser of a controllable 399
593	593		account or a controllable payment intangible is a qualifying 400
594		-	~~ENROLLED~~
595		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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597		-
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602	602		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
603	603
604	604
605	605
606	606		purchaser, the purchaser obtains control of the account or 401
607	607		payment intangible if it obtains control of the controllable 402
608	608		electronic record that evidences the account or payment 403
609	609		intangible. 404
610	610		(3) Except as provided in this section, law other than 405
611	611		this part determines whether a person acquires a right in a 406
612	612		controllable electronic record and the right that the person 407
613	613		acquires. 408
614	614		(4) A purchaser of a controllable electronic record 409
615	615		acquires all rights in the controllable electronic record which 410
616	616		the transferor had, or had power to transfer, except that a 411
617	617		purchaser of a limited interest in a controllable electronic 412
618	618		record acquires rights only to the extent of the interest 413
619	619		purchased. 414
620	620		(5) A qualifying purchaser acquires its rights in the 415
621	621		controllable electronic record free of a claim of a property 416
622	622		right in the controllable electronic record. 417
623	623		(6) Except as provided in subsections (1) and (5) for a 418
624	624		controllable account and a controllable payment intangible or in 419
625	625		law other than this part, a qualifying purchaser takes a right 420
626	626		to payment, right to performance, or other interest in property 421
627	627		evidenced by the controllable e lectronic record subject to a 422
628	628		claim of a property right in the right to payment, right to 423
629	629		performance, or other interest in property. 424
630	630		(7) An action may not be asserted against a qualifying 425
631		-	~~ENROLLED~~
632		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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639	639		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
640	640
641	641
642	642
643	643		purchaser based on both a purchase by the qualifying purchaser 426
644	644		of a controllable electronic record and a claim of a property 427
645	645		right in another controllable electronic record, regardless of 428
646	646		whether the action is framed in conversion, replevin, 429
647	647		constructive trust, equitable lien, or other theory. 430
648	648		(8) Filing of a financin g statement under chapter 679 is 431
649	649		not notice of a claim of a property right in a controllable 432
650	650		electronic record. 433
651	651		Section 7. Section 669.105, Florida Statutes, is created 434
652	652		to read: 435
653	653		669.105 Control of controllable electronic record. — 436
654	654		(1) A person has control of a controllable electronic 437
655	655		record if the electronic record, a record attached to or 438
656	656		logically associated with the electronic record, or a system in 439
657	657		which the electronic record is recorded: 440
658	658		(a) Gives the person: 441
659	659		1. Power to avail itself of subs tantially all of the 442
660	660		benefit from the electronic record; and 443
661	661		2. Exclusive power, subject to paragraph (b), to: 444
662	662		a. Prevent others from availing themselves of 445
663	663		substantially all of the benefit from the electronic record; and 446
664	664		b. Transfer control of the e lectronic record to another 447
665	665		person or cause another person to obtain control of another 448
666	666		controllable electronic record as a result of the transfer of 449
667	667		the electronic record; and 450
668		-	~~ENROLLED~~
669		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
670		-
671		-
672		-
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676	676		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
677	677
678	678
679	679
680	680		(b) Enables the person to identify itself readily in any 451
681	681		way, including by na me, identifying number, cryptographic key, 452
682	682		office, or account number, as having the powers specified in 453
683	683		paragraph (a). 454
684	684		(2) Except as provided in subsection (3), a power is 455
685	685		exclusive under sub-subparagraphs (1)(a)2.a. and b. even if: 456
686	686		(a) The controllable electronic record, a record attached 457
687	687		to or logically associated with the electronic record, or a 458
688	688		system in which the electronic record is recorded limits the use 459
689	689		of the electronic record or has a protocol programmed to cause a 460
690	690		change, including a transfer or loss of control or a 461
691	691		modification of benefits afforded by the electronic record; or 462
692	692		(b) The power is shared with another person. 463
693	693		(3) A power of a person is not shared with another person 464
694	694		under paragraph (2)(b) and the person's power is not exclusive 465
695	695		if: 466
696	696		(a) The person can exercise the power only if the power 467
697	697		also is exercised by the other person; and 468
698	698		(b) The other person: 469
699	699		1. Can exercise the power without exercise of the power by 470
700	700		the person; or 471
701	701		2. Is the transferor to the person of an interest in the 472
702	702		controllable electronic record or a controllable account or 473
703	703		controllable payment intangible evidenced by the controllable 474
704	704		electronic record. 475
705		-	~~ENROLLED~~
706		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
707		-
708		-
709		-
710		-	CODING: Words stricken are deletions; words underlined are additions.
711		-	hb515 -03-er
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713	713		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
714	714
715	715
716	716
717	717		(4) If a person has the powers specified in sub -476
718	718		subparagraphs (1)(a)2.a. and b., the powers are presumed to be 477
719	719		exclusive. 478
720	720		(5) A person has control of a controllable electronic 479
721	721		record if another person, other than the transferor to the 480
722	722		person of an interest in the controllable electronic record or a 481
723	723		controllable account or controllable payment intangible 482
724	724		evidenced by the controllable electronic record: 483
725	725		(a) Has control of the electronic record and acknowledges 484
726	726		that it has control on behalf of the person; or 485
727	727		(b) Obtains control of the electronic record after having 486
728	728		acknowledged that it will ob tain control of the electronic 487
729	729		record on behalf of the person. 488
730	730		(6) A person that has control under this section is not 489
731	731		required to acknowledge that it has control on behalf of another 490
732	732		person unless the person otherwise agrees or law other than this 491
733	733		part or chapter 679 provides otherwise. 492
734	734		(7) If a person acknowledges that it has or will obtain 493
735	735		control on behalf of another person, the person does not owe any 494
736	736		duty to the other person and is not required to confirm the 495
737	737		acknowledgment to any other person. 496
738	738		Section 8. Section 669.106, Florida Statutes, is created 497
739	739		to read: 498
740	740		669.106 Discharge of account debtor on controllable 499
741	741		account or controllable payment intangible. — 500
742		-	~~ENROLLED~~
743		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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745		-
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750	750		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
751	751
752	752
753	753
754	754		(1) An account debtor on a controllable account or 501
755	755		controllable payment intangible may discharge its obligation by 502
756	756		paying: 503
757	757		(a) The person having control of the controllable 504
758	758		electronic record that evidences the controllable account or 505
759	759		controllable payment intangible; or 506
760	760		(b) Except as provided in subsection (2), a person that 507
761	761		formerly had control of the controllable electronic record. 508
762	762		(2) Subject to subsection (4), the account debtor may not 509
763	763		discharge its obligation by paying a person that formerly had 510
764	764		control of the controllable electronic record if the account 511
765	765		debtor receives a notifica tion that: 512
766	766		(a) Is signed by a person that formerly had control or the 513
767	767		person to which control was transferred; 514
768	768		(b) Reasonably identifies the controllable account or 515
769	769		controllable payment intangible; 516
770	770		(c) Notifies the account debtor that control of the 517
771	771		controllable electronic record that evidences the controllable 518
772	772		account or controllable payment intangible was transferred; 519
773	773		(d) Identifies the transferee, in any reasonable way, 520
774	774		including by name, identifying number, cryptographic key, 521
775	775		office, or account number; and 522
776	776		(e) Provides a commercially reasonable method by which the 523
777	777		account debtor is to pay the transferee. 524
778	778		(3) After receipt of a notification that complies with 525
779		-	~~ENROLLED~~
780		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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787	787		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
788	788
789	789
790	790
791	791		subsection (2), the account debtor may discharge its obligation 526
792	792		by paying in accordan ce with the notification and may not 527
793	793		discharge the obligation by paying a person that formerly had 528
794	794		control. 529
795	795		(4) Subject to subsection (8), notification is ineffective 530
796	796		under subsection (2): 531
797	797		(a) Unless, before the notification is sent, the account 532
798	798		debtor and the person that, at that time, had control of the 533
799	799		controllable electronic record that evidences the controllable 534
800	800		account or controllable payment intangible agree in a signed 535
801	801		record to a commercially reasonable method by which a person may 536
802	802		furnish reasonable proof that control has been transferred; 537
803	803		(b) To the extent an agreement between the account debtor 538
804	804		and seller of a payment intangible limits the account debtor's 539
805	805		duty to pay a person other than the seller and the limitation is 540
806	806		effective under law other than this part; or 541
807	807		(c) At the option of the account debtor, if the 542
808	808		notification notifies the account debtor to: 543
809	809		1. Divide a payment; 544
810	810		2. Make less than the full amount of an installment or 545
811	811		other periodic payment; or 546
812	812		3. Pay any part of a payment by more than one method or to 547
813	813		more than one person. 548
814	814		(5) Subject to subsection (8), if requested by the account 549
815	815		debtor, the person giving the notification under subsection (2) 550
816		-	~~ENROLLED~~
817		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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824	824		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
825	825
826	826
827	827
828	828		must seasonably furnish reasonable proof that, using the method 551
829	829		in the agreement referred to in paragraph (4)(a), control of the 552
830	830		controllable electronic record has been transferred. Unless the 553
831	831		person complies with the request, the account debtor may 554
832	832		discharge its obligation by paying a person that formerly had 555
833	833		control, even if the account debtor has received a notification 556
834	834		under subsection (2). 557
835	835		(6) A person furnishes reasonable proof under subsection 558
836	836		(5) that control has been transferred if the person demonstrates 559
837	837		that, using the method in an agreement made under paragraph 560
838	838		(4)(a), the transferee has the power to: 561
839	839		(a) Avail itself of substantially all the benefit from the 562
840	840		controllable electronic record; 563
841	841		(b) Prevent others from availing themselves of 564
842	842		substantially all the benefit from the controllable electronic 565
843	843		record; and 566
844	844		(c) Transfer the powers specified in paragraphs (a) and 567
845	845		(b) to another person. 568
846	846		(7) Subject to subsection (8), an account debtor may not 569
847	847		waive or vary its rights under paragraph (4)(a) and subsection 570
848	848		(5) or its option under paragraph (4)(c). 571
849	849		(8) This section is subject to law other than this part 572
850	850		which establishes a different rule for an account debtor who is 573
851	851		an individual and who incurred the obligation primarily for 574
852	852		personal, family, or household purposes. 575
853		-	~~ENROLLED~~
854		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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856		-
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861	861		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
862	862
863	863
864	864
865	865		Section 9. Section 669.107, Florida Sta tutes, is created 576
866	866		to read: 577
867	867		669.107 Governing law. — 578
868	868		(1) Except as provided in subsection (2), the local law of 579
869	869		a controllable electronic record's jurisdiction governs a matter 580
870	870		covered by this part. 581
871	871		(2) For a controllable electronic record that evidenc es a 582
872	872		controllable account or controllable payment intangible, the 583
873	873		local law of the controllable electronic record's jurisdiction 584
874	874		governs a matter covered by s. 669.106 unless an effective 585
875	875		agreement determines that the local law of another jurisdiction 586
876	876		governs. 587
877	877		(3) The following rules determine a controllable 588
878	878		electronic record's jurisdiction under this section: 589
879	879		(a) If the controllable electronic record, or a record 590
880	880		attached to or logically associated with the controllable 591
881	881		electronic record and readily av ailable for review, expressly 592
882	882		provides that a particular jurisdiction is the controllable 593
883	883		electronic record's jurisdiction for purposes of this part or 594
884	884		the Uniform Commercial Code, that jurisdiction is the 595
885	885		controllable electronic record's jurisdiction. 596
886	886		(b) If paragraph (a) does not apply and the rules of the 597
887	887		system in which the controllable electronic record is recorded 598
888	888		are readily available for review and expressly provide that a 599
889	889		particular jurisdiction is the controllable electronic record's 600
890		-	~~ENROLLED~~
891		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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898	898		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
899	899
900	900
901	901
902	902		jurisdiction for purposes of this part or the Uniform Commercial 601
903	903		Code, that jurisdiction is the controllable electronic record's 602
904	904		jurisdiction. 603
905	905		(c) If paragraphs (a) and (b) do not apply and the 604
906	906		controllable electronic record, or a record attached to or 605
907	907		logically associated with the controllable electronic record and 606
908	908		readily available for review, expressly provides that the 607
909	909		controllable electronic record is governed by the law of a 608
910	910		particular jurisdiction, that jurisdiction is the controllable 609
911	911		electronic record's j urisdiction. 610
912	912		(d) If paragraphs (a), (b), and (c) do not apply and the 611
913	913		rules of the system in which the controllable electronic record 612
914	914		is recorded are readily available for review and expressly 613
915	915		provide that the controllable electronic record or the system is 614
916	916		governed by the law of a particular jurisdiction, that 615
917	917		jurisdiction is the controllable electronic record's 616
918	918		jurisdiction. 617
919	919		(e) If paragraphs (a) -(d) do not apply, the controllable 618
920	920		electronic record's jurisdiction is the District of Columbia. 619
921	921		(4) If paragraph (3)(e) applies, and Article 12 is not in 620
922	922		effect without material modification in the District of 621
923	923		Columbia, the governing law for a matter subject to this part is 622
924	924		the law of the District of Columbia as though Article 12 were in 623
925	925		effect without material modification in the District of 624
926	926		Columbia. For the purposes of this subsection, the term "Article 625
927		-	~~ENROLLED~~
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935	935		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
936	936
937	937
938	938
939	939		12" means Article 12 of the Uniform Commercial Code Amendments 626
940	940		(2022). 627
941	941		(5) To the extent subsections (1) and (2) provide that the 628
942	942		local law of the contr ollable electronic record's jurisdiction 629
943	943		governs a matter covered by this part, that law governs even if 630
944	944		the matter or a transaction to which the matter relates does not 631
945	945		bear any relation to the controllable electronic record's 632
946	946		jurisdiction. 633
947	947		(6) The rights acquired under s. 669.104 by a purchaser or 634
948	948		qualifying purchaser are governed by the law applicable under 635
949	949		this section at the time of purchase. 636
950	950		Section 10. Part II of chapter 669, Florida Statutes, 637
951	951		consisting of ss. 669.501 -669.706, Florida Statutes , is created 638
952	952		and entitled "Transitional Provisions." 639
953	953		Section 11. Section 669.501, Florida Statutes, is created 640
954	954		to read: 641
955	955		669.501 Short title. —This part may be cited as "Uniform 642
956	956		Commercial Code—Transitional Provisions." 643
957	957		Section 12. Section 669.502, Florida Statutes, is created 644
958	958		to read: 645
959	959		669.502 Definitions. —As used in this part: 646
960	960		(1)(a) "Adjustment date" means July 1, 2026. 647
961	961		(b) "Article 12" means Article 12 of the Uniform 648
962	962		Commercial Code. 649
963	963		(c) "Article 12 property" means a controllable account, 650
964		-	~~ENROLLED~~
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972	972		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
973	973
974	974
975	975
976	976		controllable electronic record, or controllable payment 651
977	977		intangible. 652
978	978		(2) Other definitions applying to this chapter and the 653
979	979		sections in which they appear are: 654
980	980		"Controllable account," s. 679.1021. 655
981	981		"Controllable electronic record," s. 669.102. 656
982	982		"Controllable payment intangible," s. 679.1021. 657
983	983		"Electronic money," s. 679.1021. 658
984	984		"Financing statement," s. 679.1021. 659
985	985		(3) The general definitions and principles of construction 660
986	986		and interpretation contained in chapter 671 apply to this part. 661
987	987		Section 13. Section 669.601, Florida Statutes, is created 662
988	988		to read: 663
989	989		669.601 Saving clause. —Except as otherwise provided in 664
990	990		this part, a transaction validly entered into before July 1, 665
991	991		2025, and the rights, duties, and interests flowing from such 666
992	992		transaction remain valid thereafter and may be terminated, 667
993	993		completed, consummated, or enforced as required or permitted by 668
994	994		law other than the Uniform Commercial Code or, if applicable, by 669
995	995		the Uniform Commercial Code as though this act had not taken 670
996	996		effect. 671
997	997		Section 14. Section 669.701, Florida Statutes, is created 672
998	998		to read: 673
999	999		669.701 Saving clause. — 674
1000	1000		(1) Except as provided in this part, chapter 679 as it 675
1001		-	~~ENROLLED~~
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1009	1009		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1010	1010
1011	1011
1012	1012
1013	1013		existed on July 1, 2025, and Article 12 apply to a transaction, 676
1014	1014		lien, or other interest in property, even if the trans action, 677
1015	1015		lien, or interest was entered into, created, or acquired before 678
1016	1016		July 1, 2025. 679
1017	1017		(2) Except as provided in subsection (3) and ss. 669.702 -680
1018	1018		669.706, both of the following apply: 681
1019	1019		(a) A transaction, lien, or interest in property that was 682
1020	1020		validly entered into, created, or transferred before July 1, 683
1021	1021		2025, and that was not governed by the Uniform Commercial Code 684
1022	1022		but would be subject to chapter 679 as it existed on July 1, 685
1023	1023		2025, or to Article 12 if the transaction had been entered into, 686
1024	1024		created, or transferred on or after July 1, 2025, including the 687
1025	1025		rights, duties, and interests flowing from the transaction, 688
1026	1026		lien, or interest, remains valid on and after July 1, 2025. 689
1027	1027		(b) The transaction, lien, or interest may be terminated, 690
1028	1028		completed, consummated, and enf orced as required or permitted by 691
1029	1029		this part or by the law that would apply if this part had not 692
1030	1030		taken effect. 693
1031	1031		(3) This section does not affect an action, a case, or a 694
1032	1032		proceeding commenced before July 1, 2025. 695
1033	1033		Section 15. Section 669.702, Florida Stat utes, is created 696
1034	1034		to read: 697
1035	1035		669.702 Security interest perfected before effective 698
1036	1036		date.— 699
1037	1037		(1) A security interest that is enforceable and perfected 700
1038		-	~~ENROLLED~~
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1046	1046		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1047	1047
1048	1048
1049	1049
1050	1050		immediately before July 1, 2025, is a perfected security 701
1051	1051		interest under this act if, on July 1, 2025, the re quirements 702
1052	1052		for enforceability and perfection under this section are fully 703
1053	1053		satisfied without further action. 704
1054	1054		(2) If a security interest is enforceable and perfected 705
1055	1055		immediately before July 1, 2025, but the requirements for 706
1056	1056		enforceability or perfection und er this act are not satisfied by 707
1057	1057		July 1, 2025, all of the following apply to the security 708
1058	1058		interest: 709
1059	1059		(a) It is a perfected security interest until the earlier 710
1060	1060		of the time perfection would have ceased under the law in effect 711
1061	1061		immediately before July 1, 2025 , or the adjustment date. 712
1062	1062		(b) It remains enforceable thereafter only if the security 713
1063	1063		interest satisfies the requirements for enforceability under s. 714
1064	1064		679.2031, as it existed on July 1, 2025, before the adjustment 715
1065	1065		date. 716
1066	1066		(c) It remains perfected thereafte r only if the 717
1067	1067		requirements for perfection under this section are satisfied 718
1068	1068		immediately before July 1, 2025. 719
1069	1069		Section 16. Section 669.703, Florida Statutes, is created 720
1070	1070		to read: 721
1071	1071		669.703 Security interest unperfected before effective 722
1072	1072		date.—A security interest that is enforceable immediately before 723
1073	1073		July 1, 2025, but is unperfected by that date: 724
1074	1074		(1) Remains an enforceable security interest until the 725
1075		-	~~ENROLLED~~
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1083	1083		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1084	1084
1085	1085
1086	1086
1087	1087		adjustment date; 726
1088	1088		(2) Remains enforceable thereafter if the security 727
1089	1089		interest becomes enforceable under s. 679.2031, as it existed on 728
1090	1090		July 1, 2025, or before the adjustment date; and 729
1091	1091		(3) Becomes perfected: 730
1092	1092		(a) Without further action, by July 1, 2025, if the 731
1093	1093		requirements for perfection under this act are satisfied on or 732
1094	1094		before that date; or 733
1095	1095		(b) When the requirements for perfection are satisfied, if 734
1096	1096		satisfaction occurs after July 1, 2025. 735
1097	1097		Section 17. Section 669.704, Florida Statutes, is created 736
1098	1098		to read: 737
1099	1099		669.704 Effectiveness of actions taken before effective 738
1100	1100		date.— 739
1101	1101		(1) If action, other than the filing of a financing 740
1102	1102		statement, is taken before July 1, 2025, and the action would 741
1103	1103		have resulted in perfection of the security interest had the 742
1104	1104		security interest become enforceable before July 1, 2025, the 743
1105	1105		action is effective to perfect a security interes t that attaches 744
1106	1106		under this part before the adjustment date. An attached security 745
1107	1107		interest becomes unperfected on the adjustment date unless the 746
1108	1108		security interest becomes a perfected security interest under 747
1109	1109		this part before the adjustment date. 748
1110	1110		(2) The filing of a financing statement before July 1, 749
1111	1111		2025, is effective to perfect a security interest on July 1, 750
1112		-	~~ENROLLED~~
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1120	1120		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1121	1121
1122	1122
1123	1123
1124	1124		2025, to the extent the filing would satisfy the requirements 751
1125	1125		for perfection under this part. 752
1126	1126		(3) Action taken before July 1, 2025, is sufficient fo r 753
1127	1127		the enforceability of a security interest as of July 1, 2025, if 754
1128	1128		the action satisfies the requirements for enforceability under 755
1129	1129		this part. 756
1130	1130		Section 18. Section 669.705, Florida Statutes, is created 757
1131	1131		to read: 758
1132	1132		669.705 Priority.— 759
1133	1133		(1) Subject to subsec tions (2) and (3), this section 760
1134	1134		determines the priority of conflicting claims to collateral. 761
1135	1135		(2) Subject to subsection (3), if the priority of claims 762
1136	1136		to collateral was established before July 1, 2025, chapter 679 763
1137	1137		as in effect before July 1, 2025, determi nes priority. 764
1138	1138		(3) On the adjustment date, to the extent the priorities 765
1139	1139		determined by chapter 679 as amended by this part modify the 766
1140	1140		priorities established before July 1, 2025, the priorities of 767
1141	1141		claims to Article 12 property and electronic money establish ed 768
1142	1142		before July 1, 2025, cease to apply. 769
1143	1143		Section 19. Section 669.706, Florida Statutes, is created 770
1144	1144		to read: 771
1145	1145		669.706 Priority of claims when priority rules of chapter 772
1146	1146		679 do not apply.— 773
1147	1147		(1) Subject to subsections (2) and (3), Article 12 774
1148	1148		determines the priority of conflicting claims to Article 12 775
1149		-	~~ENROLLED~~
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1157	1157		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1158	1158
1159	1159
1160	1160
1161	1161		property when the priority rules of chapter 679 as amended by 776
1162	1162		this act do not apply. 777
1163	1163		(2) Subject to subsection (3), when the priority rules of 778
1164	1164		chapter 679 as amended by this act do not apply and the 779
1165	1165		priorities of claims to Article 12 property were established 780
1166	1166		before July 1, 2025, law other than Article 12 determines 781
1167	1167		priority. 782
1168	1168		(3) When the priority rules of chapter 679 as amended by 783
1169	1169		this part do not apply, to the extent the priorities determined 784
1170	1170		by this act modify the priorities established as of July 1, 785
1171	1171		2025, the priorities of claims to Article 12 property 786
1172	1172		established before July 1, 2025, cease to apply on the 787
1173	1173		adjustment date. 788
1174	1174		Section 20. Part III of chapter 669, Florida Statutes, 789
1175	1175		consisting of s. 669.71 1, Florida Statutes, is created and 790
1176	1176		entitled "Miscellaneous Provisions." 791
1177	1177		Section 21. Section 669.711, Florida Statutes, is created 792
1178	1178		to read: 793
1179	1179		669.711 Construction. —This chapter does not authorize, 794
1180	1180		create, or imply the endorsement of a central bank digi tal 795
1181	1181		currency. 796
1182	1182		Section 22. Paragraph (c) of subsection (1) of section 797
1183	1183		670.103, Florida Statutes, is amended to read: 798
1184	1184		670.103 Payment order: definitions. — 799
1185	1185		(1) In this chapter, the term: 800
1186		-	~~ENROLLED~~
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1194	1194		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1195	1195
1196	1196
1197	1197
1198	1198		(c) "Payment order" means an instruction of a sender to a 801
1199	1199		receiving bank, transmitted orally or in a record, 802
1200	1200		electronically, or in writing, to pay, or to cause another bank 803
1201	1201		to pay, a fixed or determinable amount of money to a beneficiary 804
1202	1202		if: 805
1203	1203		1. The instruction does not state a condition to payment 806
1204	1204		to the beneficiary other than time of payment; 807
1205	1205		2. The receiving bank is to be reimbursed by debiting an 808
1206	1206		account of, or otherwise receiving payment from, the sender; and 809
1207	1207		3. The instruction is transmitted by the sender directly 810
1208	1208		to the receiving bank or to an agent, funds -transfer system, or 811
1209	1209		communication system for transmittal to the receiving bank. 812
1210	1210		Section 23. Section 670.201, Florida Statutes, is amended 813
1211	1211		to read: 814
1212	1212		670.201 Security procedure. —For purposes of this section, 815
1213	1213		the term "security procedure" means a proced ure established by 816
1214	1214		agreement of a customer and a receiving bank for the purpose of: 817
1215	1215		(1) Verifying that a payment order or communication 818
1216	1216		amending or canceling a payment order is that of the customer; 819
1217	1217		or 820
1218	1218		(2) Detecting error in the transmission or the content of 821
1219	1219		the payment order or communication. 822
1220	1220		823
1221	1221		A security procedure may impose an obligation on the receiving 824
1222	1222		bank or the customer and may require the use of algorithms or 825
1223		-	~~ENROLLED~~
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1231	1231		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1232	1232
1233	1233
1234	1234
1235	1235		other codes, identifying words , or numbers, symbols, sounds, 826
1236	1236		biometrics, encryption, callback procedures, or similar security 827
1237	1237		devices. Comparison of a signature on a payment order or 828
1238	1238		communication with an authorized specimen signature of the 829
1239	1239		customer or requiring a payment order to be sent from a known e -830
1240	1240		mail address, Internet protocol a ddress, or telephone number is 831
1241	1241		not by itself a security procedure. 832
1242	1242		Section 24. Subsections (2) and (3) of section 670.202, 833
1243	1243		Florida Statutes, are amended, and subsection (6) of that 834
1244	1244		section is republished, to read: 835
1245	1245		670.202 Authorized and verified paym ent orders.— 836
1246	1246		(2) If a bank and its customer have agreed that the 837
1247	1247		authenticity of payment orders issued to the bank in the name of 838
1248	1248		the customer as sender will be verified pursuant to a security 839
1249	1249		procedure, a payment order received by the receiving bank is 840
1250	1250		effective as the order of the customer, whether or not 841
1251	1251		authorized, if the security procedure is a commercially 842
1252	1252		reasonable method of providing security against unauthorized 843
1253	1253		payment orders and the bank proves that it accepted the payment 844
1254	1254		order in good faith and in compliance with the bank's 845
1255	1255		obligations under the security procedure and any written 846
1256	1256		agreement or instruction of the customer , evidenced by a record, 847
1257	1257		restricting acceptance of payment orders issued in the name of 848
1258	1258		the customer. The bank is not require d to follow an instruction 849
1259	1259		that violates an a written agreement with the customer , 850
1260		-	~~ENROLLED~~
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1268	1268		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1269	1269
1270	1270
1271	1271
1272	1272		evidenced by a record, or notice of which is not received at a 851
1273	1273		time and in a manner affording the bank a reasonable opportunity 852
1274	1274		to act on it before the payment order is acce pted. 853
1275	1275		(3) The commercial reasonableness of a security procedure 854
1276	1276		is a question of law to be determined by considering the wishes 855
1277	1277		of the customer expressed to the bank; the circumstances of the 856
1278	1278		customer known to the bank, including the size, type, and 857
1279	1279		frequency of payment orders normally issued by the customer to 858
1280	1280		the bank; alternative security procedures offered to the 859
1281	1281		customer; and security procedures in general use by customers 860
1282	1282		and receiving banks similarly situated. A security procedure is 861
1283	1283		deemed to be commercially reasonable if: 862
1284	1284		(a) The security procedure was chosen by the customer 863
1285	1285		after the bank offered, and the customer refused, a security 864
1286	1286		procedure that was commercially reasonable for that customer; 865
1287	1287		and 866
1288	1288		(b) The customer expressly agreed in a record writing to 867
1289	1289		be bound by any payment order, whether or not authorized, issued 868
1290	1290		in its name and accepted by the bank in compliance with the 869
1291	1291		bank's obligations under the security procedure chosen by the 870
1292	1292		customer. 871
1293	1293		(6) Except as provided in this section and i n s. 872
1294	1294		670.203(1)(a), rights and obligations arising under this section 873
1295	1295		or s. 670.203 may not be varied by agreement. 874
1296	1296		Section 25. Paragraph (a) of subsection (1) of section 875
1297		-	~~ENROLLED~~
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1305	1305		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1306	1306
1307	1307
1308	1308
1309	1309		670.203, Florida Statutes, is amended to read: 876
1310	1310		670.203 Unenforceability of cert ain verified payment 877
1311	1311		orders.— 878
1312	1312		(1) If an accepted payment order is not, under s. 879
1313	1313		670.202(1), an authorized order of a customer identified as 880
1314	1314		sender, but is effective as an order of the customer pursuant to 881
1315	1315		s. 670.202(2), the following rules apply: 882
1316	1316		(a) By express written agreement evidenced by a record , 883
1317	1317		the receiving bank may limit the extent to which it is entitled 884
1318	1318		to enforce or retain payment of the payment order. 885
1319	1319		Section 26. Paragraph (b) of subsection (3) of section 886
1320	1320		670.207, Florida Statutes, is a mended to read: 887
1321	1321		670.207 Misdescription of beneficiary. — 888
1322	1322		(3) If a payment order described in subsection (2) is 889
1323	1323		accepted, the originator's payment order described the 890
1324	1324		beneficiary inconsistently by name and number, and the 891
1325	1325		beneficiary's bank pays the pers on identified by number as 892
1326	1326		permitted by paragraph (2)(a), the following rules apply: 893
1327	1327		(b) If the originator is not a bank and proves that the 894
1328	1328		person identified by number was not entitled to receive payment 895
1329	1329		from the originator, the originator is not oblige d to pay its 896
1330	1330		order unless the originator's bank proves that the originator, 897
1331	1331		before acceptance of the originator's order, had notice that 898
1332	1332		payment of a payment order issued by the originator might be 899
1333	1333		made by the beneficiary's bank on the basis of an identify ing or 900
1334		-	~~ENROLLED~~
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1342	1342		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1343	1343
1344	1344
1345	1345
1346	1346		bank account number even if it identifies a person different 901
1347	1347		from the named beneficiary. Proof of notice may be made by any 902
1348	1348		admissible evidence. The originator's bank satisfies the burden 903
1349	1349		of proof if it proves that the originator, before the payment 904
1350	1350		order was accepted, signed a record writing stating the 905
1351	1351		information to which the notice relates. 906
1352	1352		Section 27. Paragraph (b) of subsection (2) of section 907
1353	1353		670.208, Florida Statutes, is amended to read: 908
1354	1354		670.208 Misdescription of intermediary bank or 909
1355	1355		beneficiary's bank.— 910
1356	1356		(2) This subsection applies to a payment order identifying 911
1357	1357		an intermediary bank or the beneficiary's bank both by name and 912
1358	1358		an identifying number if the name and number identify different 913
1359	1359		persons. 914
1360	1360		(b) If the sender is not a bank and the receiving bank 915
1361	1361		proves that the sender, before the payment order was accepted, 916
1362	1362		had notice that the receiving bank might rely on the number as 917
1363	1363		the proper identification of the intermediary or beneficiary's 918
1364	1364		bank even if it identifies a person different f rom the bank 919
1365	1365		identified by name, the rights and obligations of the sender and 920
1366	1366		the receiving bank are governed by paragraph (a), as though the 921
1367	1367		sender were a bank. Proof of notice may be made by any 922
1368	1368		admissible evidence. The receiving bank satisfies the burde n of 923
1369	1369		proof if it proves that the sender, before the payment order was 924
1370	1370		accepted, signed a record writing stating the information to 925
1371		-	~~ENROLLED~~
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1379	1379		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1380	1380
1381	1381
1382	1382
1383	1383		which the notice relates. 926
1384	1384		Section 28. Subsection (1) of section 670.21, Florida 927
1385	1385		Statutes, is amended to read: 928
1386	1386		670.21 Rejection of payment order. — 929
1387	1387		(1) A payment order is rejected by the receiving bank by a 930
1388	1388		notice of rejection transmitted to the sender orally , 931
1389	1389		electronically, or in a record writing. A notice of rejection 932
1390	1390		need not use any particular words and is sufficient if it 933
1391	1391		indicates that the receiving bank is rejecting the order or will 934
1392	1392		not execute or pay the order. Rejection is effective when the 935
1393	1393		notice is given if transmission is by a means that is reasonable 936
1394	1394		in the circumstances. If notice of rejection is given by a means 937
1395	1395		that is not reasonable, rejection is effective when the notice 938
1396	1396		is received. If an agreement of the sender and receiving bank 939
1397	1397		establishes the means to be used to reject a payment order: 940
1398	1398		(a) Any means complying with the agreement is reasonable; 941
1399	1399		and 942
1400	1400		(b) Any means not complying is not reasonable unless no 943
1401	1401		significant delay in receipt of the notice resulted from the use 944
1402	1402		of the noncomplying means. 945
1403	1403		Section 29. Subsection (1) of section 670.211, Florida 946
1404	1404		Statutes, is amended to read: 947
1405	1405		670.211 Cancellation and amendment of payment order. — 948
1406	1406		(1) A communication of the sender of a payment order 949
1407	1407		canceling or amending the order may be transmitted to the 950
1408		-	~~ENROLLED~~
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1416	1416		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1417	1417
1418	1418
1419	1419
1420	1420		receiving bank orally , electronically, or in a record writing. 951
1421	1421		If a security procedure is in effect between the sender and the 952
1422	1422		receiving bank, the communication is not effective to cancel or 953
1423	1423		amend the order unless the communication is verified pursuant to 954
1424	1424		the security procedure or the bank agrees to the cancellation or 955
1425	1425		amendment. 956
1426	1426		Section 30. Subsecti ons (3) and (4) of section 670.305, 957
1427	1427		Florida Statutes, are amended to read: 958
1428	1428		670.305 Liability for late or improper execution or 959
1429	1429		failure to execute payment order. — 960
1430	1430		(3) In addition to the amounts payable under subsections 961
1431	1431		(1) and (2), damages, including c onsequential damages, are 962
1432	1432		recoverable to the extent provided in an express written 963
1433	1433		agreement of the receiving bank , evidenced by a record . 964
1434	1434		(4) If a receiving bank fails to execute a payment order 965
1435	1435		it was obliged by express agreement to execute, the receiv ing 966
1436	1436		bank is liable to the sender for its expenses in the transaction 967
1437	1437		and for incidental expenses and interest losses resulting from 968
1438	1438		the failure to execute. Additional damages, including 969
1439	1439		consequential damages, are recoverable to the extent provided in 970
1440	1440		an express written agreement of the receiving bank, evidenced by 971
1441	1441		a record, but are not otherwise recoverable. 972
1442	1442		Section 31. Part VI of chapter 670, Florida Statutes, 973
1443	1443		consisting of s. 670.601, Florida Statutes, is created and 974
1444	1444		entitled "Transitional Provisions. " 975
1445		-	~~ENROLLED~~
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1453	1453		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1454	1454
1455	1455
1456	1456
1457	1457		Section 32. Section 670.601, Florida Statutes, is created 976
1458	1458		to read: 977
1459	1459		670.601 Saving clause. —Except as provided in ss. 669.501 -978
1460	1460		669.706, a transaction validly entered into before July 1, 2025, 979
1461	1461		and the rights, duties, and interests flowing from such 980
1462	1462		transaction remain valid thereafter and may be terminated, 981
1463	1463		completed, consummated, or enforced as required or permitted by 982
1464	1464		law other than the Uniform Commercial Code or, if applicable, 983
1465	1465		the Uniform Commercial Code as though this act had not taken 984
1466	1466		effect. 985
1467	1467		Section 33. Subsection (1) of section 671.101, Florida 986
1468	1468		Statutes, is amended to read: 987
1469	1469		671.101 Short title; scope of chapter. — 988
1470	1470		(1) Chapters 669-680 670-680 may be cited as the "Uniform 989
1471	1471		Commercial Code" or "code." 990
1472	1472		Section 34. Paragraphs (a) through (g) of subsection (2) 991
1473	1473		of section 671.105, Florida Statutes, are redesignated as 992
1474	1474		paragraphs (b) through (h), respectively, a new paragraph (a) is 993
1475	1475		added to that subsection, and present paragraphs (d) and (e) of 994
1476	1476		that subsection are republished, to read: 995
1477	1477		671.105 Territorial application of the code; parties' 996
1478	1478		power to choose applicable law. — 997
1479	1479		(2) When one of the following provisions of this code 998
1480	1480		specifies the applicable law, that provision governs; and a 999
1481	1481		contrary agreement is effective only to the extent permitte d by 1000
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1490	1490		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1491	1491
1492	1492
1493	1493
1494	1494		the law (including the conflict -of-laws rules) so specified: 1001
1495	1495		(a) Governing law in the chapter on controllable 1002
1496	1496		electronic records. (s. 669.107). 1003
1497	1497		(e)(d) Applicability of the chapter on letters of credit. 1004
1498	1498		(s. 675.116) 1005
1499	1499		(f)(e) Applicability of the ch apter on investment 1006
1500	1500		securities. (s. 678.1101) 1007
1501	1501		Section 35. Section 671.107, Florida Statutes, is amended 1008
1502	1502		to read: 1009
1503	1503		671.107 Waiver or renunciation of claim or right after 1010
1504	1504		breach.—A claim or right arising out of an alleged breach can be 1011
1505	1505		discharged in whole or in part without consideration by 1012
1506	1506		agreement of the aggrieved party in a signed an authenticated 1013
1507	1507		record. 1014
1508	1508		Section 36. Present subsections (18) through (47) of 1015
1509	1509		section 671.201, Florida Statutes, are redesignated as 1016
1510	1510		subsections (19) through (48), resp ectively, a new subsection 1017
1511	1511		(18) is added to that section, and present subsections (11), 1018
1512	1512		(16), (22), (26), (27), (31), (40), and (41) of that section are 1019
1513	1513		amended, to read: 1020
1514	1514		671.201 General definitions. —Unless the context otherwise 1021
1515	1515		requires, words or phrase s defined in this section, or in the 1022
1516	1516		additional definitions contained in other chapters of this code 1023
1517	1517		which apply to particular chapters or parts thereof, have the 1024
1518	1518		meanings stated. Subject to definitions contained in other 1025
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1527	1527		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1528	1528
1529	1529
1530	1530
1531	1531		chapters of this code which apply to particular chapters or 1026
1532	1532		parts thereof, the term: 1027
1533	1533		(11) "Conspicuous," with reference to a term, means so 1028
1534	1534		written, displayed, or presented that , based on the totality of 1029
1535	1535		the circumstances, a reasonable person against which it is to 1030
1536	1536		operate ought to have noticed it. Whether a term is 1031
1537	1537		"conspicuous" is a decision for the court. Conspicuous terms 1032
1538	1538		include the following: 1033
1539	1539		(a) A heading in capitals equal to or greater in size than 1034
1540	1540		the surrounding text, or in contrasting type, font, or color to 1035
1541	1541		the surrounding text of the same or lesser size; and 1036
1542	1542		(b) Language in the body of a record or display in larger 1037
1543	1543		type than the surrounding text or set off from surrounding text 1038
1544	1544		of the same size by symbols or other marks that call attention 1039
1545	1545		to the language. 1040
1546	1546		(16) "Delivery," with respect to an electronic document of 1041
1547	1547		title, means voluntary transfer of control and , "delivery," with 1042
1548	1548		respect to instruments, tangible document of title, or an 1043
1549	1549		authoritative tangible copy of a record evidencing chattel 1044
1550	1550		paper, or certificated securi ties, means voluntary transfer of 1045
1551	1551		possession. 1046
1552	1552		(18) "Electronic" means relating to technology having 1047
1553	1553		electrical, digital, magnetic, wireless, optical, 1048
1554	1554		electromagnetic, or similar capabilities. 1049
1555	1555		(23)(22) "Holder" means: 1050
1556		-	~~ENROLLED~~
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1564	1564		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1565	1565
1566	1566
1567	1567
1568	1568		(a) The person in possession of a negotiable instrument 1051
1569	1569		that is payable either to bearer or to an identified person that 1052
1570	1570		is the person in possession; 1053
1571	1571		(b) The person in possession of a negotiable tangible 1054
1572	1572		document of title if the goods are deliverable either to bearer 1055
1573	1573		or to the order of the person in possession; or 1056
1574	1574		(c) The person in control , other than pursuant to s. 1057
1575	1575		677.106(7), of a negotiable electronic document of title. 1058
1576	1576		(27)(26) Subject to subsection (29) (28), a person has 1059
1577	1577		"notice" of a fact if the person: 1060
1578	1578		(a) Has actual knowledge of it; 1061
1579	1579		(b) Has received a notice or notification of it; or 1062
1580	1580		(c) From all the facts and circumstances known to the 1063
1581	1581		person at the time in question, has reason to know that it 1064
1582	1582		exists. A person "knows" or has "knowledge" of a fact when the 1065
1583	1583		person has actual knowledge of it. "Discover" or "learn" or a 1066
1584	1584		word or phrase of similar import refers to knowledge rather than 1067
1585	1585		to reason to know. The time and circumstances under which a 1068
1586	1586		notice or notification may cease to be effective are not 1069
1587	1587		determined by this section. 1070
1588	1588		(28)(27) A person "notifies" or "gives" a notice or 1071
1589	1589		notification to another person by taking such steps as may be 1072
1590	1590		reasonably required to inform the other person in ordinary 1073
1591	1591		course, whether or not the other person actually comes to know 1074
1592	1592		of it. Subject to subsection (29) (28), a person "receives" a 1075
1593		-	~~ENROLLED~~
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1601	1601		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1602	1602
1603	1603
1604	1604
1605	1605		notice or notification when: 1076
1606	1606		(a) It comes to that person's attention; or 1077
1607	1607		(b) It is duly delivered in a form reasonable under the 1078
1608	1608		circumstances at the place of business through which the 1079
1609	1609		contract was made or at another location held out by that person 1080
1610	1610		as the place for receipt of such communications. 1081
1611	1611		(32)(31) "Person" means an individual; corporation; 1082
1612	1612		business trust; estate; trust; partnership; limited liability 1083
1613	1613		company; association; joint venture; go vernment; governmental 1084
1614	1614		subdivision, agency, or instrumentality; public corporation; or 1085
1615	1615		any other legal or commercial entity. The term includes a 1086
1616	1616		protected series, however denominated, of an entity if the 1087
1617	1617		protected series is established under law other than the Uniform 1088
1618	1618		Commercial Code which limits, or conditionally limits if 1089
1619	1619		conditions specified under the law are satisfied, the ability of 1090
1620	1620		a creditor of the entity or of any other protected series of the 1091
1621	1621		entity to satisfy a claim from assets of the protected s eries. 1092
1622	1622		(41)(40) "Send," in connection with a writing, record, or 1093
1623	1623		notification notice, means: 1094
1624	1624		(a) To deposit in the mail , or deliver for transmission , 1095
1625	1625		or transmit by any other usual means of communication , with 1096
1626	1626		postage or cost of transmission provided f or, and properly 1097
1627	1627		addressed and, in the case of an instrument, to an address 1098
1628	1628		specified thereon or otherwise agreed or, if there be none, to 1099
1629	1629		any address reasonable under the circumstances; or 1100
1630		-	~~ENROLLED~~
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1638	1638		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1639	1639
1640	1640
1641	1641
1642	1642		(b) To cause the record or notification to be received 1101
1643	1643		within the time it would have been received if properly sent 1102
1644	1644		under paragraph (a) In any other way to cause to be received any 1103
1645	1645		record or notice within the time it would have arrived if 1104
1646	1646		properly sent. 1105
1647	1647		(42)(41) "Sign," "signing," "signed," or "signature" 1106
1648	1648		means, with present intent to authenticate or adopt a record, 1107
1649	1649		to: 1108
1650	1650		(a) Execute or adopt a tangible symbol; or 1109
1651	1651		(b) Attach to or logically associate with the record an 1110
1652	1652		electronic symbol, sound, or process means bearing any symbol 1111
1653	1653		executed or adopted by a party with present intention to adopt 1112
1654	1654		or accept a writing. 1113
1655	1655		Section 37. Section 671.211, Florida Statutes, is amended 1114
1656	1656		to read: 1115
1657	1657		671.211 Value.—Except as otherwise provided with respect 1116
1658	1658		to negotiable instruments and bank collections as provided in 1117
1659	1659		chapter 669 and ss. 673.3031, 674.2101, and 674.2111, a person 1118
1660	1660		gives value for rights if the person acquires them: 1119
1661	1661		(1) In return for a binding commitment to extend credit or 1120
1662	1662		for the extension of immediately available credit whether or not 1121
1663	1663		drawn upon and whether or not a charge-back is provided for in 1122
1664	1664		the event of difficulties in collection; 1123
1665	1665		(2) As security for, or in total or partial satisfaction 1124
1666	1666		of, a preexisting claim; 1125
1667		-	~~ENROLLED~~
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1675	1675		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1676	1676
1677	1677
1678	1678
1679	1679		(3) By accepting delivery under a preexisting contract for 1126
1680	1680		purchase; or 1127
1681	1681		(4) In return for any c onsideration sufficient to support 1128
1682	1682		a simple contract. 1129
1683	1683		Section 38. Part IV of chapter 671, Florida Statutes, 1130
1684	1684		consisting of s. 671.401, Florida Statutes, is created and 1131
1685	1685		entitled "Transitional Provisions." 1132
1686	1686		Section 39. Section 671.401, Florida Statutes , is created 1133
1687	1687		to read: 1134
1688	1688		671.401 Saving clause. —Except as provided in ss. 669.501 -1135
1689	1689		669.706, a transaction validly entered into before July 1, 2025, 1136
1690	1690		and the rights, duties, and interests flowing from such 1137
1691	1691		transaction remain valid thereafter and may be termina ted, 1138
1692	1692		completed, consummated, or enforced as required or permitted by 1139
1693	1693		law other than the Uniform Commercial Code or, if applicable, by 1140
1694	1694		the Uniform Commercial Code as though this act had not taken 1141
1695	1695		effect. 1142
1696	1696		Section 40. Section 672.102, Florida Statutes, is amended 1143
1697	1697		to read: 1144
1698	1698		672.102 Scope; certain security and other transactions 1145
1699	1699		excluded from this chapter. — 1146
1700	1700		(1) Unless the context otherwise requires, and except as 1147
1701	1701		provided in subsection (2), this chapter applies to transactions 1148
1702	1702		in goods and, in the case of a hybrid transaction: 1149
1703	1703		(a) If the sale-of-goods aspects do not predominate, only 1150
1704		-	~~ENROLLED~~
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1711	1711		Page 47 of 181
1712	1712		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1713	1713
1714	1714
1715	1715
1716	1716		those provisions of this chapter which relate primarily to the 1151
1717	1717		sale-of-goods aspects of the transaction apply, and those 1152
1718	1718		provisions that relate primarily to the transaction as a whole 1153
1719	1719		do not apply. 1154
1720	1720		(b) If the sale-of-goods aspects predominate, this chapter 1155
1721	1721		applies to the transaction but does not preclude application in 1156
1722	1722		appropriate circumstances of other law to aspects of the 1157
1723	1723		transaction which do not relate to the sale of go ods. 1158
1724	1724		(2) This chapter does not do the following: 1159
1725	1725		(a) Apply to a transaction that, even though in the form 1160
1726	1726		of an unconditional contract to sell or present sale, operates 1161
1727	1727		only to create a security interest. 1162
1728	1728		(b) Impair or repeal a statute regulating sales to 1163
1729	1729		consumers, farmers, or other specified classes of buyers ; it 1164
1730	1730		does not apply to any transaction which although in the form of 1165
1731	1731		an unconditional contract to sell or present sale is intended to 1166
1732	1732		operate only as a security transaction nor does this chap ter 1167
1733	1733		impair or repeal any statute regulating sales to consumers, 1168
1734	1734		farmers or other specified classes of buyers . 1169
1735	1735		Section 41. Section 672.106, Florida Statutes, is amended 1170
1736	1736		to read: 1171
1737	1737		672.106 Definitions: "contract"; "agreement"; "contract 1172
1738	1738		for sale"; "sale"; "present sale"; "conforming" to contract; 1173
1739	1739		"termination"; "cancellation ."; "hybrid transaction." — 1174
1740	1740		(1) In this chapter , unless the context clearly requires 1175
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1749	1749		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1750	1750
1751	1751
1752	1752
1753	1753		otherwise, the meaning of the terms requires "contract" and 1176
1754	1754		"agreement" is are limited to those contracts and agreements 1177
1755	1755		relating to the present or future sale of goods. The term 1178
1756	1756		"contract for sale" includes both a present sale of goods and a 1179
1757	1757		contract to sell goods at a future time. A "sale" consists in 1180
1758	1758		the passing of title from the seller to the buyer for a price 1181
1759	1759		(s. 672.401). A "present sale" means a sale which is 1182
1760	1760		accomplished by the making of the contract. 1183
1761	1761		(2) Goods or conduct including any part of a performance 1184
1762	1762		are "conforming" or conform to the contract when they are in 1185
1763	1763		accordance with the obliga tions under the contract. 1186
1764	1764		(3) "Termination" occurs when either party pursuant to a 1187
1765	1765		power created by agreement or law puts an end to the contract 1188
1766	1766		otherwise than for its breach. Upon On termination, all 1189
1767	1767		obligations that which are still executory on both si des are 1190
1768	1768		discharged but any right based on prior breach or performance 1191
1769	1769		survives. 1192
1770	1770		(4) "Cancellation" occurs when either party puts an end to 1193
1771	1771		the contract for breach by the other and its effect is the same 1194
1772	1772		as that of "termination" except that the canceling party also 1195
1773	1773		retains any remedy for breach of the whole contract or any 1196
1774	1774		unperformed balance. 1197
1775	1775		(5) The term "hybrid transaction" means a single 1198
1776	1776		transaction involving a sale of goods and any of the following: 1199
1777	1777		(a) The provision of services. 1200
1778		-	~~ENROLLED~~
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1786	1786		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1787	1787
1788	1788
1789	1789
1790	1790		(b) A lease of other goods. 1201
1791	1791		(c) A sale, lease, or license of property other than 1202
1792	1792		goods. 1203
1793	1793		Section 42. Subsections (1) and (2) of section 672.201, 1204
1794	1794		Florida Statutes, are amended to read: 1205
1795	1795		672.201 Formal requirements; statute of frauds. — 1206
1796	1796		(1) Except as otherwise provi ded in this section a 1207
1797	1797		contract for the sale of goods for the price of $500 or more is 1208
1798	1798		not enforceable by way of action or defense unless there is a 1209
1799	1799		record some writing sufficient to indicate that a contract for 1210
1800	1800		sale has been made between the parties and si gned by the party 1211
1801	1801		against whom enforcement is sought or by the party's his or her 1212
1802	1802		authorized agent or broker. A record writing is not insufficient 1213
1803	1803		because it omits or incorrectly states a term agreed upon but 1214
1804	1804		the contract is not enforceable under this subsection paragraph 1215
1805	1805		beyond the quantity of goods shown in the record such writing. 1216
1806	1806		(2) Between merchants if within a reasonable time a record 1217
1807	1807		writing in confirmation of the contract and sufficient against 1218
1808	1808		the sender is received and the party receiving it ha s reason to 1219
1809	1809		know its contents, it satisfies the requirements of subsection 1220
1810	1810		(1) against the such party unless written notice in a record of 1221
1811	1811		objection to its contents is given within 10 days after it is 1222
1812	1812		received. 1223
1813	1813		Section 43. Section 672.202, Florida Statutes, is amended 1224
1814	1814		to read: 1225
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1823	1823		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1824	1824
1825	1825
1826	1826
1827	1827		672.202 Final written expression; parol or extrinsic 1226
1828	1828		evidence.—Terms with respect to which the confirmatory memoranda 1227
1829	1829		of the parties agree or which are otherwise set forth in a 1228
1830	1830		record writing intended by the parties as a fin al expression of 1229
1831	1831		their agreement with respect to such terms as are included 1230
1832	1832		therein may not be contradicted by evidence of any prior 1231
1833	1833		agreement or of a contemporaneous oral agreement but may be 1232
1834	1834		explained or supplemented: 1233
1835	1835		(1) By course of dealing or usage of trade (s. 671.205) or 1234
1836	1836		by course of performance (s. 672.208); and 1235
1837	1837		(2) By evidence of consistent additional terms unless the 1236
1838	1838		court finds the record writing to have been intended also as a 1237
1839	1839		complete and exclusive statement of the terms of the agreement. 1238
1840	1840		Section 44. Section 672.203, Florida Statutes, is amended 1239
1841	1841		to read: 1240
1842	1842		672.203 Seals inoperative. —The affixing of a seal to a 1241
1843	1843		record writing evidencing a contract for sale or an offer to buy 1242
1844	1844		or sell goods does not constitute a record the writing a sealed 1243
1845	1845		instrument and the law with respect to sealed instruments does 1244
1846	1846		not apply to such a contract or offer. 1245
1847	1847		Section 45. Section 672.205, Florida Statutes, is amended 1246
1848	1848		to read: 1247
1849	1849		672.205 Firm offers. —An offer by a merchant to buy or sell 1248
1850	1850		goods in a signed record writing which by its terms gives 1249
1851	1851		assurance that it will be held open is not revocable, for lack 1250
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1860	1860		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1861	1861
1862	1862
1863	1863
1864	1864		of consideration, during the time stated or if no time is stated 1251
1865	1865		for a reasonable time, but in no event may such period of 1252
1866	1866		irrevocability exceed 3 months; bu t any such term of assurance 1253
1867	1867		on a form supplied by the offeree must be separately signed by 1254
1868	1868		the offeror. 1255
1869	1869		Section 46. Subsection (2) of section 672.209, Florida 1256
1870	1870		Statutes, is amended to read: 1257
1871	1871		672.209 Modification, rescission, and waiver. — 1258
1872	1872		(2) A signed agreement which excludes modification or 1259
1873	1873		rescission except by a signed writing or other signed record 1260
1874	1874		cannot be otherwise modified or rescinded, but except as between 1261
1875	1875		merchants such a requirement on a form supplied by the merchant 1262
1876	1876		must be separately sign ed by the other party. 1263
1877	1877		Section 47. Part VIII of chapter 672, Florida Statutes, 1264
1878	1878		consisting of s. 672.801, Florida Statutes, is created and 1265
1879	1879		entitled "Transitional Provisions." 1266
1880	1880		Section 48. Section 672.801, Florida Statutes, is created 1267
1881	1881		to read: 1268
1882	1882		672.801 Saving clause. —Except as provided in ss. 669.501 -1269
1883	1883		669.706, a transaction validly entered into before July 1, 2025, 1270
1884	1884		and the rights, duties, and interests flowing from such 1271
1885	1885		transaction remain valid thereafter and may be terminated, 1272
1886	1886		completed, consummated, or enforced as required or permitted by 1273
1887	1887		law other than the Uniform Commercial Code or, if applicable, by 1274
1888	1888		the Uniform Commercial Code as though this act had not taken 1275
1889		-	~~ENROLLED~~
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1897	1897		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1898	1898
1899	1899
1900	1900
1901	1901		effect. 1276
1902	1902		Section 49. Subsection (1) of section 673.1041, Florida 1277
1903	1903		Statutes, is amended to read: 1278
1904	1904		673.1041 Negotiable instrument. — 1279
1905	1905		(1) Except as provided in subsections (3), (4), and (11), 1280
1906	1906		the term "negotiable instrument" means an unconditional promise 1281
1907	1907		or order to pay a fixed amount of money, with or without 1282
1908	1908		interest or other charges described in the promise or order, if 1283
1909	1909		it: 1284
1910	1910		(a) Is payable to bearer or to order at the time it is 1285
1911	1911		issued or first comes into possession of a holder; 1286
1912	1912		(b) Is payable on demand or at a definite time; and 1287
1913	1913		(c) Does not state any other undertaking or instru ction by 1288
1914	1914		the person promising or ordering payment to do any act in 1289
1915	1915		addition to the payment of money, but the promise or order may 1290
1916	1916		contain: 1291
1917	1917		1. An undertaking or power to give, maintain, or protect 1292
1918	1918		collateral to secure payment; 1293
1919	1919		2. An authorization or pow er to the holder to confess 1294
1920	1920		judgment or realize on or dispose of collateral; or 1295
1921	1921		3. A waiver of the benefit of any law intended for the 1296
1922	1922		advantage or protection of an obligor ; 1297
1923	1923		4. A term that specifies the law that governs the promise 1298
1924	1924		or order; or 1299
1925	1925		5. An undertaking to resolve, in a specified forum, a 1300
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	1927	+	CS/CS/HB 515, Engrossed 1 2025
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1933	1933		Page 53 of 181
1934	1934		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1935	1935
1936	1936
1937	1937
1938	1938		dispute concerning the promise or order . 1301
1939	1939		Section 50. Subsection (1) of section 673.1051, Florida 1302
1940	1940		Statutes, is amended to read: 1303
1941	1941		673.1051 Issue of instrument. — 1304
1942	1942		(1) The term "issue" means : 1305
1943	1943		(a) The first delivery of an instrument by the maker or 1306
1944	1944		drawer, whether to a holder or nonholder, for the purpose of 1307
1945	1945		giving rights on the instrument to any person ; or 1308
1946	1946		(b) If agreed to by the payee, the first transmission by 1309
1947	1947		the drawer to the payee of an image of an item and information 1310
1948	1948		derived from the item which enables the depositary bank to 1311
1949	1949		collect the item under federal law by transferring or presenting 1312
1950	1950		an electronic check. 1313
1951	1951		Section 51. Section 673.4011, Florida Statutes, is amended 1314
1952	1952		to read: 1315
1953	1953		673.4011 Signature.— 1316
1954	1954		(1) A person is not liable on an instrument unless : 1317
1955	1955		(a) the person signed the instrument ; or 1318
1956	1956		(b) the person is represented by an agent or 1319
1957	1957		representative who signed the instrument , and the signature is 1320
1958	1958		binding on the represented person under s. 673.4021. 1321
1959	1959		(2) A signature may be made: 1322
1960	1960		(a) Manually or by means of a device or machine; and 1323
1961	1961		(b) By the use of any name, including a trade or assumed 1324
1962	1962		name, or by a word, mark, or symbol executed or adopted by a 1325
1963		-	~~ENROLLED~~
1964		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
1965		-
1966		-
1967		-
1968		-	CODING: Words stricken are deletions; words underlined are additions.
1969		-	hb515 -03-er
	1963	+
	1964	+	CS/CS/HB 515, Engrossed 1 2025
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1970	1970		Page 54 of 181
1971	1971		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1972	1972
1973	1973
1974	1974
1975	1975		person with present intention to authenticate a writing. 1326
1976	1976		Section 52. Subsection (1) of section 673.6041, Florida 1327
1977	1977		Statutes, is amended to read: 1328
1978	1978		673.6041 Discharge by cancellation or renunciation. — 1329
1979	1979		(1) A person entitled to enforce an instrument, with or 1330
1980	1980		without consideration, may di scharge the obligation of a party 1331
1981	1981		to pay the instrument: 1332
1982	1982		(a) By an intentional voluntary act, such as: 1333
1983	1983		1. Surrender of the instrument to the party; 1334
1984	1984		2. Destruction, mutilation, or cancellation of the 1335
1985	1985		instrument; 1336
1986	1986		3. Cancellation or striking out of the party's signature; 1337
1987	1987		or 1338
1988	1988		4. Addition of words to the instrument indicating 1339
1989	1989		discharge; or 1340
1990	1990		(b) By agreeing not to sue or otherwise renouncing rights 1341
1991	1991		against the party by a signed writing. 1342
1992	1992		1343
1993	1993		The obligation of a party to pay a check is not discharged 1344
1994	1994		solely by destruction of the check in connection with a process 1345
1995	1995		that involves the extraction of information from the check and 1346
1996	1996		an image of the check is made and, subsequently, the information 1347
1997	1997		and image are transmitted for payment. 1348
1998	1998		Section 53. Part VII of chapter 673, Florida Statutes, 1349
1999	1999		consisting of s. 673.702, Florida Statutes, is created and 1350
2000		-	~~ENROLLED~~
2001		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2002		-
2003		-
2004		-
2005		-	CODING: Words stricken are deletions; words underlined are additions.
2006		-	hb515 -03-er
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	2001	+	CS/CS/HB 515, Engrossed 1 2025
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2007	2007		Page 55 of 181
2008	2008		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2009	2009
2010	2010
2011	2011
2012	2012		entitled "Transitional Provisions." 1351
2013	2013		Section 54. Section 673.702, Florida Statutes, is created 1352
2014	2014		to read: 1353
2015	2015		673.702 Savings clause. —Except as provided in ss. 669.501 -1354
2016	2016		669.706, a transaction validly entered into before July 1, 2025, 1355
2017	2017		and the rights, duties, and interests flowing from such 1356
2018	2018		transaction remain valid thereafter and may be terminated, 1357
2019	2019		completed, consummated, or enforced as required or permitted by 1358
2020	2020		law other than the Uniform Commercial Code or, if applicable, by 1359
2021	2021		the Uniform Commercial Code as though this act had not taken 1360
2022	2022		effect. 1361
2023	2023		Section 55. Section 675.104, Florida Statutes, is amended 1362
2024	2024		to read: 1363
2025	2025		675.104 Formal requirements. —A letter of credit, 1364
2026	2026		confirmation, advice, transfer, amendment, or cancellation may 1365
2027	2027		be issued in any form that is a signed record and is 1366
2028	2028		authenticated by a signature or in accordance with the agreement 1367
2029	2029		of the parties or the standard practice referred to in s. 1368
2030	2030		675.108(5). 1369
2031	2031		Section 56. Section 675.116, Florida Statutes, is amended 1370
2032	2032		to read: 1371
2033	2033		675.116 Choice of law and forum. — 1372
2034	2034		(1) The liability of an issuer, nominated person, or 1373
2035	2035		adviser for action or omission is governed by the law of the 1374
2036	2036		jurisdiction chosen by an agreement in the form of a record 1375
2037		-	~~ENROLLED~~
2038		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2039		-
2040		-
2041		-
2042		-	CODING: Words stricken are deletions; words underlined are additions.
2043		-	hb515 -03-er
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2044	2044		Page 56 of 181
2045	2045		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2046	2046
2047	2047
2048	2048
2049	2049		signed or otherwise authenticated by the affected parties in the 1376
2050	2050		manner provided in s. 675.104 or by a provision in the person's 1377
2051	2051		letter of credit, confirmation, or other undertaking. The 1378
2052	2052		jurisdiction whose law is chosen need not bear any relation to 1379
2053	2053		the transaction. 1380
2054	2054		(2) Unless subsection (1) applies, the liability of an 1381
2055	2055		issuer, nominated person, or adviser for action or omission is 1382
2056	2056		governed by the law of the jurisdiction in which the person is 1383
2057	2057		located. The person is considered to be located at th e address 1384
2058	2058		indicated in the person's undertaking. If more than one address 1385
2059	2059		is indicated, the person is considered to be located at the 1386
2060	2060		address from which the person's undertaking was issued. 1387
2061	2061		(a) For the purpose of jurisdiction, choice of law, and 1388
2062	2062		recognition of interbranch letters of credit, but not 1389
2063	2063		enforcement of a judgment, all branches of a bank are considered 1390
2064	2064		separate juridical entities and a bank is considered to be 1391
2065	2065		located at the place where its relevant branch is considered to 1392
2066	2066		be located under paragraph (b) this subsection. 1393
2067	2067		(b) A bank branch is considered to be located at the 1394
2068	2068		address indicated in the branch's undertaking. If more than one 1395
2069	2069		address is indicated, the branch is considered to be located at 1396
2070	2070		the address from which the undertaking was issu ed. 1397
2071	2071		(c)(3) Except as otherwise provided in this paragraph 1398
2072	2072		subsection, the liability of an issuer, nominated person, or 1399
2073	2073		adviser is governed by any rules of custom or practice, such as 1400
2074		-	~~ENROLLED~~
2075		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2076		-
2077		-
2078		-
2079		-	CODING: Words stricken are deletions; words underlined are additions.
2080		-	hb515 -03-er
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2081	2081		Page 57 of 181
2082	2082		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2083	2083
2084	2084
2085	2085
2086	2086		the Uniform Customs and Practice for Documentary Credits, to 1401
2087	2087		which the letter of credit, confirmation, or other undertaking 1402
2088	2088		is expressly made subject. If this chapter governs the liability 1403
2089	2089		of an issuer, nominated person, or adviser under subsection (1) 1404
2090	2090		or this subsection (2), the relevant undertaking incorporates 1405
2091	2091		rules of custom or practice, and there is conflict between this 1406
2092	2092		chapter and such rules as applied to that undertaking, such 1407
2093	2093		rules govern except to the extent of any conflict with the 1408
2094	2094		nonvariable provisions specified in s. 675.102(3). 1409
2095	2095		(3)(4) This chapter governs to t he extent of any conflict 1410
2096	2096		between this chapter and chapter 670, chapter 673, chapter 674, 1411
2097	2097		or chapter 679. 1412
2098	2098		(4)(5) The forum for settling disputes arising out of an 1413
2099	2099		undertaking within this chapter may be chosen in the manner and 1414
2100	2100		with the binding effect tha t governing law may be chosen in 1415
2101	2101		accordance with subsection (1). 1416
2102	2102		Section 57. Section 675.119, Florida Statutes, is created 1417
2103	2103		to read: 1418
2104	2104		675.119 Saving clause. —Except as provided in ss. 669.501 -1419
2105	2105		669.706, a transaction validly entered into before July 1, 20 25, 1420
2106	2106		and the rights, duties, and interests flowing from such 1421
2107	2107		transaction remain valid thereafter and may be terminated, 1422
2108	2108		completed, consummated, or enforced as required or permitted by 1423
2109	2109		law other than the Uniform Commercial Code or, if applicable, by 1424
2110	2110		the Uniform Commercial Code as though this act had not taken 1425
2111		-	~~ENROLLED~~
2112		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2113		-
2114		-
2115		-
2116		-	CODING: Words stricken are deletions; words underlined are additions.
2117		-	hb515 -03-er
	2111	+
	2112	+	CS/CS/HB 515, Engrossed 1 2025
	2113	+
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2118	2118		Page 58 of 181
2119	2119		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2120	2120
2121	2121
2122	2122
2123	2123		effect. 1426
2124	2124		Section 58. Paragraphs (j) and (l) of subsection (1) of 1427
2125	2125		section 677.102, Florida Statutes, are amended to read: 1428
2126	2126		677.102 Definitions and index of definitions. — 1429
2127	2127		(1) In this chapter, unless the context otherwise 1430
2128	2128		requires: 1431
2129	2129		(j) "Record" means information that is inscribed on a 1432
2130	2130		tangible medium or that is stored in an electronic or other 1433
2131	2131		medium and is retrievable in perceivable form. 1434
2132	2132		(l) "Sign" means, with present intent to authenticate or 1435
2133	2133		adopt a record: 1436
2134	2134		1. To execute or adopt a tangible symbol; or 1437
2135	2135		2. To attach to or logically associate with the record an 1438
2136	2136		electronic sound, symbol, or process. 1439
2137	2137		Section 59. Subsection (2) of section 677.106, Florida 1440
2138	2138		Statutes, is amended, and subsections (3) through (9) are added 1441
2139	2139		to that section, to read: 1442
2140	2140		677.106 Control of electronic document of title. — 1443
2141	2141		(2) A system satisfies subsection (1), and a person has is 1444
2142	2142		deemed to have control of an electronic document of title, if 1445
2143	2143		the document is created, stor ed, and transferred assigned in a 1446
2144	2144		manner that: 1447
2145	2145		(a) A single authoritative copy of the document exists 1448
2146	2146		which is unique, identifiable, and, except as otherwise provided 1449
2147	2147		in paragraphs (d), (e), and (f), unalterable; 1450
2148		-	~~ENROLLED~~
2149		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2150		-
2151		-
2152		-
2153		-	CODING: Words stricken are deletions; words underlined are additions.
2154		-	hb515 -03-er
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	2149	+	CS/CS/HB 515, Engrossed 1 2025
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2155	2155		Page 59 of 181
2156	2156		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2157	2157
2158	2158
2159	2159
2160	2160		(b) The authoritative copy identifies t he person asserting 1451
2161	2161		control as: 1452
2162	2162		1. The person to which the document was issued; or 1453
2163	2163		2. If the authoritative copy indicates that the document 1454
2164	2164		has been transferred, the person to which the document was most 1455
2165	2165		recently transferred; 1456
2166	2166		(c) The authoritative co py is communicated to and 1457
2167	2167		maintained by the person asserting control or its designated 1458
2168	2168		custodian; 1459
2169	2169		(d) Copies or amendments that add or change an identified 1460
2170	2170		transferee assignee of the authoritative copy can be made only 1461
2171	2171		with the consent of the person asse rting control; 1462
2172	2172		(e) Each copy of the authoritative copy and any copy of a 1463
2173	2173		copy is readily identifiable as a copy that is not the 1464
2174	2174		authoritative copy; and 1465
2175	2175		(f) Any amendment of the authoritative copy is readily 1466
2176	2176		identifiable as authorized or unauthorized. 1467
2177	2177		(3) A system satisfies subsection (1), and a person has 1468
2178	2178		control of an electronic document of title, if an authoritative 1469
2179	2179		electronic copy of the document, a record attached to or 1470
2180	2180		logically associated with the electronic copy, or a system in 1471
2181	2181		which the electronic copy is recorded: 1472
2182	2182		(a) Enables the person to readily identify each electronic 1473
2183	2183		copy as either an authoritative copy or a nonauthoritative copy; 1474
2184	2184		(b) Enables the person to readily identify itself in any 1475
2185		-	~~ENROLLED~~
2186		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2187		-
2188		-
2189		-
2190		-	CODING: Words stricken are deletions; words underlined are additions.
2191		-	hb515 -03-er
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2192	2192		Page 60 of 181
2193	2193		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2194	2194
2195	2195
2196	2196
2197	2197		way, including by name, identifying number, cryp tographic key, 1476
2198	2198		office, or account number, as the person to which each 1477
2199	2199		authoritative electronic copy was issued or transferred; and 1478
2200	2200		(c) Gives the person exclusive power, subject to 1479
2201	2201		subsection (4), to: 1480
2202	2202		1. Prevent others from adding or changing the person to 1481
2203	2203		which each authoritative electronic copy has been issued or 1482
2204	2204		transferred; and 1483
2205	2205		2. Transfer control of each authoritative electronic copy. 1484
2206	2206		(4) Subject to subsection (5), a power is exclusive under 1485
2207	2207		subparagraphs (3)(c)1. and 2. even if: 1486
2208	2208		(a) The authoritative electronic copy, a record attached 1487
2209	2209		to or logically associated with the authoritative electronic 1488
2210	2210		copy, or a system in which the authoritative electronic copy is 1489
2211	2211		recorded limits the use of the document of title or has a 1490
2212	2212		protocol that is programmed t o cause a change, including a 1491
2213	2213		transfer or loss of control; or 1492
2214	2214		(b) The power is shared with another person. 1493
2215	2215		(5) A power of a person is not shared with another person 1494
2216	2216		under paragraph (4)(b) and the person's power is not exclusive 1495
2217	2217		if: 1496
2218	2218		(a) The person can exercise the power only if the power 1497
2219	2219		also is exercised by the other person; and 1498
2220	2220		(b) The other person: 1499
2221	2221		1. Can exercise the power without exercise of the power by 1500
2222		-	~~ENROLLED~~
2223		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2224		-
2225		-
2226		-
2227		-	CODING: Words stricken are deletions; words underlined are additions.
2228		-	hb515 -03-er
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2230	2230		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2231	2231
2232	2232
2233	2233
2234	2234		the person; or 1501
2235	2235		2. Is the transferor to the person of an interest in the 1502
2236	2236		document of title. 1503
2237	2237		(6) If a person has the powers specified in subparagraphs 1504
2238	2238		(3)(c)1. and 2., the powers are presumed to be exclusive. 1505
2239	2239		(7) A person has control of an electronic document of 1506
2240	2240		title if another person, other than the transferor to the person 1507
2241	2241		of an interest in the document: 1508
2242	2242		(a) Has control of the document and acknowledges that it 1509
2243	2243		has control on behalf of the person; or 1510
2244	2244		(b) Obtains control of the document after having 1511
2245	2245		acknowledged that it will obtain control of the document on 1512
2246	2246		behalf of the person. 1513
2247	2247		(8) A person that has control as provided under this 1514
2248	2248		section is not required to acknowledge that it has control on 1515
2249	2249		behalf of another person. 1516
2250	2250		(9) If a person acknowledges that it has or will obtain 1517
2251	2251		control on behalf of another person, unless the person otherw ise 1518
2252	2252		agrees or law other than this chapter or chapter 679 otherwise 1519
2253	2253		provides, the person does not owe any duty to the other person 1520
2254	2254		and is not required to confirm the acknowledgment to any other 1521
2255	2255		person. 1522
2256	2256		Section 60. Part VII of chapter 677, Florida Statut es, 1523
2257	2257		consisting of s. 677.701, Florida Statutes, is created and 1524
2258	2258		entitled "Transitional Provisions." 1525
2259		-	~~ENROLLED~~
2260		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2261		-
2262		-
2263		-
2264		-	CODING: Words stricken are deletions; words underlined are additions.
2265		-	hb515 -03-er
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	2260	+	CS/CS/HB 515, Engrossed 1 2025
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2267	2267		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2268	2268
2269	2269
2270	2270
2271	2271		Section 61. Section 677.701, Florida Statutes, is created 1526
2272	2272		to read: 1527
2273	2273		677.701 Saving clause. —Except as provided in ss. 669.501 -1528
2274	2274		669.706, a transaction vali dly entered into before July 1, 2025, 1529
2275	2275		and the rights, duties, and interests flowing from such 1530
2276	2276		transaction remain valid thereafter and may be terminated, 1531
2277	2277		completed, consummated, or enforced as required or permitted by 1532
2278	2278		law other than the Uniform Commercial C ode or, if applicable, by 1533
2279	2279		the Uniform Commercial Code as though this act had not have 1534
2280	2280		taken effect. 1535
2281	2281		Section 62. Paragraph (f) of subsection (1) and subsection 1536
2282	2282		(2) of section 678.1021, Florida Statutes, are amended, and 1537
2283	2283		paragraph (i) of subsection (1) o f that section is republished, 1538
2284	2284		to read: 1539
2285	2285		678.1021 Definitions. — 1540
2286	2286		(1) In this chapter: 1541
2287	2287		(f) "Communicate" means to: 1542
2288	2288		1. Send a signed record writing; or 1543
2289	2289		2. Transmit information by any mechanism agreed upon by 1544
2290	2290		the persons transmitting and receiving the information. 1545
2291	2291		(i) "Financial asset," except as otherwise provided in s. 1546
2292	2292		678.1031, means: 1547
2293	2293		1. A security; 1548
2294	2294		2. An obligation of a person or a share, participation, or 1549
2295	2295		other interest in a person or in property or an enterprise of a 1550
2296		-	~~ENROLLED~~
2297		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2298		-
2299		-
2300		-
2301		-	CODING: Words stricken are deletions; words underlined are additions.
2302		-	hb515 -03-er
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	2297	+	CS/CS/HB 515, Engrossed 1 2025
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2304	2304		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2305	2305
2306	2306
2307	2307
2308	2308		person, which is, or is of a type, dealt in or traded on 1551
2309	2309		financial markets, or which is recognized in any area in which 1552
2310	2310		it is issued or dealt in as a medium for investment; or 1553
2311	2311		3. Any property that is held by a securities intermediary 1554
2312	2312		for another person in a securities account if the securities 1555
2313	2313		intermediary has expressly agreed with the other person that the 1556
2314	2314		property is to be treated as a financial asset under this 1557
2315	2315		chapter. As context requires, the term means either the interest 1558
2316	2316		itself or the means by which a person's claim to i t is 1559
2317	2317		evidenced, including a certificated or uncertificated security, 1560
2318	2318		a security certificate, or a security entitlement. 1561
2319	2319		(2) The following Other definitions in applying to this 1562
2320	2320		chapter and other chapters apply to this section the sections in 1563
2321	2321		which they appear are: 1564
2322	2322		"Appropriate person," s. 678.1071. 1565
2323	2323		"Control," s. 678.1061. 1566
2324	2324		"Controllable account," s. 679.1021. 1567
2325	2325		"Controllable electronic record," s. 669.102. 1568
2326	2326		"Controllable payment intangible," s. 679.1021. 1569
2327	2327		"Delivery," s. 678.3011. 1570
2328	2328		"Investment company secu rity," s. 678.1031(2). 1571
2329	2329		"Issuer," s. 678.2011. 1572
2330	2330		"Overissue," s. 678.2101. 1573
2331	2331		"Protected purchaser," s. 678.3031. 1574
2332	2332		"Securities account," s. 678.5011. 1575
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2341	2341		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2342	2342
2343	2343
2344	2344
2345	2345		Section 63. Subsection (6) of section 678.1031, Florida 1576
2346	2346		Statutes, is amended, and subsection (8) is added to that 1577
2347	2347		section, to read: 1578
2348	2348		678.1031 Rules for determining whether certain obligations 1579
2349	2349		and interests are securities or financial assets. — 1580
2350	2350		(6) A commodity contract, as defined in s. 679.1021(1) s. 1581
2351	2351		679.1021(1)(o), is not a security or a financial asset. 1582
2352	2352		(8) A controllable account, controllable electronic 1583
2353	2353		record, or controllable payment intangible is not a financial 1584
2354	2354		asset unless s. 678.1021(1)(i) applies. 1585
2355	2355		Section 64. Subsection (4) of section 678.1061, Florida 1586
2356	2356		Statutes, is amended, and subsections (8) and (9) are added to 1587
2357	2357		that section, to read: 1588
2358	2358		678.1061 Control.— 1589
2359	2359		(4) A purchaser has "control" of a security entitlement 1590
2360	2360		if: 1591
2361	2361		(a) The purchaser becomes the entitlement holder; 1592
2362	2362		(b) The securities intermediary has agreed that it will 1593
2363	2363		comply with entitlement orders originated by the purchaser 1594
2364	2364		without further consent by the entitlement holder; or 1595
2365	2365		(c) Another person, other than the transferor to the 1596
2366	2366		purchaser of an interest in the security entitlement: 1597
2367	2367		1. Has control of the security entitlement and 1598
2368	2368		acknowledges that it has control on behalf of the purchaser; or 1599
2369	2369		2. Obtains control of the security entitlement after 1600
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2378	2378		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2379	2379
2380	2380
2381	2381
2382	2382		having acknowledged that it will obtain control of the security 1601
2383	2383		entitlement on behalf of the purchaser has control of the 1602
2384	2384		security entitlement on behalf of the purchaser or, having 1603
2385	2385		previously acquired control of the security entitlement, 1604
2386	2386		acknowledges that the person has control on behalf of the 1605
2387	2387		purchaser. 1606
2388	2388		(8) A person that has control under this section is not 1607
2389	2389		required to acknowledge that it has control on behalf of a 1608
2390	2390		purchaser. 1609
2391	2391		(9) If a person acknowledges that it has or will obtain 1610
2392	2392		control on behalf of a purchaser unless the person otherwise 1611
2393	2393		agrees, or law other than this section or chapter 679 otherwise 1612
2394	2394		provides, the person does not owe any duty to the purchaser and 1613
2395	2395		is not required to confirm the acknowledgment to any other 1614
2396	2396		person. 1615
2397	2397		Section 65. Subsection (7) is added to section 678.1101, 1616
2398	2398		Florida Statutes, to read: 1617
2399	2399		678.1101 Applicability; choice of law. — 1618
2400	2400		(7) The local law of the is suer's jurisdiction or the 1619
2401	2401		securities intermediary's jurisdiction governs a matter or 1620
2402	2402		transaction specified in subsection (1) or subsection (2) even 1621
2403	2403		if the matter or transaction does not bear any relation to the 1622
2404	2404		jurisdiction. 1623
2405	2405		Section 66. Subsection (2) of section 678.3031, Florida 1624
2406	2406		Statutes, is amended to read: 1625
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2415	2415		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2416	2416
2417	2417
2418	2418
2419	2419		678.3031 Protected purchaser. — 1626
2420	2420		(2) In addition to acquiring the rights of a purchaser, A 1627
2421	2421		protected purchaser also acquires its interest in the security 1628
2422	2422		free of any adverse claim. 1629
2423	2423		Section 67. Part VI of chapter 678, Florida Statutes, 1630
2424	2424		consisting of s. 678.601, Florida Statutes, is created and 1631
2425	2425		entitled "Transitional Provisions." 1632
2426	2426		Section 68. Section 678.601, Florida Statutes, is created 1633
2427	2427		to read: 1634
2428	2428		678.601 Saving clause. —Except as provided i n ss. 669.501-1635
2429	2429		669.706, a transaction validly entered into before July 1, 2025, 1636
2430	2430		and the rights, duties, and interests flowing from such 1637
2431	2431		transaction remain valid thereafter and may be terminated, 1638
2432	2432		completed, consummated, or enforced as required or permitted b y 1639
2433	2433		law other than the Uniform Commercial Code, or if applicable, by 1640
2434	2434		the Uniform Commercial Code as though this act had not taken 1641
2435	2435		effect. 1642
2436	2436		Section 69. Present paragraphs (h) through (aa), (bb) 1643
2437	2437		through (bbb), and (ccc) through (bbbb) of subsection (1) of 1644
2438	2438		section 679.1021, Florida Statutes, are redesignated as 1645
2439	2439		paragraphs (i) through (bb), (ee) through (eee), and (ggg) 1646
2440	2440		through (eeee), respectively, new paragraphs (g), (h), (cc), 1647
2441	2441		(dd), and (fff) are added to that subsection, and paragraphs 1648
2442	2442		(b), (c), (d), and ( g) and present paragraphs (k), (ee), (pp), 1649
2443	2443		(uu), (iii), (nnn), (vvv), and (zzz) of subsection (1) and 1650
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2452	2452		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2453	2453
2454	2454
2455	2455
2456	2456		subsection (2) of that section are amended, to read: 1651
2457	2457		679.1021 Definitions and index of definitions. — 1652
2458	2458		(1) In this chapter, the term: 1653
2459	2459		(b) "Account," except as used in "account for," "account 1654
2460	2460		statement," "account to," "commodity account" as used in 1655
2461	2461		paragraph (o), "customer account," "deposit account" as used in 1656
2462	2462		paragraph (ff), "on account of," and "statement of account," 1657
2463	2463		means a right to payment of a mon etary obligation, regardless of 1658
2464	2464		whether or not earned by performance, for property that has been 1659
2465	2465		or is to be sold, leased, licensed, assigned, or otherwise 1660
2466	2466		disposed of; for services rendered or to be rendered; for a 1661
2467	2467		policy of insurance issued or to be issu ed; for a secondary 1662
2468	2468		obligation incurred or to be incurred; for energy provided or to 1663
2469	2469		be provided; for the use or hire of a vessel under a charter or 1664
2470	2470		other contract; arising out of the use of a credit or charge 1665
2471	2471		card or information contained on or for use wi th the card; or as 1666
2472	2472		winnings in a lottery or other game of chance operated or 1667
2473	2473		sponsored by a state, governmental unit of a state, or person 1668
2474	2474		licensed or authorized to operate the game by a state or 1669
2475	2475		governmental unit of a state. The term includes controllable 1670
2476	2476		accounts and health-care-insurance receivables. The term does 1671
2477	2477		not include rights to payment evidenced by chattel paper or an 1672
2478	2478		instrument; commercial tort claims; deposit accounts; investment 1673
2479	2479		property; letter-of-credit rights or letters of credit; or 1674
2480	2480		rights to payment for money or funds advanced or sold, other 1675
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2489	2489		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2490	2490
2491	2491
2492	2492
2493	2493		than rights arising out of the use of a credit or charge card or 1676
2494	2494		information contained on or for use with the card ; or rights to 1677
2495	2495		payment evidenced by an instrument . 1678
2496	2496		(c) "Account debtor" means a perso n obligated on an 1679
2497	2497		account, chattel paper, or general intangible. The term does not 1680
2498	2498		include persons obligated to pay a negotiable instrument, even 1681
2499	2499		if the negotiable instrument evidences constitutes part of 1682
2500	2500		chattel paper. 1683
2501	2501		(d) "Accounting," except as used i n the term "accounting 1684
2502	2502		for," means a record: 1685
2503	2503		1. Signed Authenticated by a secured party; 1686
2504	2504		2. Indicating the aggregate unpaid secured obligations as 1687
2505	2505		of a date not more than 35 days earlier or 35 days later than 1688
2506	2506		the date of the record; and 1689
2507	2507		3. Identifying the components of the obligations in 1690
2508	2508		reasonable detail. 1691
2509	2509		(g) "Assignee," except as used in "assignee for benefit of 1692
2510	2510		creditors," means a person: 1693
2511	2511		1. In whose favor a security interest that secures an 1694
2512	2512		obligation is created or provided for under a security 1695
2513	2513		agreement, regardless of whether the obligation is outstanding; 1696
2514	2514		or 1697
2515	2515		2. To which an account, chattel paper, payment intangible, 1698
2516	2516		or promissory note has been sold. 1699
2517	2517		1700
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2526	2526		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2527	2527
2528	2528
2529	2529
2530	2530		The term includes a person to which a security interest has been 1701
2531	2531		transferred by a secured party. 1702
2532	2532		(h) "Assignor" means a person that: 1703
2533	2533		1. Under a security agreement creates or provides for a 1704
2534	2534		security interest that secures an obligation; or 1705
2535	2535		2. Sells an account, chattel paper, payment intangible, or 1706
2536	2536		promissory note. 1707
2537	2537		1708
2538	2538		The term includes a secured party that has transferred a 1709
2539	2539		security interest to another person 1710
2540	2540		(g) "Authenticate" means: 1711
2541	2541		1. To sign; or 1712
2542	2542		2. With the present intent to adopt or accept a record, to 1713
2543	2543		attach to or logically associate with the record an electronic 1714
2544	2544		sound, symbol, or process. 1715
2545	2545		(l)(k) "Chattel paper" means : 1716
2546	2546		1. A right to payment of a monetary obligation secured by 1717
2547	2547		specific goods, if the right to payment and security agreement 1718
2548	2548		are evidenced by a record; or 1719
2549	2549		2. A right to payment of a monetary obligation owed by a 1720
2550	2550		lessee under a lease agreement with respect to specific goods 1721
2551	2551		and a monetary obligation owed by the lessee in connection with 1722
2552	2552		the transaction giving rise to the lease, if: 1723
2553	2553		a. The right to payment and lease agreement are evidenced 1724
2554	2554		by a record; and 1725
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2563	2563		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2564	2564
2565	2565
2566	2566
2567	2567		b. The predominant purpose of the transaction giving rise 1726
2568	2568		to the lease was to give the lessee the right to possession and 1727
2569	2569		use of the goods. 1728
2570	2570		1729
2571	2571		The term does not include a right to payment arising out of a 1730
2572	2572		charter or other contract involving the use or hire of a vessel 1731
2573	2573		or a right to payment arising out of the use of a credit or 1732
2574	2574		charge card or information contained on or for use with the card 1733
2575	2575		a record or records that evidence both a monetary obligation and 1734
2576	2576		a security interest in specific goods, a security inte rest in 1735
2577	2577		specific goods and software used in the goods, a security 1736
2578	2578		interest in specific goods and license of software used in the 1737
2579	2579		goods, a lease of specific goods, or a lease of specific goods 1738
2580	2580		and license of software used in the goods. In this paragraph, 1739
2581	2581		"monetary obligation" means a monetary obligation secured by the 1740
2582	2582		goods or owed under a lease of the goods and includes a monetary 1741
2583	2583		obligation with respect to software used in the goods. The term 1742
2584	2584		does not include charters or other contracts involving the use 1743
2585	2585		or hire of a vessel or records that evidence a right to payment 1744
2586	2586		arising out of the use of a credit or charge card or information 1745
2587	2587		contained on or for use with the card. If a transaction is 1746
2588	2588		evidenced by records that include an instrument or series of 1747
2589	2589		instruments, the group of records taken together constitutes 1748
2590	2590		chattel paper. 1749
2591	2591		(cc) "Controllable account" means an account evidenced by 1750
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2600	2600		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2601	2601
2602	2602
2603	2603
2604	2604		a controllable electronic record that provides that the account 1751
2605	2605		debtor undertakes to pay the person that has control under s. 1752
2606	2606		669.105 of the controllable electronic record. 1753
2607	2607		(dd) "Controllable payment intangible" means a payment 1754
2608	2608		intangible evidenced by a controllable electronic record that 1755
2609	2609		provides that the account debtor undertakes to pay the person 1756
2610	2610		that has control under s. 66 9.105 of the controllable electronic 1757
2611	2611		record. 1758
2612	2612		(hh)(ee) "Electronic money" means money in an electronic 1759
2613	2613		form chattel paper" means chattel paper evidenced by a record or 1760
2614	2614		records consisting of information stored in an electronic 1761
2615	2615		medium. 1762
2616	2616		(ss)(pp) "General intangible" means any personal property, 1763
2617	2617		including things in action, other than accounts, chattel paper, 1764
2618	2618		commercial tort claims, deposit accounts, documents, goods, 1765
2619	2619		instruments, investment property, letter -of-credit rights, 1766
2620	2620		letters of credit, money, and oil , gas, or other minerals before 1767
2621	2621		extraction. The term includes controllable electronic records, 1768
2622	2622		payment intangibles, and software. 1769
2623	2623		(xx)(uu) "Instrument" means a negotiable instrument or any 1770
2624	2624		other writing that evidences a right to the payment of a 1771
2625	2625		monetary obligation, is not itself a security agreement or 1772
2626	2626		lease, and is of a type that in the ordinary course of business 1773
2627	2627		is transferred by delivery with any necessary indorsement or 1774
2628	2628		assignment. The term does not include investment property, 1775
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2637	2637		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2638	2638
2639	2639
2640	2640
2641	2641		letters of credit, or writings that evidence a right to payment 1776
2642	2642		arising out of the use of a credit or charge card or information 1777
2643	2643		contained on or for use with the card , or writings that evidence 1778
2644	2644		chattel paper. 1779
2645	2645		(fff) "Money" has the same meaning as in s. 671.201, but 1780
2646	2646		does not include a deposit account, a central bank digital 1781
2647	2647		currency, or money in an electronic form that cannot be 1782
2648	2648		subjected to control under s. 679.1052. 1783
2649	2649		(mmm)(iii) "Payment intangible" means a general intangible 1784
2650	2650		under which the account debtor's principal obligation is a 1785
2651	2651		monetary obligation. The term includes a controllable payment 1786
2652	2652		intangible. 1787
2653	2653		(rrr)(nnn) "Proposal" means a record signed authenticated 1788
2654	2654		by a secured party which includes the terms on which the secured 1789
2655	2655		party is willing to accept collateral in full or partial 1790
2656	2656		satisfaction of the obligation it secures pursuant to ss. 1791
2657	2657		679.620, 679.621, and 679.622. 1792
2658	2658		(vvv) "Send," in connection with a record or notificatio n, 1793
2659	2659		means: 1794
2660	2660		1. To deposit in the mail, deliver for transmission, or 1795
2661	2661		transmit by any other usual means of communication, with postage 1796
2662	2662		or cost of transmission provided for, addressed to any address 1797
2663	2663		reasonable under the circumstances; or 1798
2664	2664		2. To cause the rec ord or notification to be received 1799
2665	2665		within the time that it would have been received if properly 1800
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2674	2674		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2675	2675
2676	2676
2677	2677
2678	2678		sent under subparagraph 1. 1801
2679	2679		(cccc)(zzz) "Tangible money chattel paper" means money in 1802
2680	2680		tangible form chattel paper evidenced by a record or records 1803
2681	2681		consisting of information that is inscribed on a tangible 1804
2682	2682		medium. 1805
2683	2683		(2) The following definitions in other chapters apply to 1806
2684	2684		this chapter: 1807
2685	2685		"Applicant," s. 675.103. 1808
2686	2686		"Beneficiary," s. 675.103. 1809
2687	2687		"Broker," s. 678.1021. 1810
2688	2688		"Certificated security," s. 678.1021. 1811
2689	2689		"Check," s. 673.1041. 1812
2690	2690		"Clearing corporation," s. 678.1021. 1813
2691	2691		"Contract for sale," s. 672.106. 1814
2692	2692		"Control," s. 677.106. 1815
2693	2693		"Controllable electronic record," s. 699.102. 1816
2694	2694		"Customer," s. 674.104. 1817
2695	2695		"Entitlement holder," s. 678.1021. 1818
2696	2696		"Financial asset," s. 678.1021. 1819
2697	2697		"Holder in due course," s. 673.3021. 1820
2698	2698		"Issuer" (with respect to a letter of credit 1821
2699	2699		or letter-of-credit right), s. 675.103. 1822
2700	2700		"Issuer" (with respect to a security), s. 678.2011. 1823
2701	2701		"Issuer" (with respect to documents 1824
2702	2702		of title), s. 677.102. 1825
2703		-	~~ENROLLED~~
2704		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2705		-
2706		-
2707		-
2708		-	CODING: Words stricken are deletions; words underlined are additions.
2709		-	hb515 -03-er
	2703	+
	2704	+	CS/CS/HB 515, Engrossed 1 2025
	2705	+
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2710	2710		Page 74 of 181
2711	2711		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2712	2712
2713	2713
2714	2714
2715	2715		"Lease," s. 680.1031. 1826
2716	2716		"Lease agreement," s. 680.1031. 1827
2717	2717		"Lease contract," s. 680.1031. 1828
2718	2718		"Leasehold interest," s. 680.1031. 1829
2719	2719		"Lessee," s. 680.1031. 1830
2720	2720		"Lessee in ordinary course of 1831
2721	2721		business," s. 680.1031. 1832
2722	2722		"Lessor," s. 680.1031. 1833
2723	2723		"Lessor's residual interest," s. 680.1031. 1834
2724	2724		"Letter of credit," s. 675.103. 1835
2725	2725		"Merchant," s. 672.104. 1836
2726	2726		"Negotiable instrument," s. 673.1041. 1837
2727	2727		"Nominated person," s. 675.103. 1838
2728	2728		"Note," s. 673.1041. 1839
2729	2729		"Proceeds of a letter of credit," s. 675.114. 1840
2730	2730		"Protected purchaser," s. 678.3031. 1841
2731	2731		"Prove," s. 673.1031. 1842
2732	2732		"Qualifying purchaser," s. 669.102. 1843
2733	2733		"Sale," s. 672.106. 1844
2734	2734		"Securities account," s. 678.5011. 1845
2735	2735		"Securities intermediary," s. 678.1021. 1846
2736	2736		"Security," s. 678.1021. 1847
2737	2737		"Security certificate," s. 678.1021. 1848
2738	2738		"Security entitlement," s. 678.1021. 1849
2739	2739		"Uncertificated security," s. 678.1021. 1850
2740		-	~~ENROLLED~~
2741		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2742		-
2743		-
2744		-
2745		-	CODING: Words stricken are deletions; words underlined are additions.
2746		-	hb515 -03-er
	2740	+
	2741	+	CS/CS/HB 515, Engrossed 1 2025
	2742	+
	2743	+
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2747	2747		Page 75 of 181
2748	2748		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2749	2749
2750	2750
2751	2751
2752	2752		Section 70. Subsection (1) of section 679.1041, Florida 1851
2753	2753		Statutes, is amended to read: 1852
2754	2754		679.1041 Control of deposit account. — 1853
2755	2755		(1) A secured party has control of a deposit account if 1854
2756	2756		any of the following applies : 1855
2757	2757		(a) The secured party i s the bank with which the deposit 1856
2758	2758		account is maintained .; 1857
2759	2759		(b) The debtor, secured party, and bank have agreed in a 1858
2760	2760		signed an authenticated record that the bank will comply with 1859
2761	2761		instructions originated by the secured party directing 1860
2762	2762		disposition of the fun ds in the deposit account without further 1861
2763	2763		consent by the debtor .; or 1862
2764	2764		(c) The secured party becomes the bank's customer with 1863
2765	2765		respect to the deposit account . 1864
2766	2766		(d) Another person, other than the debtor: 1865
2767	2767		1. Has control of the deposit account and acknowled ges 1866
2768	2768		that it has control on behalf of the secured party; or 1867
2769	2769		2. Obtains control of the deposit account after having 1868
2770	2770		acknowledged that it will obtain control of the deposit account 1869
2771	2771		on behalf of the secured party . 1870
2772	2772		Section 71. Section 679.1051, Florida Statutes, is amended 1871
2773	2773		to read: 1872
2774	2774		679.1051 Control of electronic chattel paper. — 1873
2775	2775		(1) A purchaser has control of an authoritative electronic 1874
2776	2776		copy of a record evidencing chattel paper if a system employed 1875
2777		-	~~ENROLLED~~
2778		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2779		-
2780		-
2781		-
2782		-	CODING: Words stricken are deletions; words underlined are additions.
2783		-	hb515 -03-er
	2777	+
	2778	+	CS/CS/HB 515, Engrossed 1 2025
	2779	+
	2780	+
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2784	2784		Page 76 of 181
2785	2785		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2786	2786
2787	2787
2788	2788
2789	2789		for evidencing the assignment of interests in the chattel paper 1876
2790	2790		reliably establishes the purchaser as the person to which the 1877
2791	2791		authoritative electronic copy was assigned. 1878
2792	2792		(2) A system satisfies subsection (1) if the record or 1879
2793	2793		records evidencing the chattel paper are created, stored, and 1880
2794	2794		assigned in a manner that: 1881
2795	2795		(a) A single authoritative copy of the record or records 1882
2796	2796		exists which is unique, identifiable, and, except as otherwise 1883
2797	2797		provided in paragraphs (d), (e), and (f), unalterable; 1884
2798	2798		(b) The authoritative copy identifies the purchaser as the 1885
2799	2799		assignee of the record or records; 1886
2800	2800		(c) The authoritative copy is communicated to and 1887
2801	2801		maintained by the purchaser or its designated custodian; 1888
2802	2802		(d) Copies or amendments that add or change an identified 1889
2803	2803		assignee of the authoritative copy can be made only with the 1890
2804	2804		consent of the purchaser; 1891
2805	2805		(e) Each copy of the authoritative copy and any copy of a 1892
2806	2806		copy is readily identifiable as a copy that is not the 1893
2807	2807		authoritative copy; and 1894
2808	2808		(f) Any amendment of the authoritative copy is readily 1895
2809	2809		identifiable as authorized or una uthorized. 1896
2810	2810		(3) A system satisfies subsection (1), and a purchaser has 1897
2811	2811		control of an authoritative electronic copy of a record 1898
2812	2812		evidencing chattel paper, if the electronic copy, a record 1899
2813	2813		attached to or logically associated with the electronic copy, or 1900
2814		-	~~ENROLLED~~
2815		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2816		-
2817		-
2818		-
2819		-	CODING: Words stricken are deletions; words underlined are additions.
2820		-	hb515 -03-er
	2814	+
	2815	+	CS/CS/HB 515, Engrossed 1 2025
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2821	2821		Page 77 of 181
2822	2822		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2823	2823
2824	2824
2825	2825
2826	2826		a system in which the electronic copy is recorded: 1901
2827	2827		(a) Enables the purchaser to readily identify each 1902
2828	2828		electronic copy as either an authoritative copy or a 1903
2829	2829		nonauthoritative copy; 1904
2830	2830		(b) Enables the purchaser to readily identify itself in 1905
2831	2831		any way, including by name, identifying number, cryptographic 1906
2832	2832		key, office, or account number, as the assignee of the 1907
2833	2833		authoritative electronic copy; and 1908
2834	2834		(c) Gives the purchaser exclusive power, subject to 1909
2835	2835		subsection (4), to: 1910
2836	2836		1. Prevent others from adding or changing an ident ified 1911
2837	2837		assignee of the authoritative electronic copy; and 1912
2838	2838		2. Transfer control of the authoritative electronic copy. 1913
2839	2839		(4) Subject to subsection (5), a power is exclusive under 1914
2840	2840		subparagraphs (3)(c)1. and 2. even if: 1915
2841	2841		(a) The authoritative electronic copy, a record attached 1916
2842	2842		to or logically associated with the authoritative electronic 1917
2843	2843		copy, or a system in which the authoritative electronic copy is 1918
2844	2844		recorded limits the use of the authoritative electronic copy or 1919
2845	2845		has a protocol programmed to cause a change, inc luding a 1920
2846	2846		transfer or loss of control; or 1921
2847	2847		(b) The power is shared with another person. 1922
2848	2848		(5) A power of a purchaser is not shared with another 1923
2849	2849		person as provided in paragraph (4)(b) and the purchaser's power 1924
2850	2850		is not exclusive if: 1925
2851		-	~~ENROLLED~~
2852		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2853		-
2854		-
2855		-
2856		-	CODING: Words stricken are deletions; words underlined are additions.
2857		-	hb515 -03-er
	2851	+
	2852	+	CS/CS/HB 515, Engrossed 1 2025
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2859	2859		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2860	2860
2861	2861
2862	2862
2863	2863		(a) The purchaser can ex ercise the power only if the power 1926
2864	2864		also is exercised by the other person; and 1927
2865	2865		(b) The other person: 1928
2866	2866		1. Can exercise the power without exercise of the power by 1929
2867	2867		the purchaser; or 1930
2868	2868		2. Is the transferor to the purchaser of an interest in 1931
2869	2869		the chattel paper. 1932
2870	2870		(6) If a purchaser has the powers specified in 1933
2871	2871		subparagraphs (3)(c)1. and 2., the powers are presumed to be 1934
2872	2872		exclusive. 1935
2873	2873		(7) A purchaser has control of an authoritative electronic 1936
2874	2874		copy of a record evidencing chattel paper if another person, 1937
2875	2875		other than the transferor to the purchaser of an interest in the 1938
2876	2876		chattel paper: 1939
2877	2877		(a) Has control of the authoritative electronic copy and 1940
2878	2878		acknowledges that it has control on behalf of the purchaser; or 1941
2879	2879		(b) Obtains control of the authoritative electronic copy 1942
2880	2880		after having acknowledged that it will obtain control of the 1943
2881	2881		electronic copy on behalf of the purchaser A secured party has 1944
2882	2882		control of electronic chattel paper if a system employed for 1945
2883	2883		evidencing the transfer of interests in the chattel paper 1946
2884	2884		reliably establishes the secured party as the person to which 1947
2885	2885		the chattel paper was assigned. 1948
2886	2886		(2) A system satisfies subsection (1), and a secured party 1949
2887	2887		has control of electronic chattel paper, if the record or 1950
2888		-	~~ENROLLED~~
2889		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2890		-
2891		-
2892		-
2893		-	CODING: Words stricken are deletions; words underlined are additions.
2894		-	hb515 -03-er
	2888	+
	2889	+	CS/CS/HB 515, Engrossed 1 2025
	2890	+
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2896	2896		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2897	2897
2898	2898
2899	2899
2900	2900		records comprising the chattel paper are created, stored, and 1951
2901	2901		assigned in such a manner that: 1952
2902	2902		(a) A single authoritative copy of the record or records 1953
2903	2903		exists which is unique, identifiable and, except as otherwise 1954
2904	2904		provided in paragraphs (d), (e), and (f), unalterable; 1955
2905	2905		(b) The authoritative copy identifies the sec ured party as 1956
2906	2906		the assignee of the record or records; 1957
2907	2907		(c) The authoritative copy is communicated to and 1958
2908	2908		maintained by the secured party or its designated custodian; 1959
2909	2909		(d) Copies or amendments that add or change an identified 1960
2910	2910		assignee of the authoritative copy can be made only with the 1961
2911	2911		consent of the secured party; 1962
2912	2912		(e) Each copy of the authoritative copy and any copy of a 1963
2913	2913		copy is readily identifiable as a copy that is not the 1964
2914	2914		authoritative copy; and 1965
2915	2915		(f) Any amendment of the authoritative copy is readily 1966
2916	2916		identifiable as authorized or unauthorized . 1967
2917	2917		Section 72. Section 679.1052, Florida Statutes, is created 1968
2918	2918		to read: 1969
2919	2919		679.1052 Control of electronic money. — 1970
2920	2920		(1) A person has control of electronic money if both of 1971
2921	2921		the following apply: 1972
2922	2922		(a) The electronic money, a record attached to or 1973
2923	2923		logically associated with the electronic money, or a system in 1974
2924	2924		which the electronic money is recorded gives the person: 1975
2925		-	~~ENROLLED~~
2926		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2927		-
2928		-
2929		-
2930		-	CODING: Words stricken are deletions; words underlined are additions.
2931		-	hb515 -03-er
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	2926	+	CS/CS/HB 515, Engrossed 1 2025
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2933	2933		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2934	2934
2935	2935
2936	2936
2937	2937		1. Power to avail itself of substantially all the benefit 1976
2938	2938		from the electronic money; and 1977
2939	2939		2. Exclusive power, subject to subsection (2), to: 1978
2940	2940		a. Prevent others from availing themselves of 1979
2941	2941		substantially all the benefit from the electronic money; and 1980
2942	2942		b. Transfer control of the electronic money to another 1981
2943	2943		person or cause another person to obtain c ontrol of other 1982
2944	2944		electronic money as a result of the transfer of the electronic 1983
2945	2945		money. 1984
2946	2946		(b) The electronic money, a record attached to or 1985
2947	2947		logically associated with the electronic money, or a system in 1986
2948	2948		which the electronic money is recorded enables the pers on 1987
2949	2949		readily to identify itself in any way, including by name, 1988
2950	2950		identifying number, cryptographic key, office, or account 1989
2951	2951		number, as having the powers under paragraph (a). 1990
2952	2952		(2) Subject to subsection (3), a power is exclusive under 1991
2953	2953		sub-subparagraphs (1)(a)2.a . and b. even if: 1992
2954	2954		(a) The electronic money, a record attached to or 1993
2955	2955		logically associated with the electronic money, or a system in 1994
2956	2956		which the electronic money is recorded limits the use of the 1995
2957	2957		electronic money or has a protocol programmed to cause a chang e, 1996
2958	2958		including a transfer or loss of control; or 1997
2959	2959		(b) The power is shared with another person. 1998
2960	2960		(3) A power of a person is not shared with another person 1999
2961	2961		under paragraph (2)(b) and the person's power is not exclusive 2000
2962		-	~~ENROLLED~~
2963		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
2964		-
2965		-
2966		-
2967		-	CODING: Words stricken are deletions; words underlined are additions.
2968		-	hb515 -03-er
	2962	+
	2963	+	CS/CS/HB 515, Engrossed 1 2025
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2970	2970		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2971	2971
2972	2972
2973	2973
2974	2974		if: 2001
2975	2975		(a) The person can exercise the p ower only if the power 2002
2976	2976		also is exercised by the other person; and 2003
2977	2977		(b) The other person: 2004
2978	2978		1. Can exercise the power without exercise of the power by 2005
2979	2979		the person; or 2006
2980	2980		2. Is the transferor to the person of an interest in the 2007
2981	2981		electronic money. 2008
2982	2982		(4) If a person has the powers specified in sub -2009
2983	2983		subparagraphs (1)(a)2.a. and b., the powers are presumed to be 2010
2984	2984		exclusive. 2011
2985	2985		(5) A person has control of electronic money if another 2012
2986	2986		person, other than the transferor to the person of an interest 2013
2987	2987		in the electronic money: 2014
2988	2988		(a) Has control of the electronic money and acknowledges 2015
2989	2989		that it has control on behalf of the person; or 2016
2990	2990		(b) Obtains control of the electronic money after having 2017
2991	2991		acknowledged that it will obtain control of the electronic money 2018
2992	2992		on behalf of the person. 2019
2993	2993		Section 73. Section 679.1053, Florida Statutes, is created 2020
2994	2994		to read: 2021
2995	2995		679.1053 Control of controllable electronic record, 2022
2996	2996		controllable account, or controllable payment intangible. — 2023
2997	2997		(1) A secured party has control of a controllable 2024
2998	2998		electronic record as provided in s. 669.105. 2025
2999		-	~~ENROLLED~~
3000		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3001		-
3002		-
3003		-
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3005		-	hb515 -03-er
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	3000	+	CS/CS/HB 515, Engrossed 1 2025
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3007	3007		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3008	3008
3009	3009
3010	3010
3011	3011		(2) A secured party has control of a controllable account 2026
3012	3012		or controllable payment intangible if the secured party has 2027
3013	3013		control of the controllable electronic record that evidences the 2028
3014	3014		controllable account or controllable payment intangible. 2029
3015	3015		Section 74. Section 679.1054, Florida Statutes, is created 2030
3016	3016		to read: 2031
3017	3017		679.1054 No requirement to acknowledge or confirm; no 2032
3018	3018		duties.— 2033
3019	3019		(1) A person that has control under s. 679.1051, s. 2034
3020	3020		679.1052, or s. 679.1053 is not required to acknowledge that it 2035
3021	3021		has control on behalf of another person. 2036
3022	3022		(2) If a person acknowledges that it has or will obtain 2037
3023	3023		control on behalf of another person, unless the person otherwise 2038
3024	3024		agrees, or law other than this chapter otherwise provides, the 2039
3025	3025		person does not owe any duty to the other person and is not 2040
3026	3026		required to confirm the acknowledgment to any other person. 2041
3027	3027		Section 75. Subsections (2) and (10) of section 679.2031, 2042
3028	3028		Florida Statutes, are amended to read: 2043
3029	3029		679.2031 Attachment and enforceability of security 2044
3030	3030		interest; proceeds; supporting obligations; formal requisites. — 2045
3031	3031		(2) Except as otherwise provided in subsections (3) 2046
3032	3032		through (10), a security interest is enforceable against the 2047
3033	3033		debtor and third parties with respect to the collateral only if: 2048
3034	3034		(a) Value has been given; 2049
3035	3035		(b) The debtor has rights in the collateral or the power 2050
3036		-	~~ENROLLED~~
3037		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3038		-
3039		-
3040		-
3041		-	CODING: Words stricken are deletions; words underlined are additions.
3042		-	hb515 -03-er
	3036	+
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3044	3044		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3045	3045
3046	3046
3047	3047
3048	3048		to transfer rights in the collateral to a secured party; and 2051
3049	3049		(c) One of the following conditions is met: 2052
3050	3050		1. The debtor has signed authenticated a security 2053
3051	3051		agreement that provides a description of the collateral and, if 2054
3052	3052		the security interest covers timber to be cut, a description of 2055
3053	3053		the land concerned; 2056
3054	3054		2. The collateral is not a certificated security and is in 2057
3055	3055		the possession of the secured party under s. 679.3131 pursua nt 2058
3056	3056		to the debtor's security agreement; 2059
3057	3057		3. The collateral is a certificated security in registered 2060
3058	3058		form and the security certificate has been delivered to the 2061
3059	3059		secured party under s. 678.3011 pursuant to the debtor's 2062
3060	3060		security agreement; or 2063
3061	3061		4. The collateral is controllable accounts, controllable 2064
3062	3062		electronic records, controllable payment intangibles, deposit 2065
3063	3063		accounts, electronic documents, electronic money chattel paper, 2066
3064	3064		investment property, or letter-of-credit rights, or electronic 2067
3065	3065		documents, and the secured party has control under s. 669.105, 2068
3066	3066		s. 677.106, s. 679.1041, s. 679.1051, s. 679.1061, or s. 2069
3067	3067		679.1071 pursuant to the debtor's security agreement ; or 2070
3068	3068		5. The collateral is chattel paper and the secured party 2071
3069	3069		has possession and control under s. 679.3152 pursuant to the 2072
3070	3070		debtor's security agreement . 2073
3071	3071		(10) A security interest in an account consisting of a 2074
3072	3072		right to payment of a monetary obligation for the sale of real 2075
3073		-	~~ENROLLED~~
3074		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3075		-
3076		-
3077		-
3078		-	CODING: Words stricken are deletions; words underlined are additions.
3079		-	hb515 -03-er
	3073	+
	3074	+	CS/CS/HB 515, Engrossed 1 2025
	3075	+
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3080	3080		Page 84 of 181
3081	3081		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3082	3082
3083	3083
3084	3084
3085	3085		property that is the debtor's homestead under the laws of this 2076
3086	3086		state is not enforceable un less: 2077
3087	3087		(a) The description of the account in the security 2078
3088	3088		agreement conspicuously states that the collateral includes the 2079
3089	3089		debtor's right to payment of a monetary obligation for the sale 2080
3090	3090		of real property; 2081
3091	3091		(b) The description of the account in the securit y 2082
3092	3092		agreement includes a legal description of the real property; 2083
3093	3093		(c) The description of the account in the security 2084
3094	3094		agreement conspicuously states that the real property is the 2085
3095	3095		debtor's homestead; and 2086
3096	3096		(d) The security agreement is also signed authenticated by 2087
3097	3097		the debtor's spouse, if the debtor is married; if the debtor's 2088
3098	3098		spouse is incompetent, then the method of signature 2089
3099	3099		authentication by the debtor's spouse is the same as provided by 2090
3100	3100		the laws of this state, other than this chapter, which apply to 2091
3101	3101		the alienation or encumbrance of homestead property by an 2092
3102	3102		incompetent person. 2093
3103	3103		Section 76. Present subsection (3) of section 679.2041, 2094
3104	3104		Florida Statutes, is redesignated as subsection (4), a new 2095
3105	3105		subsection (3) is added to that section, and subsection (2) of 2096
3106	3106		that section is amended, to read: 2097
3107	3107		679.2041 After-acquired property; future advances. — 2098
3108	3108		(2) Subject to subsection (3), a security interest does 2099
3109	3109		not attach under a term constituting an after -acquired property 2100
3110		-	~~ENROLLED~~
3111		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3112		-
3113		-
3114		-
3115		-	CODING: Words stricken are deletions; words underlined are additions.
3116		-	hb515 -03-er
	3110	+
	3111	+	CS/CS/HB 515, Engrossed 1 2025
	3112	+
	3113	+
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3117	3117		Page 85 of 181
3118	3118		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3119	3119
3120	3120
3121	3121
3122	3122		clause to: 2101
3123	3123		(a) Consumer goods, other than an a ccession when given as 2102
3124	3124		additional security, unless the debtor acquires rights in them 2103
3125	3125		within 10 days after the secured party gives value; or 2104
3126	3126		(b) A commercial tort claim. 2105
3127	3127		(3) Subsection (2) does not prevent a security interest 2106
3128	3128		from attaching: 2107
3129	3129		(a) To a consumer good as proceeds under s. 679.3151(1) or 2108
3130	3130		commingled goods under s. 679.336(3); 2109
3131	3131		(b) To a commercial tort claim as proceeds under s. 2110
3132	3132		679.3151(1); or 2111
3133	3133		(c) Under an after-acquired property clause to property 2112
3134	3134		that is proceeds of consumer goods or a commercial tort claim. 2113
3135	3135		Section 77. Subsection (3) of section 679.2071, Florida 2114
3136	3136		Statutes, is amended to read: 2115
3137	3137		679.2071 Rights and duties of secured party having 2116
3138	3138		possession or control of collateral. — 2117
3139	3139		(3) Except as otherwise provided in subsection (4), a 2118
3140	3140		secured party having possession of collateral or control of 2119
3141	3141		collateral under s. 677.106, s. 679.1041, s. 679.1051, s. 2120
3142	3142		679.1052, s. 679.1061, or s. 679.1071: 2121
3143	3143		(a) May hold as additional security any pr oceeds, except 2122
3144	3144		money or funds, received from the collateral; 2123
3145	3145		(b) Shall apply money or funds received from the 2124
3146	3146		collateral to reduce the secured obligation, unless remitted to 2125
3147		-	~~ENROLLED~~
3148		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3149		-
3150		-
3151		-
3152		-	CODING: Words stricken are deletions; words underlined are additions.
3153		-	hb515 -03-er
	3147	+
	3148	+	CS/CS/HB 515, Engrossed 1 2025
	3149	+
	3150	+
	3151	+
	3152	+	CODING: Words stricken are deletions; words underlined are additions.
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3154	3154		Page 86 of 181
3155	3155		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3156	3156
3157	3157
3158	3158
3159	3159		the debtor; and 2126
3160	3160		(c) May create a security interest in the collateral. 2127
3161	3161		Section 78. Subsection (2) of section 679.2081, Florida 2128
3162	3162		Statutes, is amended to read: 2129
3163	3163		679.2081 Additional duties of secured party having control 2130
3164	3164		of collateral.— 2131
3165	3165		(2) Within 10 days after receiving a signed an 2132
3166	3166		authenticated demand by the debtor: 2133
3167	3167		(a) A secured party having control of a deposit account 2134
3168	3168		under s. 679.1041(1)(b) shall send to the bank with which the 2135
3169	3169		deposit account is maintained a signed record an authenticated 2136
3170	3170		statement that releases the bank from any further obligation to 2137
3171	3171		comply with instructi ons originated by the secured party; 2138
3172	3172		(b) A secured party having control of a deposit account 2139
3173	3173		under s. 679.1041(1)(c) shall: 2140
3174	3174		1. Pay the debtor the balance on deposit in the deposit 2141
3175	3175		account; or 2142
3176	3176		2. Transfer the balance on deposit into a deposit account 2143
3177	3177		in the debtor's name; 2144
3178	3178		(c) A secured party, other than a buyer, having control 2145
3179	3179		under s. 679.1051 of an authoritative electronic copy of a 2146
3180	3180		record evidencing chattel paper shall transfer control of the 2147
3181	3181		electronic copy to the debtor or a person designated by the 2148
3182	3182		debtor; a secured party, other than a buyer, having control of 2149
3183	3183		electronic chattel paper under s. 679.1051 shall: 2150
3184		-	~~ENROLLED~~
3185		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3186		-
3187		-
3188		-
3189		-	CODING: Words stricken are deletions; words underlined are additions.
3190		-	hb515 -03-er
	3184	+
	3185	+	CS/CS/HB 515, Engrossed 1 2025
	3186	+
	3187	+
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3191	3191		Page 87 of 181
3192	3192		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3193	3193
3194	3194
3195	3195
3196	3196		1. Communicate the authoritative copy of the electronic 2151
3197	3197		chattel paper to the debtor or its designated custodian; 2152
3198	3198		2. If the debtor desi gnates a custodian that is the 2153
3199	3199		designated custodian with which the authoritative copy of the 2154
3200	3200		electronic chattel paper is maintained for the secured party, 2155
3201	3201		communicate to the custodian an authenticated record releasing 2156
3202	3202		the designated custodian from any furt her obligation to comply 2157
3203	3203		with instructions originated by the secured party and 2158
3204	3204		instructing the custodian to comply with instructions originated 2159
3205	3205		by the debtor; and 2160
3206	3206		3. Take appropriate action to enable the debtor or the 2161
3207	3207		debtor's designated custodian to mak e copies of or revisions to 2162
3208	3208		the authoritative copy which add or change an identified 2163
3209	3209		assignee of the authoritative copy without the consent of the 2164
3210	3210		secured party; 2165
3211	3211		(d) A secured party having control of investment property 2166
3212	3212		under s. 678.1061(4)(b) or s. 679. 1061(2) shall send to the 2167
3213	3213		securities intermediary or commodity intermediary with which the 2168
3214	3214		security entitlement or commodity contract is maintained a 2169
3215	3215		signed an authenticated record that releases the securities 2170
3216	3216		intermediary or commodity intermediary from an y further 2171
3217	3217		obligation to comply with entitlement orders or directions 2172
3218	3218		originated by the secured party; 2173
3219	3219		(e) A secured party having control of a letter -of-credit 2174
3220	3220		right under s. 679.1071 shall send to each person having an 2175
3221		-	~~ENROLLED~~
3222		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3223		-
3224		-
3225		-
3226		-	CODING: Words stricken are deletions; words underlined are additions.
3227		-	hb515 -03-er
	3221	+
	3222	+	CS/CS/HB 515, Engrossed 1 2025
	3223	+
	3224	+
	3225	+
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3228	3228		Page 88 of 181
3229	3229		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3230	3230
3231	3231
3232	3232
3233	3233		unfulfilled obligation to pay or de liver proceeds of the letter 2176
3234	3234		of credit to the secured party a signed an authenticated release 2177
3235	3235		from any further obligation to pay or deliver proceeds of the 2178
3236	3236		letter of credit to the secured party; and 2179
3237	3237		(f) A secured party having control under s. 677.106 of an 2180
3238	3238		authoritative electronic copy of an electronic document of title 2181
3239	3239		shall transfer control of the electronic copy to the debtor or a 2182
3240	3240		person designated by the debtor; 2183
3241	3241		(g) A secured party having control under s. 679.1052 of 2184
3242	3242		electronic money shall transfer control of the electronic money 2185
3243	3243		to the debtor or a person designated by the debtor; and 2186
3244	3244		(h) A secured party having control under s. 669.105 of a 2187
3245	3245		controllable electronic record, other than a buyer of a 2188
3246	3246		controllable account or controllable payment intangib le 2189
3247	3247		evidenced by the controllable electronic record, shall transfer 2190
3248	3248		control of the controllable electronic record to the debtor or a 2191
3249	3249		person designated by the debtor of an electronic document shall: 2192
3250	3250		1. Give control of the electronic document to the debtor 2193
3251	3251		or its designated custodian; 2194
3252	3252		2. If the debtor designates a custodian that is the 2195
3253	3253		designated custodian with which the authoritative copy of the 2196
3254	3254		electronic document is maintained for the secured party, 2197
3255	3255		communicate to the custodian an authenticated record r eleasing 2198
3256	3256		the designated custodian from any further obligation to comply 2199
3257	3257		with instructions originated by the secured party and 2200
3258		-	~~ENROLLED~~
3259		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3260		-
3261		-
3262		-
3263		-	CODING: Words stricken are deletions; words underlined are additions.
3264		-	hb515 -03-er
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	3259	+	CS/CS/HB 515, Engrossed 1 2025
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3265	3265		Page 89 of 181
3266	3266		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3267	3267
3268	3268
3269	3269
3270	3270		instructing the custodian to comply with instructions originated 2201
3271	3271		by the debtor; and 2202
3272	3272		3. Take appropriate action to enable the deb tor or its 2203
3273	3273		designated custodian to make copies of or revisions to the 2204
3274	3274		authenticated copy which add or change an identified assignee of 2205
3275	3275		the authoritative copy without the consent of the secured party . 2206
3276	3276		Section 79. Subsection (2) of section 679.209, Flori da 2207
3277	3277		Statutes, is amended to read: 2208
3278	3278		679.209 Duties of secured party if account debtor has been 2209
3279	3279		notified of assignment. — 2210
3280	3280		(2) Within 10 days after receiving a signed an 2211
3281	3281		authenticated demand by the debtor, a secured party shall send 2212
3282	3282		to an account debtor that has received notification under s. 2213
3283	3283		669.106(2) or s. 679.4016(1) of an assignment to the secured 2214
3284	3284		party as assignee a signed under s. 679.4061(1) an authenticated 2215
3285	3285		record that releases the account debtor from any further 2216
3286	3286		obligation to the secured party. 2217
3287	3287		Section 80. Section 679.210, Florida Statutes, is amended 2218
3288	3288		to read: 2219
3289	3289		679.210 Request for accounting; request regarding list of 2220
3290	3290		collateral or statement of account. — 2221
3291	3291		(1) In this section, the term: 2222
3292	3292		(a) "Request" means a record of a type described in 2223
3293	3293		paragraph (b), paragraph (c), or paragraph (d). 2224
3294	3294		(b) "Request for an accounting" means a record signed 2225
3295		-	~~ENROLLED~~
3296		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3297		-
3298		-
3299		-
3300		-	CODING: Words stricken are deletions; words underlined are additions.
3301		-	hb515 -03-er
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	3298	+
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3302	3302		Page 90 of 181
3303	3303		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3304	3304
3305	3305
3306	3306
3307	3307		authenticated by a debtor requesting that the recipient provide 2226
3308	3308		an accounting of the unpaid obligations secured by collateral 2227
3309	3309		and reasonably identifying the transaction or relationship that 2228
3310	3310		is the subject of the request. 2229
3311	3311		(c) "Request regarding a list of collateral" means a 2230
3312	3312		record signed authenticated by a debtor requesting that the 2231
3313	3313		recipient approve or correct a list of what the debtor believes 2232
3314	3314		to be the collateral securing an obligation and reasonably 2233
3315	3315		identifying the transaction or relationship that is the subject 2234
3316	3316		of the request. 2235
3317	3317		(d) "Request regarding a statement of account" means a 2236
3318	3318		record signed authenticated by a debtor requesting that the 2237
3319	3319		recipient approve or correct a statement indicating what the 2238
3320	3320		debtor believes to be the aggregate amount of unpaid obligations 2239
3321	3321		secured by collateral as of a specified date and reasonably 2240
3322	3322		identifying the transaction or relationship that is the subject 2241
3323	3323		of the request. 2242
3324	3324		(e) "Reasonably identifying the transaction or 2243
3325	3325		relationship" means that the request provides information 2244
3326	3326		sufficient for the person to identify the transaction or 2245
3327	3327		relationship and respond to the request. Pursuant to s. 2246
3328	3328		679.603(1), a secured party and de btor may determine by 2247
3329	3329		agreement the standards for measuring fulfillment of this duty. 2248
3330	3330		(f) "Person" means a person or entity that is or was a 2249
3331	3331		secured party or otherwise claims or has claimed an interest in 2250
3332		-	~~ENROLLED~~
3333		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3334		-
3335		-
3336		-
3337		-	CODING: Words stricken are deletions; words underlined are additions.
3338		-	hb515 -03-er
	3332	+
	3333	+	CS/CS/HB 515, Engrossed 1 2025
	3334	+
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3339	3339		Page 91 of 181
3340	3340		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3341	3341
3342	3342
3343	3343
3344	3344		the collateral. 2251
3345	3345		(2) Subject to subsections (3)-(6) (3), (4), (5), and (6) , 2252
3346	3346		a secured party, other than a buyer of accounts, chattel paper, 2253
3347	3347		payment intangibles, or promissory notes or a consignor, shall 2254
3348	3348		comply with a request within 14 days after receipt: 2255
3349	3349		(a) In the case of a request for an accounting, by signing 2256
3350	3350		authenticating and sending to the debtor an accounting; and 2257
3351	3351		(b) In the case of a request regarding a list of 2258
3352	3352		collateral or a request regarding a statement of account, by 2259
3353	3353		signing authenticating and sending to the debtor an approval or 2260
3354	3354		correction. 2261
3355	3355		(3) A secured party that claims a security interest in all 2262
3356	3356		of a particular type of collateral owned by the debtor may 2263
3357	3357		comply with a request regarding a list of collateral by sending 2264
3358	3358		to the debtor a signed an authenticated record including a 2265
3359	3359		statement to that effect within 14 days after receipt. 2266
3360	3360		(4) A person who receives a request regarding a list of 2267
3361	3361		collateral, claims no interest in the collateral when the 2268
3362	3362		request is received, and claimed an interest i n the collateral 2269
3363	3363		at an earlier time shall comply with the request within 14 days 2270
3364	3364		after receipt by sending to the debtor a signed an authenticated 2271
3365	3365		record: 2272
3366	3366		(a) Disclaiming any interest in the collateral; and 2273
3367	3367		(b) If known to the recipient, providing the n ame and 2274
3368	3368		mailing address of any assignee of or successor to the 2275
3369		-	~~ENROLLED~~
3370		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3371		-
3372		-
3373		-
3374		-	CODING: Words stricken are deletions; words underlined are additions.
3375		-	hb515 -03-er
	3369	+
	3370	+	CS/CS/HB 515, Engrossed 1 2025
	3371	+
	3372	+
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3376	3376		Page 92 of 181
3377	3377		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3378	3378
3379	3379
3380	3380
3381	3381		recipient's interest in the collateral. 2276
3382	3382		(5) A person who receives a request for an accounting or a 2277
3383	3383		request regarding a statement of account, claims no interest in 2278
3384	3384		the obligations when the req uest is received, and claimed an 2279
3385	3385		interest in the obligations at an earlier time shall comply with 2280
3386	3386		the request within 14 days after receipt by sending to the 2281
3387	3387		debtor a signed an authenticated record: 2282
3388	3388		(a) Disclaiming any interest in the obligations; and 2283
3389	3389		(b) If known to the recipient, providing the name and 2284
3390	3390		mailing address of any assignee of or successor to the 2285
3391	3391		recipient's interest in the obligations. 2286
3392	3392		(6) A debtor is entitled under this section without charge 2287
3393	3393		to one response to a request for an accounting or a request 2288
3394	3394		regarding a statement of account for each secured obligation 2289
3395	3395		during any 6-month period. A debtor in a consumer transaction is 2290
3396	3396		entitled to a single response to a request regarding a list of 2291
3397	3397		collateral without charge during any 6 -month period. The secured 2292
3398	3398		party may require payment of a charge not exceeding $25 for each 2293
3399	3399		additional response to a request for an accounting, a request 2294
3400	3400		regarding a statement of account, or a request regarding a list 2295
3401	3401		of collateral for a consumer transaction. To the exte nt provided 2296
3402	3402		in a signed an authenticated record, the secured party may 2297
3403	3403		require the payment of reasonable expenses, including attorney's 2298
3404	3404		fees, reasonably incurred in providing a response to a request 2299
3405	3405		regarding a list of collateral for a transaction other th an a 2300
3406		-	~~ENROLLED~~
3407		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3408		-
3409		-
3410		-
3411		-	CODING: Words stricken are deletions; words underlined are additions.
3412		-	hb515 -03-er
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	3407	+	CS/CS/HB 515, Engrossed 1 2025
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3413	3413		Page 93 of 181
3414	3414		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3415	3415
3416	3416
3417	3417
3418	3418		consumer transaction under this section; otherwise, the secured 2301
3419	3419		party may not charge more than $25 for each request regarding a 2302
3420	3420		list of collateral. Excluding a request related to a proposed 2303
3421	3421		satisfaction of the secured obligation, a secured party is no t 2304
3422	3422		required to respond to more than 12 of each of the permitted 2305
3423	3423		requests in any 12-month period. 2306
3424	3424		Section 81. Section 679.3011, Florida Statutes, is amended 2307
3425	3425		to read: 2308
3426	3426		679.3011 Law governing perfection and priority of security 2309
3427	3427		interests.—Except as otherwise provided in ss. 679.1091, 2310
3428	3428		679.3031, 679.3041, 679.3051, and 679.3061, and 679.3062, the 2311
3429	3429		following rules determine the law governing perfection, the 2312
3430	3430		effect of perfection or nonperfection, and the priority of a 2313
3431	3431		security interest in collateral: 2314
3432	3432		(1) Except as otherwise provided in this section, while a 2315
3433	3433		debtor is located in a jurisdiction, the local law of that 2316
3434	3434		jurisdiction governs perfection, the effect of perfection or 2317
3435	3435		nonperfection, and the priority of a security interest in 2318
3436	3436		collateral. 2319
3437	3437		(2) While collateral is located in a jurisdiction, the 2320
3438	3438		local law of that jurisdiction governs perfection, the effect of 2321
3439	3439		perfection or nonperfection, and the priority of a possessory 2322
3440	3440		security interest in that collateral. 2323
3441	3441		(3) Except as otherwise provided in subsections (4) and 2324
3442	3442		(5), while tangible negotiable documents, goods, instruments, or 2325
3443		-	~~ENROLLED~~
3444		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3451	3451		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3452	3452
3453	3453
3454	3454
3455	3455		tangible money, or tangible chattel paper is located in a 2326
3456	3456		jurisdiction, the local law of that jurisdiction governs: 2327
3457	3457		(a) Perfection of a security interest in the goods by 2328
3458	3458		filing a fixture filing; 2329
3459	3459		(b) Perfection of a security interest in timber to be cut; 2330
3460	3460		and 2331
3461	3461		(c) The effect of perfection or nonperfection and the 2332
3462	3462		priority of a nonpossessory security interest in the collateral. 2333
3463	3463		(4) The local law of the jurisdiction in which the 2334
3464	3464		wellhead or minehead is located governs perfection, the effect 2335
3465	3465		of perfection or nonperfection, and the priority of a security 2336
3466	3466		interest in as-extracted collateral. 2337
3467	3467		(5) The law of this state governs: 2338
3468	3468		(a) The perfection of a security interest in goods that 2339
3469	3469		are or are to become fixtures in this state by the filing of a 2340
3470	3470		fixture filing. 2341
3471	3471		(b) The effect of perfection or nonperfection and the 2342
3472	3472		priority of a security interest in goods that are or are to 2343
3473	3473		become fixtures in this state. 2344
3474	3474		Section 82. Subsection (1) of section 679.3041, Florida 2345
3475	3475		Statutes, is amended to read: 2346
3476	3476		679.3041 Law governing perfection and priority of security 2347
3477	3477		interests in deposit accounts. — 2348
3478	3478		(1) The local law of a bank's jurisdiction governs 2349
3479	3479		perfection, the effect of perfection or nonperfect ion, and the 2350
3480		-	~~ENROLLED~~
3481		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3488	3488		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3489	3489
3490	3490
3491	3491
3492	3492		priority of a security interest in a deposit account maintained 2351
3493	3493		with that bank even if the transaction does not bear any 2352
3494	3494		relation to the bank's jurisdiction . 2353
3495	3495		Section 83. Paragraph (e) is added to subsection (1) of 2354
3496	3496		section 679.3051, Florida Statutes, to read: 2355
3497	3497		679.3051 Law governing perfection and priority of security 2356
3498	3498		interests in investment property. — 2357
3499	3499		(1) Except as otherwise provided in subsection (3), the 2358
3500	3500		following rules apply: 2359
3501	3501		(e) Paragraphs (b), (c), and (d) apply even if the 2360
3502	3502		transaction does not bear any relation to the jurisdiction. 2361
3503	3503		Section 84. Section 679.3062, Florida Statutes, is created 2362
3504	3504		to read: 2363
3505	3505		679.3062 Law governing perfection and priority of security 2364
3506	3506		interests in chattel paper. — 2365
3507	3507		(1) Except as provided in subsection ( 4), if chattel paper 2366
3508	3508		is evidenced only by an authoritative electronic copy of the 2367
3509	3509		chattel paper or is evidenced by an authoritative electronic 2368
3510	3510		copy and an authoritative tangible copy, the local law of the 2369
3511	3511		chattel paper's jurisdiction governs perfection, th e effect of 2370
3512	3512		perfection or nonperfection, and the priority of a security 2371
3513	3513		interest in the chattel paper, even if the transaction does not 2372
3514	3514		bear any relation to the chattel paper's jurisdiction. 2373
3515	3515		(2) The following rules determine the chattel paper's 2374
3516	3516		jurisdiction under this section: 2375
3517		-	~~ENROLLED~~
3518		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3524	3524		Page 96 of 181
3525	3525		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3526	3526
3527	3527
3528	3528
3529	3529		(a) If the authoritative electronic copy of the record 2376
3530	3530		evidencing chattel paper, or a record attached to or logically 2377
3531	3531		associated with the electronic copy and readily available for 2378
3532	3532		review, expressly provides that a particular juris diction is the 2379
3533	3533		chattel paper's jurisdiction for purposes of s. 679.3061, this 2380
3534	3534		chapter, or the Uniform Commercial Code, that jurisdiction is 2381
3535	3535		the chattel paper's jurisdiction. 2382
3536	3536		(b) If paragraph (a) does not apply and the rules of the 2383
3537	3537		system in which the aut horitative electronic copy is recorded 2384
3538	3538		are readily available for review and expressly provide that a 2385
3539	3539		particular jurisdiction is the chattel paper's jurisdiction for 2386
3540	3540		purposes of s. 679.3061, this chapter, or the Uniform Commercial 2387
3541	3541		Code, that jurisdiction is the chattel paper's jurisdiction. 2388
3542	3542		(c) If paragraphs (a) and (b) do not apply and the 2389
3543	3543		authoritative electronic copy, or a record attached to or 2390
3544	3544		logically associated with the electronic copy and readily 2391
3545	3545		available for review, expressly provides that the ch attel paper 2392
3546	3546		is governed by the law of a particular jurisdiction, that 2393
3547	3547		jurisdiction is the chattel paper's jurisdiction. 2394
3548	3548		(d) If paragraphs (a), (b), and (c) do not apply and the 2395
3549	3549		rules of the system in which the authoritative electronic copy 2396
3550	3550		is recorded are readily available for review and expressly 2397
3551	3551		provide that the chattel paper or the system is governed by the 2398
3552	3552		law of a particular jurisdiction, that jurisdiction is the 2399
3553	3553		chattel paper's jurisdiction. 2400
3554		-	~~ENROLLED~~
3555		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3557		-
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3562	3562		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3563	3563
3564	3564
3565	3565
3566	3566		(e) If paragraphs (a) -(d) do not apply, the chattel 2401
3567	3567		paper's jurisdiction is the jurisdiction in which the debtor is 2402
3568	3568		located. 2403
3569	3569		(3) If an authoritative tangible copy of a record 2404
3570	3570		evidences chattel paper and the chattel paper is not evidenced 2405
3571	3571		by an authoritative electronic copy, while the authoritative 2406
3572	3572		tangible copy of the record evidencing chattel paper is located 2407
3573	3573		in a jurisdiction, the local law of that jurisdiction governs: 2408
3574	3574		(a) Perfection of a security interest in the chattel paper 2409
3575	3575		by possession under s. 679.3152; and 2410
3576	3576		(b) The effect of perfection or nonperfe ction and the 2411
3577	3577		priority of a security interest in the chattel paper. 2412
3578	3578		(4) The local law of the jurisdiction in which the debtor 2413
3579	3579		is located governs perfection of a security interest in chattel 2414
3580	3580		paper by filing. 2415
3581	3581		Section 85. Section 679.3063, Florida Statu tes, is created 2416
3582	3582		to read: 2417
3583	3583		679.3063 Law governing perfection and priority of security 2418
3584	3584		interests in controllable accounts, controllable electronic 2419
3585	3585		records, and controllable payment intangibles. — 2420
3586	3586		(1) Except as provided in subsection (2), the local law of 2421
3587	3587		the controllable electronic record's jurisdiction specified in 2422
3588	3588		s. 669.107(3) and (4) governs perfection, the effect of 2423
3589	3589		perfection or nonperfection, and the priority of a security 2424
3590	3590		interest in a controllable electronic record and a security 2425
3591		-	~~ENROLLED~~
3592		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3598	3598		Page 98 of 181
3599	3599		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3600	3600
3601	3601
3602	3602
3603	3603		interest in a controllable account or controllable payment 2426
3604	3604		intangible evidenced by the controllable electronic record. 2427
3605	3605		(2) The local law of the jurisdiction in which the debtor 2428
3606	3606		is located governs: 2429
3607	3607		(a) Perfection of a security interest in a controllable 2430
3608	3608		account, controllable electronic record, or controllable payment 2431
3609	3609		intangible by filing; and 2432
3610	3610		(b) Automatic perfection of a security interest in a 2433
3611	3611		controllable payment intangible created by a sale of the 2434
3612	3612		controllable payment intangible. 2435
3613	3613		Section 86. Subsection (2) of sec tion 679.3101, Florida 2436
3614	3614		Statutes, is amended, and subsection (1) of that section is 2437
3615	3615		republished, to read: 2438
3616	3616		679.3101 When filing required to perfect security interest 2439
3617	3617		or agricultural lien; security interests and agricultural liens 2440
3618	3618		to which filing provisions do not apply.— 2441
3619	3619		(1) Except as otherwise provided in subsection (2) and s. 2442
3620	3620		679.3121(2), a financing statement must be filed to perfect all 2443
3621	3621		security interests and agricultural liens. 2444
3622	3622		(2) The filing of a financing statement is not necessary 2445
3623	3623		to perfect a security interest: 2446
3624	3624		(a) That is perfected under s. 679.3081(4), (5), (6), or 2447
3625	3625		(7); 2448
3626	3626		(b) That is perfected under s. 679.3091 when it attaches; 2449
3627	3627		(c) In property subject to a statute, regulation, or 2450
3628		-	~~ENROLLED~~
3629		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3636	3636		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3637	3637
3638	3638
3639	3639
3640	3640		treaty described in s. 679.3111(1); 2451
3641	3641		(d) In goods in posse ssion of a bailee which is perfected 2452
3642	3642		under s. 679.3121(4)(a) or (b); 2453
3643	3643		(e) In certificated securities, documents, goods, or 2454
3644	3644		instruments which is perfected without filing, control, or 2455
3645	3645		possession under s. 679.3121(5), (6), or (7); 2456
3646	3646		(f) In collateral in the secured party's possession under 2457
3647	3647		s. 679.3131; 2458
3648	3648		(g) In a certificated security which is perfected by 2459
3649	3649		delivery of the security certificate to the secured party under 2460
3650	3650		s. 679.3131; 2461
3651	3651		(h) In controllable accounts, controllable electronic 2462
3652	3652		records, controllable payment intangibles, deposit accounts, 2463
3653	3653		electronic chattel paper, electronic documents, investment 2464
3654	3654		property, or letter-of-credit rights which is perfected by 2465
3655	3655		control under s. 679.3141(1) s. 679.3141; 2466
3656	3656		(i) In proceeds which is perfected under s. 679.3151; or 2467
3657	3657		(j) That is perfected under s. 679.3161. 2468
3658	3658		Section 87. Section 679.3121, Florida Statutes, is amended 2469
3659	3659		to read: 2470
3660	3660		679.3121 Perfection of security interests in chattel 2471
3661	3661		paper, controllable accounts, controllable electronic records, 2472
3662	3662		controllable payment intangibles, deposit accounts, documents, 2473
3663	3663		goods covered by documents, instruments, investment property, 2474
3664	3664		letter-of-credit rights, and money; perfection by permissive 2475
3665		-	~~ENROLLED~~
3666		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3673	3673		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3674	3674
3675	3675
3676	3676
3677	3677		filing; temporary perfection without filing or transfer of 2476
3678	3678		possession.— 2477
3679	3679		(1) A security interest in chattel paper, controllable 2478
3680	3680		accounts, controllable electronic records, controllable payment 2479
3681	3681		intangibles negotiable documents , instruments, or investment 2480
3682	3682		property, or negotiable documents may be perfected by filing. 2481
3683	3683		(2) Except as otherwise prov ided in s. 679.3151(3) and (4) 2482
3684	3684		for proceeds: 2483
3685	3685		(a) A security interest in a deposit account may be 2484
3686	3686		perfected only by control under s. 679.3141. 2485
3687	3687		(b) And except as otherwise provided in s. 679.3081(4), a 2486
3688	3688		security interest in a letter -of-credit right may be perfected 2487
3689	3689		only by control under s. 679.3141. 2488
3690	3690		(c) A security interest in tangible money may be perfected 2489
3691	3691		only by the secured party's taking possession under s. 679.3131. 2490
3692	3692		(d) A security interest in electronic money may be 2491
3693	3693		perfected only by control under s. 679.3141. 2492
3694	3694		(3) While goods are in the possession of a bailee that has 2493
3695	3695		issued a negotiable document covering the goods: 2494
3696	3696		(a) A security interest in the goods may be perfected by 2495
3697	3697		perfecting a security interest in the document; and 2496
3698	3698		(b) A security inte rest perfected in the document has 2497
3699	3699		priority over any security interest that becomes perfected in 2498
3700	3700		the goods by another method during that time. 2499
3701	3701		(4) While goods are in the possession of a bailee that has 2500
3702		-	~~ENROLLED~~
3703		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3710	3710		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3711	3711
3712	3712
3713	3713
3714	3714		issued a nonnegotiable document covering the goods, a security 2501
3715	3715		interest in the goods may be perfected by: 2502
3716	3716		(a) Issuance of a document in the name of the secured 2503
3717	3717		party; 2504
3718	3718		(b) The bailee's receipt of notification of the secured 2505
3719	3719		party's interest; or 2506
3720	3720		(c) Filing as to the goods. 2507
3721	3721		(5) A security interest in c ertificated securities, 2508
3722	3722		negotiable documents, or instruments is perfected without filing 2509
3723	3723		or the taking of possession or control for a period of 20 days 2510
3724	3724		from the time it attaches to the extent that it arises for new 2511
3725	3725		value given under a signed an authenticated security agreement. 2512
3726	3726		(6) A perfected security interest in a negotiable document 2513
3727	3727		or goods in possession of a bailee, other than one that has 2514
3728	3728		issued a negotiable document for the goods, remains perfected 2515
3729	3729		for 20 days without filing if the secured party makes available 2516
3730	3730		to the debtor the goods or documents representing the goods for 2517
3731	3731		the purpose of: 2518
3732	3732		(a) Ultimate sale or exchange; or 2519
3733	3733		(b) Loading, unloading, storing, shipping, transshipping, 2520
3734	3734		manufacturing, processing, or otherwise dealing with them in a 2521
3735	3735		manner preliminary to their sale or exchange. 2522
3736	3736		(7) A perfected security interest in a certificated 2523
3737	3737		security or instrument remains perfected for 20 days without 2524
3738	3738		filing if the secured party delivers the security certificate or 2525
3739		-	~~ENROLLED~~
3740		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3747	3747		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3748	3748
3749	3749
3750	3750
3751	3751		instrument to the debtor for th e purpose of: 2526
3752	3752		(a) Ultimate sale or exchange; or 2527
3753	3753		(b) Presentation, collection, enforcement, renewal, or 2528
3754	3754		registration of transfer. 2529
3755	3755		(8) After the 20-day period specified in subsection (5), 2530
3756	3756		subsection (6), or subsection (7) expires, perfection depends 2531
3757	3757		upon compliance with this chapter. 2532
3758	3758		Section 88. Subsections (1), (3), and (4) of section 2533
3759	3759		679.3131, Florida Statutes, are amended to read: 2534
3760	3760		679.3131 When possession by or delivery to secured party 2535
3761	3761		perfects security interest without filing. — 2536
3762	3762		(1) Except as otherwise provided in subsection (2), a 2537
3763	3763		secured party may perfect a security interest in tangible 2538
3764	3764		negotiable documents, goods, instruments, negotiable tangible 2539
3765	3765		documents, or tangible money, or tangible chattel paper by 2540
3766	3766		taking possession of the collateral . A secured party may perfect 2541
3767	3767		a security interest in certificated securities by taking 2542
3768	3768		delivery of the certificated securities under s. 678.3011. 2543
3769	3769		(3) With respect to collateral other than certificated 2544
3770	3770		securities and goods covered by a document, a secured party 2545
3771	3771		takes possession of collateral in the possession of a person 2546
3772	3772		other than the debtor, the secured party, or a lessee of the 2547
3773	3773		collateral from the debtor in the ordinary course of the 2548
3774	3774		debtor's business, when: 2549
3775	3775		(a) The person in possession signs authenticates a record 2550
3776		-	~~ENROLLED~~
3777		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3784	3784		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3785	3785
3786	3786
3787	3787
3788	3788		acknowledging that it holds possession of the collateral for the 2551
3789	3789		secured party's benefit; or 2552
3790	3790		(b) The person takes possession of the collateral after 2553
3791	3791		having signed authenticated a record acknowledging that the 2554
3792	3792		person will hold possession of the collateral for the secured 2555
3793	3793		party's benefit. 2556
3794	3794		(4) If perfection of a security interest depends upon 2557
3795	3795		possession of the collateral by a secured party, perfection 2558
3796	3796		occurs not no earlier than the time the secured party takes 2559
3797	3797		possession and continues only w hile the secured party retains 2560
3798	3798		possession. 2561
3799	3799		Section 89. Section 679.3141, Florida Statutes, is amended 2562
3800	3800		to read: 2563
3801	3801		679.3141 Perfection by control. — 2564
3802	3802		(1) A security interest in controllable accounts, 2565
3803	3803		controllable electronic records, controllable payment 2566
3804	3804		intangibles, deposit accounts, electronic documents, electronic 2567
3805	3805		money, investment property, or letter -of-credit rights 2568
3806	3806		investment property, deposit accounts, letter -of-credit rights, 2569
3807	3807		electronic chattel paper, or electronic documents may be 2570
3808	3808		perfected by control of the collateral under s. 677.106, s. 2571
3809	3809		679.1041, s. 679.1052, s. 679.1053 s. 679.1051, s. 679.1061, or 2572
3810	3810		s. 679.1071. 2573
3811	3811		(2) A security interest in controllable accounts, 2574
3812	3812		controllable electronic records, controllable payment 2575
3813		-	~~ENROLLED~~
3814		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3815		-
3816		-
3817		-
3818		-	CODING: Words stricken are deletions; words underlined are additions.
3819		-	hb515 -03-er
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3820	3820		Page 104 of 181
3821	3821		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3822	3822
3823	3823
3824	3824
3825	3825		intangibles, deposit accounts , electronic documents, electronic 2576
3826	3826		money, or letter-of-credit rights deposit accounts, electronic 2577
3827	3827		chattel paper, letter -of-credit rights, or electronic documents 2578
3828	3828		is perfected by control under s. 677.106, s. 679.1041, s. 2579
3829	3829		679.1052, s. 679.1053 s. 679.1051, or s. 679.1071 not earlier 2580
3830	3830		than the time when the secured party obtains control and remains 2581
3831	3831		perfected by control only while the secured party retains 2582
3832	3832		control. 2583
3833	3833		(3) A security interest in investment property is 2584
3834	3834		perfected by control under s. 679.1061 not earlier than from the 2585
3835	3835		time the secured party obtains control and remains perfected by 2586
3836	3836		control until: 2587
3837	3837		(a) The secured party does not have control; and 2588
3838	3838		(b) One of the following occurs: 2589
3839	3839		1. If the collateral is a certificated security, the 2590
3840	3840		debtor has or acquires possession of the security certificate; 2591
3841	3841		2. If the collateral is an uncertificated security, the 2592
3842	3842		issuer has registered or registers the debtor as the registered 2593
3843	3843		owner; or 2594
3844	3844		3. If the collateral is a security entitlement, the debtor 2595
3845	3845		is or becomes the entitlement holder. 2596
3846	3846		Section 90. Section 679.3152, Florida Statutes, is created 2597
3847	3847		to read: 2598
3848	3848		679.3152 Perfection by possession and control of chattel 2599
3849	3849		paper.— 2600
3850		-	~~ENROLLED~~
3851		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3853		-
3854		-
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3858	3858		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3859	3859
3860	3860
3861	3861
3862	3862		(1) A secured party may perfect a security interest in 2601
3863	3863		chattel paper by taking possession of e ach authoritative 2602
3864	3864		tangible copy of the record evidencing the chattel paper and 2603
3865	3865		obtaining control of each authoritative electronic copy of the 2604
3866	3866		electronic record evidencing the chattel paper. 2605
3867	3867		(2) A security interest is perfected under subsection (1) 2606
3868	3868		not earlier than the time the secured party takes possession and 2607
3869	3869		obtains control and remains perfected under subsection (1) only 2608
3870	3870		while the secured party retains possession and control. 2609
3871	3871		(3) Section 679.3131(3) and (5) -(8) applies to perfection 2610
3872	3872		by possession of an authoritative tangible copy of a record 2611
3873	3873		evidencing chattel paper. 2612
3874	3874		Section 91. Subsections (1) and (6) of section 679.3161, 2613
3875	3875		Florida Statutes, are amended to read: 2614
3876	3876		679.3161 Continued perfection of security interest 2615
3877	3877		following change in governing law.— 2616
3878	3878		(1) A security interest perfected pursuant to the law of 2617
3879	3879		the jurisdiction designated in s. 679.3011(1) , or s. 2618
3880	3880		679.3051(3), s. 679.3062(4), or s. 679.3063(2) remains perfected 2619
3881	3881		until the earliest of: 2620
3882	3882		(a) The time perfection would have ceased under the law of 2621
3883	3883		that jurisdiction; 2622
3884	3884		(b) The expiration of 4 months after a change of the 2623
3885	3885		debtor's location to another jurisdiction; or 2624
3886	3886		(c) The expiration of 1 year after a transfer of 2625
3887		-	~~ENROLLED~~
3888		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3889		-
3890		-
3891		-
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3893		-	hb515 -03-er
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3894	3894		Page 106 of 181
3895	3895		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3896	3896
3897	3897
3898	3898
3899	3899		collateral to a person who thereby becomes a debtor and is 2626
3900	3900		located in another jurisdiction. 2627
3901	3901		(6) A security interest in chattel paper, controllable 2628
3902	3902		accounts, controllable electronic records, controllable payment 2629
3903	3903		intangibles, deposit accounts, letter -of-credit rights, or 2630
3904	3904		investment property which is perfected under the law of th e 2631
3905	3905		chattel paper's jurisdiction, the controllable electronic 2632
3906	3906		record's jurisdiction, the bank's jurisdiction, the issuer's 2633
3907	3907		jurisdiction, a nominated person's jurisdiction, the securities 2634
3908	3908		intermediary's jurisdiction, or the commodity intermediary's 2635
3909	3909		jurisdiction, as applicable, remains perfected until the earlier 2636
3910	3910		of: 2637
3911	3911		(a) The time the security interest would have become 2638
3912	3912		unperfected under the law of that jurisdiction; or 2639
3913	3913		(b) The expiration of 4 months after a change of the 2640
3914	3914		applicable jurisdiction to another j urisdiction. 2641
3915	3915		Section 92. Subsections (2) and (4) of section 679.3171, 2642
3916	3916		Florida Statutes, are amended, subsections (8) through (11) are 2643
3917	3917		added to that section, and subsection (1) of that section is 2644
3918	3918		republished, to read: 2645
3919	3919		679.3171 Interests that take prio rity over or take free of 2646
3920	3920		security interest or agricultural lien. — 2647
3921	3921		(1) A security interest or agricultural lien is 2648
3922	3922		subordinate to the rights of: 2649
3923	3923		(a) A person entitled to priority under s. 679.322; and 2650
3924		-	~~ENROLLED~~
3925		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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3927		-
3928		-
3929		-	CODING: Words stricken are deletions; words underlined are additions.
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3932	3932		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3933	3933
3934	3934
3935	3935
3936	3936		(b) Except as otherwise provided in subsection (5 ), a 2651
3937	3937		person who becomes a lien creditor before the earlier of the 2652
3938	3938		time: 2653
3939	3939		1. The security interest or agricultural lien is 2654
3940	3940		perfected; or 2655
3941	3941		2. One of the conditions specified in s. 679.2031(2)(c) is 2656
3942	3942		met and a financing statement covering the collateral is f iled. 2657
3943	3943		(2) Except as otherwise provided in subsection (5), a 2658
3944	3944		buyer, other than a secured party, of tangible chattel paper, 2659
3945	3945		tangible documents, goods, instruments, tangible documents, or a 2660
3946	3946		certificated security takes free of a security interest or 2661
3947	3947		agricultural lien if the buyer gives value and receives delivery 2662
3948	3948		of the collateral without knowledge of the security interest or 2663
3949	3949		agricultural lien and before it is perfected. 2664
3950	3950		(4) Subject to subsections (6), (7), and (8), a licensee 2665
3951	3951		of a general intangible or a b uyer, other than a secured party, 2666
3952	3952		of collateral other than electronic money tangible chattel 2667
3953	3953		paper, tangible documents, goods, instruments, tangible 2668
3954	3954		documents, or a certificated security takes free of a security 2669
3955	3955		interest if the licensee or buyer gives valu e without knowledge 2670
3956	3956		of the security interest and before it is perfected. 2671
3957	3957		(8) A buyer, other than a secured party, of chattel paper 2672
3958	3958		takes free of a security interest if, without knowledge of the 2673
3959	3959		security interest and before it is perfected, the buyer give s 2674
3960	3960		value and: 2675
3961		-	~~ENROLLED~~
3962		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
3963		-
3964		-
3965		-
3966		-	CODING: Words stricken are deletions; words underlined are additions.
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3969	3969		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3970	3970
3971	3971
3972	3972
3973	3973		(a) Receives delivery of each authoritative tangible copy 2676
3974	3974		of the record evidencing the chattel paper; and 2677
3975	3975		(b) If each authoritative electronic copy of the record 2678
3976	3976		evidencing the chattel paper can be subjected to control under 2679
3977	3977		s. 679.1052, obtains control of each authoritative electronic 2680
3978	3978		copy. 2681
3979	3979		(9) A buyer of an electronic document takes free of a 2682
3980	3980		security interest if, without knowledge of the security interest 2683
3981	3981		and before it is perfected, the buyer gives value and, if each 2684
3982	3982		authoritative electronic copy of the document can be subjected 2685
3983	3983		to control under s. 677.106, obtains control of each 2686
3984	3984		authoritative electronic copy. 2687
3985	3985		(10) A buyer of a controllable electronic record takes 2688
3986	3986		free of a security interest if, without knowledge of the 2689
3987	3987		security interest and before it is perfected, the buyer gives 2690
3988	3988		value and obtains control of the controllable electronic record. 2691
3989	3989		(11) A buyer, other than a secured party, of a 2692
3990	3990		controllable account or a controllable payment intangible takes 2693
3991	3991		free of a security interest i f, without knowledge of the 2694
3992	3992		security interest and before it is perfected, the buyer gives 2695
3993	3993		value and obtains control of the controllable account or 2696
3994	3994		controllable payment intangible. 2697
3995	3995		Section 93. Subsections (4) and (6) of section 679.323, 2698
3996	3996		Florida Statutes, are amended, and subsection (1) of that 2699
3997	3997		section is republished, to read: 2700
3998		-	~~ENROLLED~~
3999		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4000		-
4001		-
4002		-
4003		-	CODING: Words stricken are deletions; words underlined are additions.
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4006	4006		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4007	4007
4008	4008
4009	4009
4010	4010		679.323 Future advances. — 2701
4011	4011		(1) Except as otherwise provided in subsection (3), for 2702
4012	4012		purposes of determining the priority of a perfected security 2703
4013	4013		interest under s. 679.322(1)(a), p erfection of the security 2704
4014	4014		interest dates from the time an advance is made to the extent 2705
4015	4015		that the security interest secures an advance that: 2706
4016	4016		(a) Is made while the security interest is perfected only: 2707
4017	4017		1. Under s. 679.3091 when it attaches; or 2708
4018	4018		2. Temporarily under s. 679.3121(5), (6), or (7); and 2709
4019	4019		(b) Is not made pursuant to a commitment entered into 2710
4020	4020		before or while the security interest is perfected by a method 2711
4021	4021		other than under s. 679.3091 or s. 679.3121(5), (6), or (7). 2712
4022	4022		(4) Except as otherwise provided in subsection (5), a 2713
4023	4023		buyer of goods other than a buyer in ordinary course of business 2714
4024	4024		takes free of a security interest to the extent that it secures 2715
4025	4025		advances made after the earlier of: 2716
4026	4026		(a) The time the secured party acquires knowledge of the 2717
4027	4027		buyer's purchase; or 2718
4028	4028		(b) Forty-five days after the purchase. 2719
4029	4029		(6) Except as otherwise provided in subsection (7), a 2720
4030	4030		lessee of goods, other than a lessee in ordinary course of 2721
4031	4031		business, takes the leasehold interest free of a security 2722
4032	4032		interest to the exten t that it secures advances made after the 2723
4033	4033		earlier of: 2724
4034	4034		(a) The time the secured party acquires knowledge of the 2725
4035		-	~~ENROLLED~~
4036		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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4038		-
4039		-
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4043	4043		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4044	4044
4045	4045
4046	4046
4047	4047		lease; or 2726
4048	4048		(b) Forty-five days after the lease contract becomes 2727
4049	4049		enforceable. 2728
4050	4050		Section 94. Subsections (2) and (4) of section 679.324, 2729
4051	4051		Florida Statutes, are amended to read: 2730
4052	4052		679.324 Priority of purchase -money security interests. — 2731
4053	4053		(2) Subject to subsection (3) and except as otherwise 2732
4054	4054		provided in subsection (7), a perfected purchase -money security 2733
4055	4055		interest in inventory has priority over a co nflicting security 2734
4056	4056		interest in the same inventory, has priority over a conflicting 2735
4057	4057		security interest in chattel paper or an instrument constituting 2736
4058	4058		proceeds of the inventory and in proceeds of the chattel paper, 2737
4059	4059		if so provided in s. 679.330, and, except as otherwise provided 2738
4060	4060		in s. 679.327, also has priority in identifiable cash proceeds 2739
4061	4061		of the inventory to the extent the identifiable cash proceeds 2740
4062	4062		are received on or before the delivery of the inventory to a 2741
4063	4063		buyer, if: 2742
4064	4064		(a) The purchase-money security inter est is perfected when 2743
4065	4065		the debtor receives possession of the inventory; 2744
4066	4066		(b) The purchase-money secured party sends a signed an 2745
4067	4067		authenticated notification to the holder of the conflicting 2746
4068	4068		security interest; 2747
4069	4069		(c) The holder of the conflicting security inte rest 2748
4070	4070		receives the notification within 5 years before the debtor 2749
4071	4071		receives possession of the inventory; and 2750
4072		-	~~ENROLLED~~
4073		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4074		-
4075		-
4076		-
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4080	4080		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4081	4081
4082	4082
4083	4083
4084	4084		(d) The notification states that the person sending the 2751
4085	4085		notification has or expects to acquire a purchase -money security 2752
4086	4086		interest in inventory of th e debtor and describes the inventory. 2753
4087	4087		(4) Subject to subsection (5) and except as otherwise 2754
4088	4088		provided in subsection (7), a perfected purchase -money security 2755
4089	4089		interest in livestock that are farm products has priority over a 2756
4090	4090		conflicting security interest in the same livestock, and, except 2757
4091	4091		as otherwise provided in s. 679.327, a perfected security 2758
4092	4092		interest in their identifiable proceeds and identifiable 2759
4093	4093		products in their unmanufactured states also has priority, if: 2760
4094	4094		(a) The purchase-money security interest is perfected when 2761
4095	4095		the debtor receives possession of the livestock; 2762
4096	4096		(b) The purchase-money secured party sends a signed an 2763
4097	4097		authenticated notification to the holder of the conflicting 2764
4098	4098		security interest; 2765
4099	4099		(c) The holder of the conflicting security interest 2766
4100	4100		receives the notification within 6 months before the debtor 2767
4101	4101		receives possession of the livestock; and 2768
4102	4102		(d) The notification states that the person sending the 2769
4103	4103		notification has or expects to acquire a purchase -money security 2770
4104	4104		interest in livestock of the debt or and describes the livestock. 2771
4105	4105		Section 95. Section 679.3251, Florida Statutes, is created 2772
4106	4106		to read: 2773
4107	4107		679.3251 Priority of security interest in controllable 2774
4108	4108		account, controllable electronic record, and controllable 2775
4109		-	~~ENROLLED~~
4110		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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4112		-
4113		-
4114		-	CODING: Words stricken are deletions; words underlined are additions.
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4116	4116		Page 112 of 181
4117	4117		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4118	4118
4119	4119
4120	4120
4121	4121		payment intangible.—A security interest in a controllable 2776
4122	4122		account, controllable electronic record, or controllable payment 2777
4123	4123		intangible held by a secured party having control of the 2778
4124	4124		account, electronic record, or payment intangible has priority 2779
4125	4125		over a conflicting security interest held by a sec ured party 2780
4126	4126		that does not have control. 2781
4127	4127		Section 96. Subsections (1), (2), and (6) of section 2782
4128	4128		679.330, Florida Statutes, are amended, and subsection (4) of 2783
4129	4129		that section is republished, to read: 2784
4130	4130		679.330 Priority of purchaser of chattel paper or 2785
4131	4131		instrument.— 2786
4132	4132		(1) A purchaser of chattel paper has priority over a 2787
4133	4133		security interest in the chattel paper which is claimed merely 2788
4134	4134		as proceeds of inventory subject to a security interest if: 2789
4135	4135		(a) In good faith and in the ordinary course of the 2790
4136	4136		purchaser's business, the purchaser gives new value , and takes 2791
4137	4137		possession of each authoritative tangible copy of the record 2792
4138	4138		evidencing the chattel paper, and or obtains control under s. 2793
4139	4139		679.1051 of each authoritative electronic copy of the record 2794
4140	4140		evidencing chattel paper under s. 679.1051; and 2795
4141	4141		(b) The authoritative copies of the record evidencing the 2796
4142	4142		chattel paper do does not indicate that the chattel paper it has 2797
4143	4143		been assigned to an identified assignee other than the 2798
4144	4144		purchaser. 2799
4145	4145		(2) A purchaser of chattel paper has priority over a 2800
4146		-	~~ENROLLED~~
4147		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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4149		-
4150		-
4151		-	CODING: Words stricken are deletions; words underlined are additions.
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4153	4153		Page 113 of 181
4154	4154		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4155	4155
4156	4156
4157	4157
4158	4158		security interest in the chattel paper which is claimed other 2801
4159	4159		than merely as proceeds of inventory subject to a security 2802
4160	4160		interest if the purchaser gives new value , and takes possession 2803
4161	4161		of each authoritative copy of the record evidencing the chattel 2804
4162	4162		paper, and or obtains control under s. 679.1051 of each 2805
4163	4163		authoritative electronic copy of the record evidencing the 2806
4164	4164		chattel paper under s. 679.1051 in good faith, in the ordinary 2807
4165	4165		course of the purchaser's business, and without knowledge that 2808
4166	4166		the purchase violates the rights of the secured party. 2809
4167	4167		(4) Except as otherwise provided in s. 679.331(1), a 2810
4168	4168		purchaser of an instrument has priority over a security interest 2811
4169	4169		in the instrument perfected by a method other than possession if 2812
4170	4170		the purchaser gives va lue and takes possession of the instrument 2813
4171	4171		in good faith and without knowledge that the purchase violates 2814
4172	4172		the rights of the secured party. 2815
4173	4173		(6) For purposes of subsections (2) and (4), if the 2816
4174	4174		authoritative copies of the record evidencing chattel paper or 2817
4175	4175		an instrument indicate indicates that the chattel paper or 2818
4176	4176		instrument it has been assigned to an identified secured party 2819
4177	4177		other than the purchaser, a purchaser of the chattel paper or 2820
4178	4178		instrument has knowledge that the purchase violates th e rights 2821
4179	4179		of the secured party. 2822
4180	4180		Section 97. Section 679.331, Florida Statutes, is amended 2823
4181	4181		to read: 2824
4182	4182		679.331 Priority of rights of purchasers of controllable 2825
4183		-	~~ENROLLED~~
4184		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4185		-
4186		-
4187		-
4188		-	CODING: Words stricken are deletions; words underlined are additions.
4189		-	hb515 -03-er
	4183	+
	4184	+	CS/CS/HB 515, Engrossed 1 2025
	4185	+
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	4188	+	CODING: Words stricken are deletions; words underlined are additions.
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4190	4190		Page 114 of 181
4191	4191		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4192	4192
4193	4193
4194	4194
4195	4195		accounts, controllable electronic records, controllable payment 2826
4196	4196		intangibles instruments, documents, instruments, and securities 2827
4197	4197		under other articles; priority of interests in financial assets 2828
4198	4198		and security entitlements and protection against assertion of 2829
4199	4199		claim under chapters 669 and chapter 678.— 2830
4200	4200		(1) This chapter does not limit the rights of a hold er in 2831
4201	4201		due course of a negotiable instrument, a holder to which a 2832
4202	4202		negotiable document of title has been duly negotiated, or a 2833
4203	4203		protected purchaser of a security , or a qualifying purchase of a 2834
4204	4204		controllable account, controllable electronic record, or 2835
4205	4205		controllable payment intangible . These holders or purchasers 2836
4206	4206		take priority over an earlier security interest, even if 2837
4207	4207		perfected, to the extent provided in chapters 669, 673, 677, and 2838
4208	4208		678. 2839
4209	4209		(2) This chapter does not limit the rights of or impose 2840
4210	4210		liability on a person to the extent that the person is protected 2841
4211	4211		against the assertion of an adverse claim under chapter 669 or 2842
4212	4212		chapter 678. 2843
4213	4213		(3) Filing under this chapter does not constitute notice 2844
4214	4214		of a claim or defense to the holders, purchasers, or persons 2845
4215	4215		described in subsections (1) and (2). 2846
4216	4216		Section 98. Section 679.332, Florida Statutes, is amended 2847
4217	4217		to read: 2848
4218	4218		679.332 Transfer of money; transfer of funds from deposit 2849
4219	4219		account; transfer of electronic money .— 2850
4220		-	~~ENROLLED~~
4221		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4222		-
4223		-
4224		-
4225		-	CODING: Words stricken are deletions; words underlined are additions.
4226		-	hb515 -03-er
	4220	+
	4221	+	CS/CS/HB 515, Engrossed 1 2025
	4222	+
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4227	4227		Page 115 of 181
4228	4228		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4229	4229
4230	4230
4231	4231
4232	4232		(1) A transferee of tangible money takes the money free of 2851
4233	4233		a security interest if the transferee receives possession of the 2852
4234	4234		money without acting unless the transferee acts in collusion 2853
4235	4235		with the debtor in violating the rights of the secured party. 2854
4236	4236		(2) A transferee of funds from a deposit account takes the 2855
4237	4237		funds free of a security interest in the deposit account if the 2856
4238	4238		transferee receives the funds without acting unless the 2857
4239	4239		transferee acts in collusion with the debtor in violating the 2858
4240	4240		rights of the secured party. 2859
4241	4241		(3) A transferee of electronic money takes the mon ey free 2860
4242	4242		of a security interest if the transferee obtains control of the 2861
4243	4243		money without acting in collusion with the debtor in violating 2862
4244	4244		the rights of the secured party. 2863
4245	4245		Section 99. Section 679.341, Florida Statutes, is amended 2864
4246	4246		to read: 2865
4247	4247		679.341 Bank's rights and duties with respect to deposit 2866
4248	4248		account.—Except as otherwise provided in s. 679.340(3), and 2867
4249	4249		unless the bank otherwise agrees in a signed an authenticated 2868
4250	4250		record, a bank's rights and duties with respect to a deposit 2869
4251	4251		account maintained with the ban k are not terminated, suspended, 2870
4252	4252		or modified by: 2871
4253	4253		(1) The creation, attachment, or perfection of a security 2872
4254	4254		interest in the deposit account; 2873
4255	4255		(2) The bank's knowledge of the security interest; or 2874
4256	4256		(3) The bank's receipt of instructions from the secured 2875
4257		-	~~ENROLLED~~
4258		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4259		-
4260		-
4261		-
4262		-	CODING: Words stricken are deletions; words underlined are additions.
4263		-	hb515 -03-er
	4257	+
	4258	+	CS/CS/HB 515, Engrossed 1 2025
	4259	+
	4260	+
	4261	+
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4264	4264		Page 116 of 181
4265	4265		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4266	4266
4267	4267
4268	4268
4269	4269		party. 2876
4270	4270		Section 100. Subsection (1) of section 679.4041, Florida 2877
4271	4271		Statutes, is amended to read: 2878
4272	4272		679.4041 Rights acquired by assignee; claims and defenses 2879
4273	4273		against assignee.— 2880
4274	4274		(1) Unless an account debtor has made an enforceable 2881
4275	4275		agreement not to assert defenses or claims, and subject to 2882
4276	4276		subsections (2)-(5) (2) through (5), the rights of an assignee 2883
4277	4277		are subject to: 2884
4278	4278		(a) All terms of the agreement between the account debtor 2885
4279	4279		and assignor and any defense or claim in recoupment arising from 2886
4280	4280		the transaction that gave rise to the contract; and 2887
4281	4281		(b) Any other defense or claim of the account debtor 2888
4282	4282		against the assignor which accrues before the account debtor 2889
4283	4283		receives a notification of the assignment signed authenticated 2890
4284	4284		by the assignor or the assignee. 2891
4285	4285		Section 101. Subsections (1) through (4) and (7) of 2892
4286	4286		section 679.4061, Florida Statutes, are amended, and subsection 2893
4287	4287		(13) is added to that section, to read: 2894
4288	4288		679.4061 Discharge of account debtor; notification of 2895
4289	4289		assignment; identification and proof of ass ignment; restrictions 2896
4290	4290		on assignment of accounts, chattel paper, payment intangibles, 2897
4291	4291		and promissory notes ineffective. — 2898
4292	4292		(1) Subject to subsections (2)-(9) (2) through (9) and 2899
4293	4293		(13), an account debtor on an account, chattel paper, or a 2900
4294		-	~~ENROLLED~~
4295		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4296		-
4297		-
4298		-
4299		-	CODING: Words stricken are deletions; words underlined are additions.
4300		-	hb515 -03-er
	4294	+
	4295	+	CS/CS/HB 515, Engrossed 1 2025
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4301	4301		Page 117 of 181
4302	4302		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4303	4303
4304	4304
4305	4305
4306	4306		payment intangible m ay discharge its obligation by paying the 2901
4307	4307		assignor until, but not after, the account debtor receives a 2902
4308	4308		notification, signed authenticated by the assignor or the 2903
4309	4309		assignee, that the amount due or to become due has been assigned 2904
4310	4310		and that payment is to be made to the assignee. After receipt of 2905
4311	4311		the notification, the account debtor may discharge its 2906
4312	4312		obligation by paying the assignee and may not discharge the 2907
4313	4313		obligation by paying the assignor. 2908
4314	4314		(2) Subject to subsections (8) and (13) subsection (8), 2909
4315	4315		notification is ineffective under subsection (1): 2910
4316	4316		(a) If it does not reasonably identify the rights 2911
4317	4317		assigned; 2912
4318	4318		(b) To the extent that an agreement between an account 2913
4319	4319		debtor and a seller of a payment intangible limits the account 2914
4320	4320		debtor's duty to pay a person other t han the seller and the 2915
4321	4321		limitation is effective under law other than this chapter; or 2916
4322	4322		(c) At the option of an account debtor, if the 2917
4323	4323		notification notifies the account debtor to make less than the 2918
4324	4324		full amount of any installment or other periodic payment to the 2919
4325	4325		assignee, even if: 2920
4326	4326		1. Only a portion of the account, chattel paper, or 2921
4327	4327		payment intangible has been assigned to that assignee; 2922
4328	4328		2. A portion has been assigned to another assignee; or 2923
4329	4329		3. The account debtor knows that the assignment to that 2924
4330	4330		assignee is limited. 2925
4331		-	~~ENROLLED~~
4332		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4333		-
4334		-
4335		-
4336		-	CODING: Words stricken are deletions; words underlined are additions.
4337		-	hb515 -03-er
	4331	+
	4332	+	CS/CS/HB 515, Engrossed 1 2025
	4333	+
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4338	4338		Page 118 of 181
4339	4339		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4340	4340
4341	4341
4342	4342
4343	4343		(3) Subject to subsections (8) and (13) subsection (8), if 2926
4344	4344		requested by the account debtor, an assignee shall seasonably 2927
4345	4345		furnish reasonable proof that the assignment has been made. 2928
4346	4346		Unless the assignee complies, the account debtor may dischar ge 2929
4347	4347		its obligation by paying the assignor, even if the account 2930
4348	4348		debtor has received a notification under subsection (1). 2931
4349	4349		(4) For the purposes of this subsection, the term 2932
4350	4350		"promissory note" includes a negotiable instrument that 2933
4351	4351		evidences chattel paper. Except as otherwise provided in 2934
4352	4352		subsections (5) and (12) and ss. 680.303 and 679.4071, and 2935
4353	4353		subject to subsection (8), a term in an agreement between an 2936
4354	4354		account debtor and an assignor or in a promissory note is 2937
4355	4355		ineffective to the extent that it: 2938
4356	4356		(a) Prohibits, restricts, or requires the consent of the 2939
4357	4357		account debtor or person obligated on the promissory note to the 2940
4358	4358		assignment or transfer of, or the creation, attachment, 2941
4359	4359		perfection, or enforcement of a security interest in, the 2942
4360	4360		account, chattel paper, payment i ntangible, or promissory note; 2943
4361	4361		or 2944
4362	4362		(b) Provides that the assignment or transfer or the 2945
4363	4363		creation, attachment, perfection, or enforcement of the security 2946
4364	4364		interest may give rise to a default, breach, right of 2947
4365	4365		recoupment, claim, defense, termination, right of termination, 2948
4366	4366		or remedy under the account, chattel paper, payment intangible, 2949
4367	4367		or promissory note. 2950
4368		-	~~ENROLLED~~
4369		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4370		-
4371		-
4372		-
4373		-	CODING: Words stricken are deletions; words underlined are additions.
4374		-	hb515 -03-er
	4368	+
	4369	+	CS/CS/HB 515, Engrossed 1 2025
	4370	+
	4371	+
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4375	4375		Page 119 of 181
4376	4376		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4377	4377
4378	4378
4379	4379
4380	4380		(7) Subject to subsections (8) and (13) subsection (8), an 2951
4381	4381		account debtor may not waive or vary its option under paragraph 2952
4382	4382		(2)(c). 2953
4383	4383		(13) Subsections (1), ( 2), (3), and (7) do not apply to a 2954
4384	4384		controllable account or controllable payment intangible. 2955
4385	4385		Section 102. Subsection (9) is added to section 679.4081, 2956
4386	4386		Florida Statutes, to read: 2957
4387	4387		679.4081 Restrictions on assignment of promissory notes, 2958
4388	4388		health-care-insurance receivables, and certain general 2959
4389	4389		intangibles ineffective. — 2960
4390	4390		(9) For the purposes of this section, the term "promissory 2961
4391	4391		note" includes a negotiable instrument that evidences chattel 2962
4392	4392		paper. 2963
4393	4393		Section 103. Subsections (1) and (2) of section 679.509, 2964
4394	4394		Florida Statutes, are amended to read: 2965
4395	4395		679.509 Persons entitled to file a record. — 2966
4396	4396		(1) A person may file an initial financing statement, 2967
4397	4397		amendment that adds collateral covered by a financing statement, 2968
4398	4398		or amendment that adds a debtor to a financing sta tement only 2969
4399	4399		if: 2970
4400	4400		(a) The debtor authorizes the filing in a signed an 2971
4401	4401		authenticated record or pursuant to subsection (2) or subsection 2972
4402	4402		(3); or 2973
4403	4403		(b) The person holds an agricultural lien that has become 2974
4404	4404		effective at the time of filing and the financing sta tement 2975
4405		-	~~ENROLLED~~
4406		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4407		-
4408		-
4409		-
4410		-	CODING: Words stricken are deletions; words underlined are additions.
4411		-	hb515 -03-er
	4405	+
	4406	+	CS/CS/HB 515, Engrossed 1 2025
	4407	+
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4412	4412		Page 120 of 181
4413	4413		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4414	4414
4415	4415
4416	4416
4417	4417		covers only collateral in which the person holds an agricultural 2976
4418	4418		lien. 2977
4419	4419		(2) By signing authenticating or becoming bound as a 2978
4420	4420		debtor by a security agreement, a debtor or new debtor 2979
4421	4421		authorizes the filing of an initial financing statement, and an 2980
4422	4422		amendment, covering: 2981
4423	4423		(a) The collateral described in the security agreement; 2982
4424	4424		and 2983
4425	4425		(b) Property that becomes collateral under s. 2984
4426	4426		679.3151(1)(b), whether or not the security agreement expressly 2985
4427	4427		covers proceeds. 2986
4428	4428		Section 104. Subsections (2) and (3) of sect ion 679.513, 2987
4429	4429		Florida Statutes, are amended to read: 2988
4430	4430		679.513 Termination statement. — 2989
4431	4431		(2) To comply with subsection (1), a secured party shall 2990
4432	4432		cause the secured party of record to file the termination 2991
4433	4433		statement: 2992
4434	4434		(a) Within 1 month after there is no obl igation secured by 2993
4435	4435		the collateral covered by the financing statement and no 2994
4436	4436		commitment to make an advance, incur an obligation, or otherwise 2995
4437	4437		give value; or 2996
4438	4438		(b) If earlier, within 20 days after the secured party 2997
4439	4439		receives a signed an authenticated demand from a debtor. 2998
4440	4440		(3) In cases not governed by subsection (1), within 20 2999
4441	4441		days after a secured party receives a signed an authenticated 3000
4442		-	~~ENROLLED~~
4443		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4444		-
4445		-
4446		-
4447		-	CODING: Words stricken are deletions; words underlined are additions.
4448		-	hb515 -03-er
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4449	4449		Page 121 of 181
4450	4450		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4451	4451
4452	4452
4453	4453
4454	4454		demand from a debtor, the secured party shall cause the secured 3001
4455	4455		party of record for a financing statement to send to the de btor 3002
4456	4456		a termination statement for the financing statement or file the 3003
4457	4457		termination statement in the filing office if: 3004
4458	4458		(a) Except in the case of a financing statement covering 3005
4459	4459		accounts or chattel paper that has been sold or goods that are 3006
4460	4460		the subject of a consignment, there is no obligation secured by 3007
4461	4461		the collateral covered by the financing statement and no 3008
4462	4462		commitment to make an advance, incur an obligation, or otherwise 3009
4463	4463		give value; 3010
4464	4464		(b) The financing statement covers accounts or chattel 3011
4465	4465		paper that has been sold but as to which the account debtor or 3012
4466	4466		other person obligated has discharged its obligation; 3013
4467	4467		(c) The financing statement covers goods that were the 3014
4468	4468		subject of a consignment to the debtor but are not in the 3015
4469	4469		debtor's possession; or 3016
4470	4470		(d) The debtor did not authorize the filing of the initial 3017
4471	4471		financing statement. 3018
4472	4472		Section 105. Subsection (2) of section 679.601, Florida 3019
4473	4473		Statutes, is amended, and subsection (4) of that section is 3020
4474	4474		republished, to read: 3021
4475	4475		679.601 Rights after default; judicial enforcement; 3022
4476	4476		consignor or buyer of accounts, chattel paper, payment 3023
4477	4477		intangibles, or promissory notes. — 3024
4478	4478		(2) A secured party in possession of collateral or control 3025
4479		-	~~ENROLLED~~
4480		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4481		-
4482		-
4483		-
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4485		-	hb515 -03-er
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	4480	+	CS/CS/HB 515, Engrossed 1 2025
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4486	4486		Page 122 of 181
4487	4487		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4488	4488
4489	4489
4490	4490
4491	4491		of collateral under s. 679.1041, s. 679.1051, s. 679.1052, s. 3026
4492	4492		679.1053, s. 679.1061, or s. 6 79.1071 has the rights and duties 3027
4493	4493		provided in s. 679.2071. 3028
4494	4494		(4) Except as otherwise provided in subsection (7) and s. 3029
4495	4495		679.605, after default, a debtor and an obligor have the rights 3030
4496	4496		provided in this part and by agreement of the parties. 3031
4497	4497		Section 106. Subsection (4) of section 679.604, Florida 3032
4498	4498		Statutes, is amended to read: 3033
4499	4499		679.604 Procedure if security agreement covers real 3034
4500	4500		property or fixtures. — 3035
4501	4501		(4) A secured party that removes collateral shall promptly 3036
4502	4502		reimburse any encumbrancer or owner of the rea l property, other 3037
4503	4503		than the debtor, for the cost of repair of any physical injury 3038
4504	4504		caused by the removal. The secured party need not reimburse the 3039
4505	4505		encumbrancer or owner for any diminution in value of the real 3040
4506	4506		property caused by the absence of the goods remov ed or by any 3041
4507	4507		necessity of replacing them. A person entitled to reimbursement 3042
4508	4508		may refuse permission to remove until the secured party gives 3043
4509	4509		adequate assurance for the performance of the obligation to 3044
4510	4510		reimburse. This subsection does not prohibit a secured pa rty and 3045
4511	4511		the person entitled to reimbursement from entering into a signed 3046
4512	4512		an authenticated record providing for the removal of fixtures 3047
4513	4513		and reimbursement for any damage caused thereby. 3048
4514	4514		Section 107. Section 679.605, Florida Statutes, is amended 3049
4515	4515		to read: 3050
4516		-	~~ENROLLED~~
4517		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4518		-
4519		-
4520		-
4521		-	CODING: Words stricken are deletions; words underlined are additions.
4522		-	hb515 -03-er
	4516	+
	4517	+	CS/CS/HB 515, Engrossed 1 2025
	4518	+
	4519	+
	4520	+
	4521	+	CODING: Words stricken are deletions; words underlined are additions.
	4522	+	hb515 -03-e1
4523	4523		Page 123 of 181
4524	4524		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4525	4525
4526	4526
4527	4527
4528	4528		679.605 Unknown debtor or secondary obligor. — 3051
4529	4529		(1) Except as provided in subsection (2), a secured party 3052
4530	4530		does not owe a duty based on its status as secured party: 3053
4531	4531		(a)(1) To a person who is a debtor or obligor, unless the 3054
4532	4532		secured party knows: 3055
4533	4533		1.(a) That the person is a debtor or obligor; 3056
4534	4534		2.(b) The identity of the person; and 3057
4535	4535		3.(c) How to communicate with the person; or 3058
4536	4536		(b)(2) To a secured party or lienholder that has filed a 3059
4537	4537		financing statement against a person, unless the secured party 3060
4538	4538		knows: 3061
4539	4539		1.(a) That the person is a debtor; and 3062
4540	4540		2.(b) The identity of the person. 3063
4541	4541		(2) A secured party owes a duty based on its status as a 3064
4542	4542		secured party to a person if, at the time the secured party 3065
4543	4543		obtains control of collateral that is a controllable account, 3066
4544	4544		controllable electronic record, or controllable payment 3067
4545	4545		intangible or at the time the security interest attaches to the 3068
4546	4546		collateral, whichever is later: 3069
4547	4547		(a) The person is a debtor or obligor; and 3070
4548	4548		(b) The secured party knows that the information relatin g 3071
4549	4549		to the person in subparagraph (1)(a)1., subparagraph (1)(a)2., 3072
4550	4550		or subparagraph (1)(a)3. is not provided by the collateral, a 3073
4551	4551		record attached to or logically associated with the collateral, 3074
4552	4552		or the system in which the collateral is recorded. 3075
4553		-	~~ENROLLED~~
4554		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4555		-
4556		-
4557		-
4558		-	CODING: Words stricken are deletions; words underlined are additions.
4559		-	hb515 -03-er
	4553	+
	4554	+	CS/CS/HB 515, Engrossed 1 2025
	4555	+
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4560	4560		Page 124 of 181
4561	4561		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4562	4562
4563	4563
4564	4564
4565	4565		Section 108. Paragraph (a) of subsection (1) and 3076
4566	4566		subsection (3) of section 679.608, Florida Statutes, are amended 3077
4567	4567		to read: 3078
4568	4568		679.608 Application of proceeds of collection or 3079
4569	4569		enforcement; liability for deficiency and right to surplus. — 3080
4570	4570		(1) If a security interest or agricultural lien secures 3081
4571	4571		payment or performance of an obligation, the following rules 3082
4572	4572		apply: 3083
4573	4573		(a) A secured party shall apply or pay over for 3084
4574	4574		application the cash proceeds of collection or enforcement under 3085
4575	4575		s. 679.607 in the following order to: 3086
4576	4576		1. The reasonable expenses of collection and enforcement 3087
4577	4577		and, to the extent provided for by agreement and not prohibited 3088
4578	4578		by law, reasonable attorney's fees and legal expenses incurred 3089
4579	4579		by the secured party; 3090
4580	4580		2. The satisfaction of obligations secured by the secu rity 3091
4581	4581		interest or agricultural lien under which the collection or 3092
4582	4582		enforcement is made; and 3093
4583	4583		3. The satisfaction of obligations secured by any 3094
4584	4584		subordinate security interest in or other lien on the collateral 3095
4585	4585		subject to the security interest or agricultural lien under 3096
4586	4586		which the collection or enforcement is made if the secured party 3097
4587	4587		receives a signed an authenticated demand for proceeds before 3098
4588	4588		distribution of the proceeds is completed. 3099
4589	4589		(3) If the secured party in good faith cannot determine 3100
4590		-	~~ENROLLED~~
4591		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4592		-
4593		-
4594		-
4595		-	CODING: Words stricken are deletions; words underlined are additions.
4596		-	hb515 -03-er
	4590	+
	4591	+	CS/CS/HB 515, Engrossed 1 2025
	4592	+
	4593	+
	4594	+
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4597	4597		Page 125 of 181
4598	4598		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4599	4599
4600	4600
4601	4601
4602	4602		the validity, extent, or priority of a subordinate security 3101
4603	4603		interest or other lien or there are conflicting claims of 3102
4604	4604		subordinate interests or liens, the secured party may commence 3103
4605	4605		an interpleader action with respect to remaining proceeds in 3104
4606	4606		excess of $2,500 in the circuit or county court, as applicable 3105
4607	4607		based upon the amount to be deposited, where the collateral was 3106
4608	4608		located or collected or in the county where the debtor has its 3107
4609	4609		chief executive office or principal residence in this state, as 3108
4610	4610		applicable. If authorized in a signed an authenticated record, 3109
4611	4611		the interpleading secured party is entitled to be paid from the 3110
4612	4612		remaining proceeds the actual costs of the filing fee and an 3111
4613	4613		attorney attorney's fee in the amount of $250 incurred in 3112
4614	4614		connection with filing the interpleader act ion and obtaining an 3113
4615	4615		order approving the interpleader of funds. The debtor in a 3114
4616	4616		consumer transaction may not be assessed for the reasonable 3115
4617	4617		attorney attorney's fees and costs incurred in the interpleader 3116
4618	4618		action by the holders of subordinate security intere sts or other 3117
4619	4619		liens based upon disputes among said holders, and a debtor in a 3118
4620	4620		transaction other than a consumer transaction may only recover 3119
4621	4621		such fees and costs to the extent provided for in a signed an 3120
4622	4622		authenticated record. If authorized in a signed an authenticated 3121
4623	4623		record, the court in the interpleader action may award 3122
4624	4624		reasonable attorney attorney's fees and costs to the prevailing 3123
4625	4625		party in a dispute between the debtor and a holder of a security 3124
4626	4626		interest or lien which claims an interest in the remaining 3125
4627		-	~~ENROLLED~~
4628		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4629		-
4630		-
4631		-
4632		-	CODING: Words stricken are deletions; words underlined are additions.
4633		-	hb515 -03-er
	4627	+
	4628	+	CS/CS/HB 515, Engrossed 1 2025
	4629	+
	4630	+
	4631	+
	4632	+	CODING: Words stricken are deletions; words underlined are additions.
	4633	+	hb515 -03-e1
4634	4634		Page 126 of 181
4635	4635		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4636	4636
4637	4637
4638	4638
4639	4639		interplead proceeds, but only if the debtor challenges the 3126
4640	4640		validity, priority, or extent of said security interest or lien. 3127
4641	4641		Except as provided in this subsection, a debtor may not be 3128
4642	4642		assessed reasonable attorney attorney's fees and costs incurred 3129
4643	4643		by any party in an interpleader action commenced under this 3130
4644	4644		section. 3131
4645	4645		Section 109. Subsections (1), (2), (3), (5), and (6) of 3132
4646	4646		section 679.611, Florida Statutes, are amended to read: 3133
4647	4647		679.611 Notification before disposition of collateral. — 3134
4648	4648		(1) In this section, the term "notification date" means 3135
4649	4649		the earlier of the date on which: 3136
4650	4650		(a) A secured party sends to the debtor and any secondary 3137
4651	4651		obligor a signed an authenticated notification of disposition; 3138
4652	4652		or 3139
4653	4653		(b) The debtor and any secondary obligor waive the right 3140
4654	4654		to notification. 3141
4655	4655		(2) Except as otherwise provided in subsection (4), a 3142
4656	4656		secured party that disposes of collateral under s. 679.610 shall 3143
4657	4657		send to the persons specified in subsection (3) a reasonable 3144
4658	4658		signed authenticated notification of disposition. 3145
4659	4659		(3) To comply with subsection (2), the secured party shall 3146
4660	4660		send a signed an authenticated notification of disposition to: 3147
4661	4661		(a) The debtor; 3148
4662	4662		(b) Any secondary obligor; and 3149
4663	4663		(c) If the collateral is other than consumer goods: 3150
4664		-	~~ENROLLED~~
4665		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4666		-
4667		-
4668		-
4669		-	CODING: Words stricken are deletions; words underlined are additions.
4670		-	hb515 -03-er
	4664	+
	4665	+	CS/CS/HB 515, Engrossed 1 2025
	4666	+
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4671	4671		Page 127 of 181
4672	4672		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4673	4673
4674	4674
4675	4675
4676	4676		1. Any other person from whom the secured party has 3151
4677	4677		received, before the notification date, a signed an 3152
4678	4678		authenticated notification of a claim of an interest in the 3153
4679	4679		collateral; 3154
4680	4680		2. Any other secured party or lienholder that, 10 days 3155
4681	4681		before the notification date, held a security interest in or 3156
4682	4682		other lien on the collateral perfected by the filing of a 3157
4683	4683		financing statement that: 3158
4684	4684		a. Identified the collateral; 3159
4685	4685		b. Was indexed under the debtor's name as of that date; 3160
4686	4686		and 3161
4687	4687		c. Was filed in the office in which to file a financing 3162
4688	4688		statement against the debtor covering the collateral as of that 3163
4689	4689		date; and 3164
4690	4690		3. Any other secured party that, 10 days before the 3165
4691	4691		notification date, held a security interest in the collateral 3166
4692	4692		perfected by compliance with a statute, regulation, or treaty 3167
4693	4693		described in s. 679. 3111(1). 3168
4694	4694		(5) A secured party complies with the requirement for 3169
4695	4695		notification prescribed by subparagraph (3)(c)2. if: 3170
4696	4696		(a) Not later than 20 days or earlier than 30 days before 3171
4697	4697		the notification date, the secured party requests, in a 3172
4698	4698		commercially reasonabl e manner, information concerning financing 3173
4699	4699		statements indexed under the debtor's name in the office 3174
4700	4700		indicated in subparagraph (3)(c)2.; and 3175
4701		-	~~ENROLLED~~
4702		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4703		-
4704		-
4705		-
4706		-	CODING: Words stricken are deletions; words underlined are additions.
4707		-	hb515 -03-er
	4701	+
	4702	+	CS/CS/HB 515, Engrossed 1 2025
	4703	+
	4704	+
	4705	+
	4706	+	CODING: Words stricken are deletions; words underlined are additions.
	4707	+	hb515 -03-e1
4708	4708		Page 128 of 181
4709	4709		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4710	4710
4711	4711
4712	4712
4713	4713		(b) Before the notification date, the secured party: 3176
4714	4714		1. Did not receive a response to the request for 3177
4715	4715		information; or 3178
4716	4716		2. Received a response to the request for information and 3179
4717	4717		sent a signed an authenticated notification of disposition to 3180
4718	4718		each secured party or other lienholder named in that response 3181
4719	4719		whose financing statement covered the collateral. 3182
4720	4720		(6) For purposes of subsection (3), the secured party may 3183
4721	4721		send the signed authenticated notification as follows: 3184
4722	4722		(a) If the collateral is other than consumer goods, to the 3185
4723	4723		debtor at the address in the financing statement, unless the 3186
4724	4724		secured party has received a signed an authenticated record from 3187
4725	4725		the debtor notifying the secured party of a different address 3188
4726	4726		for such notification purposes or the secured party has actual 3189
4727	4727		knowledge of the address of the debtor's chief executive office 3190
4728	4728		or principal residence, as applicable , at the time the 3191
4729	4729		notification is sent; 3192
4730	4730		(b) If the collateral is other than consumer goods, to any 3193
4731	4731		secondary obligor at the address, if any, in the signed 3194
4732	4732		authenticated agreement, unless the secured party has received a 3195
4733	4733		signed an authenticated record from the secondary obligor 3196
4734	4734		notifying the secured party of a different address for such 3197
4735	4735		notification purposes or the secured party has actual knowledge 3198
4736	4736		of the address of the secondary obligor's chief executive office 3199
4737	4737		or principal residence, as applicable, at t he time the 3200
4738		-	~~ENROLLED~~
4739		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4740		-
4741		-
4742		-
4743		-	CODING: Words stricken are deletions; words underlined are additions.
4744		-	hb515 -03-er
	4738	+
	4739	+	CS/CS/HB 515, Engrossed 1 2025
	4740	+
	4741	+
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4745	4745		Page 129 of 181
4746	4746		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4747	4747
4748	4748
4749	4749
4750	4750		notification is sent; and 3201
4751	4751		(c) If the collateral is other than consumer goods: 3202
4752	4752		1. To the person described in subparagraph (3)(c)1., at 3203
4753	4753		the address stated in the notification; 3204
4754	4754		2. To the person described in subparagraph (3)(c)2., at 3205
4755	4755		the address stated in the financing statement; 3206
4756	4756		3. To the person described in subparagraph (3)(c)3., at 3207
4757	4757		the address stated in the official records of the recording or 3208
4758	4758		registration agency. 3209
4759	4759		Section 110. Subsection (5) of section 679.613, Florida 3210
4760	4760		Statutes, is amended to read: 3211
4761	4761		679.613 Contents and form of notification before 3212
4762	4762		disposition of collateral; general. —Except in a consumer -goods 3213
4763	4763		transaction, the following rules apply: 3214
4764	4764		(5)(a) The following form of notification and the form 3215
4765	4765		appearing in s. 679.614(3)(a) s. 679.614(3), when completed in 3216
4766	4766		accordance with the instructions in paragraph (b) , each provides 3217
4767	4767		sufficient information: 3218
4768	4768		3219
4769	4769		NOTIFICATION OF DISPOSITION 3220
4770	4770		OF COLLATERAL 3221
4771	4771		3222
4772	4772		To:...(Name of debtor, obligor, or other person to which the 3223
4773	4773		notification is sent)... 3224
4774	4774		From:...(Name, address, and telephone number of secured 3225
4775		-	~~ENROLLED~~
4776		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4777		-
4778		-
4779		-
4780		-	CODING: Words stricken are deletions; words underlined are additions.
4781		-	hb515 -03-er
	4775	+
	4776	+	CS/CS/HB 515, Engrossed 1 2025
	4777	+
	4778	+
	4779	+
	4780	+	CODING: Words stricken are deletions; words underlined are additions.
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4782	4782		Page 130 of 181
4783	4783		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4784	4784
4785	4785
4786	4786
4787	4787		party)... 3226
4788	4788		Item 1. Name of any debtor that is not an addressee 3227
4789	4789		Debtor(s):...(Name of each debtor Include only if debtor(s) are 3228
4790	4790		not an addressee)... 3229
4791	4791		[For a public disposition:] 3230
4792	4792		Item 2. We will sell [or lease or license, as applicable] 3231
4793	4793		the ...(describe collateral)...to the highest qualified bidder 3232
4794	4794		at public sale. A sale could include a lease or a license. The 3233
4795	4795		sale will be held in public as follows: 3234
4796	4796		Day and Date: 3235
4797	4797		Time: 3236
4798	4798		Place: 3237
4799	4799		[For a private disposition:] 3238
4800	4800		Item 3. We will sell [or lease or license, as applicable] 3239
4801	4801		the ...(describe collateral)... at a private sale privately 3240
4802	4802		sometime after ...(day and date).... A sale could include a 3241
4803	4803		lease or a license. 3242
4804	4804		Item 4. You are entitled to an accounting of the unpaid 3243
4805	4805		indebtedness secured by the property that we intend to sell or, 3244
4806	4806		as applicable, [or lease or license. 3245
4807	4807		Item 5. If you request an accounting, you must pay , as 3246
4808	4808		applicable] for a charge of $..... 3247
4809	4809		Item 6. You may request an accounting by calling us at 3248
4810	4810		...(telephone number).... 3249
4811	4811		(b) The following instructions apply to the form set forth 3250
4812		-	~~ENROLLED~~
4813		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4814		-
4815		-
4816		-
4817		-	CODING: Words stricken are deletions; words underlined are additions.
4818		-	hb515 -03-er
	4812	+
	4813	+	CS/CS/HB 515, Engrossed 1 2025
	4814	+
	4815	+
	4816	+
	4817	+	CODING: Words stricken are deletions; words underlined are additions.
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4819	4819		Page 131 of 181
4820	4820		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4821	4821
4822	4822
4823	4823
4824	4824		in paragraph (a): 3251
4825	4825		1. Do not include the item numbers in the notification, as 3252
4826	4826		they are used only for the purpose of clarification. 3253
4827	4827		2. Include and complete Item 1 only if there i s a debtor 3254
4828	4828		that is not an addressee of the notification and list the name 3255
4829	4829		or names. 3256
4830	4830		3. Include and complete either Item 2, if the notification 3257
4831	4831		relates to a public disposition of the collateral, or Item 3, if 3258
4832	4832		the notification relates to a private disposit ion of the 3259
4833	4833		collateral. If Item 2 is completed, include the words "to the 3260
4834	4834		highest qualified bidder" only if applicable. 3261
4835	4835		4. Include and complete Items 4 and 6. 3262
4836	4836		5. Include and complete Item 5 only if the sender will 3263
4837	4837		charge the recipient for an accounting. 3264
4838	4838		Section 111. Subsection (3) of section 679.614, Florida 3265
4839	4839		Statutes, is amended to read: 3266
4840	4840		679.614 Contents and form of notification before 3267
4841	4841		disposition of collateral; consumer -goods transaction.—In a 3268
4842	4842		consumer-goods transaction, the following rules apply: 3269
4843	4843		(3)(a) The following form of notification, when completed 3270
4844	4844		in accordance with the instructions set forth in paragraph (b) , 3271
4845	4845		provides sufficient information: 3272
4846	4846		3273
4847	4847		...(Name and address of secured party)... 3274
4848	4848		...(Date)... 3275
4849		-	~~ENROLLED~~
4850		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4851		-
4852		-
4853		-
4854		-	CODING: Words stricken are deletions; words underlined are additions.
4855		-	hb515 -03-er
	4849	+
	4850	+	CS/CS/HB 515, Engrossed 1 2025
	4851	+
	4852	+
	4853	+
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4856	4856		Page 132 of 181
4857	4857		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4858	4858
4859	4859
4860	4860
4861	4861		3276
4862	4862		NOTICE OF OUR PLAN TO SELL PROPERTY 3277
4863	4863		3278
4864	4864		...(Name and address of any obligor who is also a debtor)... 3279
4865	4865		Subject:...(Identify Identification of Transaction)... 3280
4866	4866		We have your ...(describe collateral)..., because you broke 3281
4867	4867		promises in our agreement. 3282
4868	4868		[For a public disposition:] 3283
4869	4869		Item 1. We will sell ...(describe collateral)... at public 3284
4870	4870		sale. A sale could include a lease or license. The sale will be 3285
4871	4871		held as follows: 3286
4872	4872		Date: 3287
4873	4873		Time: 3288
4874	4874		Place: 3289
4875	4875		3290
4876	4876		You may attend the sale and bring bidders if you want. 3291
4877	4877		[For a private disposition:] 3292
4878	4878		Item 2. We will sell ...(describe collateral)... at private 3293
4879	4879		sale sometime after ...(date).... A sale could include a lease 3294
4880	4880		or license. 3295
4881	4881		Item 3. The money that we get from the sale (after paying 3296
4882	4882		our costs) will reduce the amount you owe. If we get less money 3297
4883	4883		than you owe, you ...(will or will not, as applicable)... still 3298
4884	4884		owe us the difference. If we get more money than you owe, you 3299
4885	4885		will get the extra money, unless we must pay it to someone else. 3300
4886		-	~~ENROLLED~~
4887		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4888		-
4889		-
4890		-
4891		-	CODING: Words stricken are deletions; words underlined are additions.
4892		-	hb515 -03-er
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	4887	+	CS/CS/HB 515, Engrossed 1 2025
	4888	+
	4889	+
	4890	+
	4891	+	CODING: Words stricken are deletions; words underlined are additions.
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4893	4893		Page 133 of 181
4894	4894		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4895	4895
4896	4896
4897	4897
4898	4898		Item 4. You can get the property back at any time before we 3301
4899	4899		sell it by paying us the full amount you owe , (not just the past 3302
4900	4900		due payments), including our expenses. To learn the exact amount 3303
4901	4901		you must pay, call us at ...(telephone number).... 3304
4902	4902		Item 5. If you want us to explain to you ...(in writing or 3305
4903	4903		in description of electr onic record)... how we have figured the 3306
4904	4904		amount that you owe us, Item 6. you may call us at ...(telephone 3307
4905	4905		number)..., or write us at ...(secured party's address)... , or 3308
4906	4906		contact us by ...(description of electronic communication 3309
4907	4907		method)... Item 7. and request a written explanation , an 3310
4908	4908		explanation in ...(description of electronic record)... . 3311
4909	4909		Item 8. We will charge you $.... for the explanation if we 3312
4910	4910		sent you another written explanation of the amount you owe us 3313
4911	4911		within the last 6 months. 3314
4912	4912		Item 9. If you need more information about the sale, call 3315
4913	4913		us at ...(telephone number)... , or write us at ...(secured 3316
4914	4914		party's address)..., or contact us by ...(description of 3317
4915	4915		electronic communication method)... . 3318
4916	4916		Item 10. We are sending this notice to the following other 3319
4917	4917		people who have an interest in ...(describe collateral)... or 3320
4918	4918		who owe money under your agreement: 3321
4919	4919		...(Names of all other debtors and obligors, if any)... 3322
4920	4920		(b) The following instructions apply to the form of 3323
4921	4921		notification in paragraph (a): 3324
4922	4922		1. The instructions in this paragraph refer to the numbers 3325
4923		-	~~ENROLLED~~
4924		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4925		-
4926		-
4927		-
4928		-	CODING: Words stricken are deletions; words underlined are additions.
4929		-	hb515 -03-er
	4923	+
	4924	+	CS/CS/HB 515, Engrossed 1 2025
	4925	+
	4926	+
	4927	+
	4928	+	CODING: Words stricken are deletions; words underlined are additions.
	4929	+	hb515 -03-e1
4930	4930		Page 134 of 181
4931	4931		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4932	4932
4933	4933
4934	4934
4935	4935		before items in the form of notification in paragraph (a). Do 3326
4936	4936		not include the numbers in the notification. The numbers are 3327
4937	4937		used only for the purpose of these instructions. 3328
4938	4938		2. Include and complete either Item 1, if the notification 3329
4939	4939		relates to a public disposition of the collateral, or Item 2, if 3330
4940	4940		the notification relates to a private disposition of the 3331
4941	4941		collateral. 3332
4942	4942		3. Include and complete Items 3, 4, 5, 6, and 7. 3333
4943	4943		4. In Item 5, include and complete any one of the three 3334
4944	4944		alternative methods for the explanation identified in paragraph 3335
4945	4945		(a). 3336
4946	4946		5. In Item 6, include the telephone number. In addition, 3337
4947	4947		the sender may include and complete either or both of the two 3338
4948	4948		additional alternative methods of communication identified in 3339
4949	4949		paragraph (a) for the recipient of the notification to 3340
4950	4950		communicate with the sender. Neither of the two additional 3341
4951	4951		methods of communication is required to be included. 3342
4952	4952		6. In Item 7, include and complete the method or methods 3343
4953	4953		for the explanation—writing, writing or electronic record, or 3344
4954	4954		electronic record—included in Item 5. 3345
4955	4955		7. Include and complete Item 8 only if a written 3346
4956	4956		explanation is included in Item 5 as a method for communicating 3347
4957	4957		the explanation and the sender will charge the recipient for 3348
4958	4958		another written explanation. 3349
4959	4959		8. In Item 9, include either the telephone number or the 3350
4960		-	~~ENROLLED~~
4961		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4962		-
4963		-
4964		-
4965		-	CODING: Words stricken are deletions; words underlined are additions.
4966		-	hb515 -03-er
	4960	+
	4961	+	CS/CS/HB 515, Engrossed 1 2025
	4962	+
	4963	+
	4964	+
	4965	+	CODING: Words stricken are deletions; words underlined are additions.
	4966	+	hb515 -03-e1
4967	4967		Page 135 of 181
4968	4968		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4969	4969
4970	4970
4971	4971
4972	4972		address, or both. In addition, the sender may include and 3351
4973	4973		complete the additional method of communication identified in 3352
4974	4974		paragraph (a) for the recipient of the notification to 3353
4975	4975		communicate with the sender. The additional method of electronic 3354
4976	4976		communication is not required to be included. 3355
4977	4977		9. If Item 10 does not apply, insert "None" after 3356
4978	4978		"agreement:." 3357
4979	4979		Section 112. Subsection (1) of section 679.615, Florida 3358
4980	4980		Statutes, is amended to read: 3359
4981	4981		679.615 Application of proceeds of disposition; liability 3360
4982	4982		for deficiency and right to surplus. — 3361
4983	4983		(1) A secured party shall apply or pay over for 3362
4984	4984		application the cash proceeds of disposition under s. 679.610 in 3363
4985	4985		the following order to: 3364
4986	4986		(a) The reasonable expenses of retaking, holding, 3365
4987	4987		preparing for disposition, processing, and disposing, and, to 3366
4988	4988		the extent provided for by agreement and not prohibited by law, 3367
4989	4989		reasonable attorney's fees and legal expenses incurred by the 3368
4990	4990		secured party; 3369
4991	4991		(b) The satisfaction of obligations secured by the 3370
4992	4992		security interest or agricultural lien under which the 3371
4993	4993		disposition is made; 3372
4994	4994		(c) The satisfaction of obligations secured by any 3373
4995	4995		subordinate security interest in or other subordinate lien on 3374
4996	4996		the collateral if: 3375
4997		-	~~ENROLLED~~
4998		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
4999		-
5000		-
5001		-
5002		-	CODING: Words stricken are deletions; words underlined are additions.
5003		-	hb515 -03-er
	4997	+
	4998	+	CS/CS/HB 515, Engrossed 1 2025
	4999	+
	5000	+
	5001	+
	5002	+	CODING: Words stricken are deletions; words underlined are additions.
	5003	+	hb515 -03-e1
5004	5004		Page 136 of 181
5005	5005		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5006	5006
5007	5007
5008	5008
5009	5009		1. The secured party receives from the holder of the 3376
5010	5010		subordinate security interest or other lien a signed an 3377
5011	5011		authenticated demand for proceeds before distribution of the 3378
5012	5012		proceeds is completed; and 3379
5013	5013		2. In a case in which a consignor has an interest in the 3380
5014	5014		collateral, the subordinate security interest or other lien is 3381
5015	5015		senior to the interest of the consignor; and 3382
5016	5016		(d) A secured party that is a consignor of the collateral 3383
5017	5017		if the secured party receives from the consignor a signed an 3384
5018	5018		authenticated demand for proceeds before distribution of the 3385
5019	5019		proceeds is completed. 3386
5020	5020		Section 113. Subsections (1), (2), and (3) of section 3387
5021	5021		679.616, Florida Statutes, are amended to read: 3388
5022	5022		679.616 Explanation of calculation of surplus or 3389
5023	5023		deficiency.— 3390
5024	5024		(1) In this section, the ter m: 3391
5025	5025		(a) "Explanation" means a record writing that: 3392
5026	5026		1. States the amount of the surplus or deficiency; 3393
5027	5027		2. Provides an explanation in accordance with subsection 3394
5028	5028		(3) of how the secured party calculated the surplus or 3395
5029	5029		deficiency; 3396
5030	5030		3. States, if applicabl e, that future debits, credits, 3397
5031	5031		charges, including additional credit service charges or 3398
5032	5032		interest, rebates, and expenses may affect the amount of the 3399
5033	5033		surplus or deficiency; and 3400
5034		-	~~ENROLLED~~
5035		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5036		-
5037		-
5038		-
5039		-	CODING: Words stricken are deletions; words underlined are additions.
5040		-	hb515 -03-er
	5034	+
	5035	+	CS/CS/HB 515, Engrossed 1 2025
	5036	+
	5037	+
	5038	+
	5039	+	CODING: Words stricken are deletions; words underlined are additions.
	5040	+	hb515 -03-e1
5041	5041		Page 137 of 181
5042	5042		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5043	5043
5044	5044
5045	5045
5046	5046		4. Provides a telephone number or mailing address from 3401
5047	5047		which additional inform ation concerning the transaction is 3402
5048	5048		available. 3403
5049	5049		(b) "Request" means a record: 3404
5050	5050		1. Signed Authenticated by a debtor or consumer obligor; 3405
5051	5051		2. Requesting that the recipient provide an explanation; 3406
5052	5052		and 3407
5053	5053		3. Sent after disposition of the collateral under s. 3408
5054	5054		679.610. 3409
5055	5055		(2) In a consumer-goods transaction in which the debtor is 3410
5056	5056		entitled to a surplus or a consumer obligor is liable for a 3411
5057	5057		deficiency under s. 679.615, the secured party shall: 3412
5058	5058		(a) Send an explanation to the debtor or consumer obligor, 3413
5059	5059		as applicable, after the disposition and: 3414
5060	5060		1. Before or when the secured party accounts to the debtor 3415
5061	5061		and pays any surplus or first makes written demand in a record 3416
5062	5062		on the consumer obligor after the disposition for payment of the 3417
5063	5063		deficiency; and 3418
5064	5064		2. Within 14 days after receipt of a request; or 3419
5065	5065		(b) In the case of a consumer obligor who is liable for a 3420
5066	5066		deficiency, within 14 days after receipt of a request, send to 3421
5067	5067		the consumer obligor a record waiving the secured party's right 3422
5068	5068		to a deficiency. 3423
5069	5069		(3) To comply with subparagraph (1)(a)2., an explanation a 3424
5070	5070		writing must provide the following information in the following 3425
5071		-	~~ENROLLED~~
5072		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5073		-
5074		-
5075		-
5076		-	CODING: Words stricken are deletions; words underlined are additions.
5077		-	hb515 -03-er
	5071	+
	5072	+	CS/CS/HB 515, Engrossed 1 2025
	5073	+
	5074	+
	5075	+
	5076	+	CODING: Words stricken are deletions; words underlined are additions.
	5077	+	hb515 -03-e1
5078	5078		Page 138 of 181
5079	5079		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5080	5080
5081	5081
5082	5082
5083	5083		order: 3426
5084	5084		(a) The aggregate amount of obligations secured by the 3427
5085	5085		security interest under which the disposition was made, and, if 3428
5086	5086		the amount reflects a rebate of unearned interest or credit 3429
5087	5087		service charge, an indication of that fact, calculated as of a 3430
5088	5088		specified date: 3431
5089	5089		1. If the secured party takes or receives possession of 3432
5090	5090		the collateral after default, not more than 35 days before the 3433
5091	5091		secured party takes or receives possession; or 3434
5092	5092		2. If the secured party takes or receives possession of 3435
5093	5093		the collateral before default or does not take possession of the 3436
5094	5094		collateral, not more than 35 days before the disposition; 3437
5095	5095		(b) The amount of proceeds of the disposition; 3438
5096	5096		(c) The aggregate amount of the obligations after 3439
5097	5097		deducting the amount of proceeds; 3440
5098	5098		(d) The amount, in the aggregate or by type, and types of 3441
5099	5099		expenses, including expenses of retaking, holding, preparing for 3442
5100	5100		disposition, processing, and disposing of the collateral, and 3443
5101	5101		attorney's fees secured by the collateral which are known to the 3444
5102	5102		secured party and relate to the current disposition; 3445
5103	5103		(e) The amount, in the aggregate or by type, and types of 3446
5104	5104		credits, including rebates of interest o r credit service 3447
5105	5105		charges, to which the obligor is known to be entitled and which 3448
5106	5106		are not reflected in the amount in paragraph (a); and 3449
5107	5107		(f) The amount of the surplus or deficiency. 3450
5108		-	~~ENROLLED~~
5109		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5110		-
5111		-
5112		-
5113		-	CODING: Words stricken are deletions; words underlined are additions.
5114		-	hb515 -03-er
	5108	+
	5109	+	CS/CS/HB 515, Engrossed 1 2025
	5110	+
	5111	+
	5112	+
	5113	+	CODING: Words stricken are deletions; words underlined are additions.
	5114	+	hb515 -03-e1
5115	5115		Page 139 of 181
5116	5116		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5117	5117
5118	5118
5119	5119
5120	5120		Section 114. Subsection (1) of section 679.619, Florida 3451
5121	5121		Statutes, is amended to read: 3452
5122	5122		679.619 Transfer of record or legal title. — 3453
5123	5123		(1) In this section, the term "transfer statement" means a 3454
5124	5124		record signed authenticated by a secured party stating: 3455
5125	5125		(a) That the debtor has defaulted in connection with an 3456
5126	5126		obligation secured by specified collateral; 3457
5127	5127		(b) That the secured party has exercised its post -default 3458
5128	5128		remedies with respect to the collateral; 3459
5129	5129		(c) That, by reason of the exercise, a transferee has 3460
5130	5130		acquired the rights of the debtor in the collateral; and 3461
5131	5131		(d) The name and mailing address of the secured party, 3462
5132	5132		debtor, and transferee. 3463
5133	5133		Section 115. Subsections (1), (2), (3), and (6) of section 3464
5134	5134		679.620, Florida Statutes, are amended to read: 3465
5135	5135		679.620 Acceptance of collateral in full or partial 3466
5136	5136		satisfaction of obligation; compulsory disposition of 3467
5137	5137		collateral.— 3468
5138	5138		(1) Except as otherwise provided in subsection (7), a 3469
5139	5139		secured party may accept collateral in full or partial 3470
5140	5140		satisfaction of the obligation it secures only if: 3471
5141	5141		(a) The debtor consents to the acceptance under subs ection 3472
5142	5142		(3); 3473
5143	5143		(b) The secured party does not receive, within the time 3474
5144	5144		set forth in subsection (4), a notification of objection to the 3475
5145		-	~~ENROLLED~~
5146		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5147		-
5148		-
5149		-
5150		-	CODING: Words stricken are deletions; words underlined are additions.
5151		-	hb515 -03-er
	5145	+
	5146	+	CS/CS/HB 515, Engrossed 1 2025
	5147	+
	5148	+
	5149	+
	5150	+	CODING: Words stricken are deletions; words underlined are additions.
	5151	+	hb515 -03-e1
5152	5152		Page 140 of 181
5153	5153		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5154	5154
5155	5155
5156	5156
5157	5157		proposal signed authenticated by: 3476
5158	5158		1. A person to whom the secured party was required to send 3477
5159	5159		a proposal under s. 679.621 ; or 3478
5160	5160		2. Any other person, other than the debtor, holding an 3479
5161	5161		interest in the collateral subordinate to the security interest 3480
5162	5162		that is the subject of the proposal; 3481
5163	5163		(c) If the collateral is consumer goods, the collateral is 3482
5164	5164		not in the possession of the deb tor when the debtor consents to 3483
5165	5165		the acceptance; and 3484
5166	5166		(d) Subsection (5) does not require the secured party to 3485
5167	5167		dispose of the collateral or the debtor waives the requirement 3486
5168	5168		pursuant to s. 679.624. 3487
5169	5169		(2) A purported or apparent acceptance of collateral und er 3488
5170	5170		this section is ineffective unless: 3489
5171	5171		(a) The secured party consents to the acceptance in a 3490
5172	5172		signed an authenticated record or sends a proposal to the 3491
5173	5173		debtor; and 3492
5174	5174		(b) The conditions of subsection (1) are met. 3493
5175	5175		(3) For purposes of this section: 3494
5176	5176		(a) A debtor consents to an acceptance of collateral in 3495
5177	5177		partial satisfaction of the obligation it secures only if the 3496
5178	5178		debtor agrees to the terms of the acceptance in a record signed 3497
5179	5179		authenticated after default; and 3498
5180	5180		(b) A debtor consents to an acceptance of collateral in 3499
5181	5181		full satisfaction of the obligation it secures only if the 3500
5182		-	~~ENROLLED~~
5183		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5184		-
5185		-
5186		-
5187		-	CODING: Words stricken are deletions; words underlined are additions.
5188		-	hb515 -03-er
	5182	+
	5183	+	CS/CS/HB 515, Engrossed 1 2025
	5184	+
	5185	+
	5186	+
	5187	+	CODING: Words stricken are deletions; words underlined are additions.
	5188	+	hb515 -03-e1
5189	5189		Page 141 of 181
5190	5190		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5191	5191
5192	5192
5193	5193
5194	5194		debtor agrees to the terms of the acceptance in a record signed 3501
5195	5195		authenticated after default or the secured party: 3502
5196	5196		1. Sends to the debtor after default a proposal that is 3503
5197	5197		unconditional or subject only to a condition that collateral not 3504
5198	5198		in the possession of the secured party be preserved or 3505
5199	5199		maintained; 3506
5200	5200		2. In the proposal, proposes to accept collateral in full 3507
5201	5201		satisfaction of the obligation it secures, and, in a consumer 3508
5202	5202		transaction, provides notice that the proposal will be deemed 3509
5203	5203		accepted if it is not objected to by an authenticated notice 3510
5204	5204		within 30 days after the date the proposal is sent by the 3511
5205	5205		secured party; and 3512
5206	5206		3. Does not receive a notification of objection signed 3513
5207	5207		authenticated by the debtor within 30 days after the proposal is 3514
5208	5208		sent. 3515
5209	5209		(6) To comply with subsection (5), the secured party shall 3516
5210	5210		dispose of the collateral: 3517
5211	5211		(a) Within 90 days after taking possession; or 3518
5212	5212		(b) Within any longer period to which the debtor and a ll 3519
5213	5213		secondary obligors have agreed in an agreement to that effect 3520
5214	5214		entered into and signed authenticated after default. 3521
5215	5215		Section 116. Subsection (1) of section 679.621, Florida 3522
5216	5216		Statutes, is amended to read: 3523
5217	5217		679.621 Notification of proposal to accept col lateral.— 3524
5218	5218		(1) A secured party that desires to accept collateral in 3525
5219		-	~~ENROLLED~~
5220		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5221		-
5222		-
5223		-
5224		-	CODING: Words stricken are deletions; words underlined are additions.
5225		-	hb515 -03-er
	5219	+
	5220	+	CS/CS/HB 515, Engrossed 1 2025
	5221	+
	5222	+
	5223	+
	5224	+	CODING: Words stricken are deletions; words underlined are additions.
	5225	+	hb515 -03-e1
5226	5226		Page 142 of 181
5227	5227		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5228	5228
5229	5229
5230	5230
5231	5231		full or partial satisfaction of the obligation it secures shall 3526
5232	5232		send its proposal to: 3527
5233	5233		(a) Any person from whom the secured party has received, 3528
5234	5234		before the debtor consented to the accepta nce, a signed an 3529
5235	5235		authenticated notification of a claim of an interest in the 3530
5236	5236		collateral; 3531
5237	5237		(b) Any other secured party or lienholder that, 10 days 3532
5238	5238		before the debtor consented to the acceptance, held a security 3533
5239	5239		interest in or other lien on the collateral pe rfected by the 3534
5240	5240		filing of a financing statement that: 3535
5241	5241		1. Identified the collateral; 3536
5242	5242		2. Was indexed under the debtor's name as of that date; 3537
5243	5243		and 3538
5244	5244		3. Was filed in the office or offices in which to file a 3539
5245	5245		financing statement against the debtor covering th e collateral 3540
5246	5246		as of that date; and 3541
5247	5247		(c) Any other secured party that, 10 days before the 3542
5248	5248		debtor consented to the acceptance, held a security interest in 3543
5249	5249		the collateral perfected by compliance with a statute, 3544
5250	5250		regulation, or treaty described in s. 679.3111(1 ). 3545
5251	5251		Section 117. Section 679.624, Florida Statutes, is amended 3546
5252	5252		to read: 3547
5253	5253		679.624 Waiver.— 3548
5254	5254		(1) A debtor or secondary obligor may waive the right to 3549
5255	5255		notification of disposition of collateral under s. 679.611 only 3550
5256		-	~~ENROLLED~~
5257		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5258		-
5259		-
5260		-
5261		-	CODING: Words stricken are deletions; words underlined are additions.
5262		-	hb515 -03-er
	5256	+
	5257	+	CS/CS/HB 515, Engrossed 1 2025
	5258	+
	5259	+
	5260	+
	5261	+	CODING: Words stricken are deletions; words underlined are additions.
	5262	+	hb515 -03-e1
5263	5263		Page 143 of 181
5264	5264		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5265	5265
5266	5266
5267	5267
5268	5268		by an agreement to that effect entered into and signed 3551
5269	5269		authenticated after default. 3552
5270	5270		(2) A debtor may waive the right to require disposition of 3553
5271	5271		collateral under s. 679.620(5) only by an agreement to that 3554
5272	5272		effect entered into and signed authenticated after default. 3555
5273	5273		(3) Except in a consumer -goods transaction, a debtor or 3556
5274	5274		secondary obligor may waive the right to redeem collateral under 3557
5275	5275		s. 679.623 only by an agreement to that effect entered into and 3558
5276	5276		signed authenticated after default. 3559
5277	5277		Section 118. Subsections (1) and (5) of section 679.625, 3560
5278	5278		Florida Statutes, are amended, and subsections (3), (6), and (7) 3561
5279	5279		are republished, to read: 3562
5280	5280		679.625 Remedies for failure to comply with article. — 3563
5281	5281		(1) If it is established that a secured party is not 3564
5282	5282		proceeding in accordance with this chapter, a court may order or 3565
5283	5283		restrain collection, enforcement, or disposition of collateral 3566
5284	5284		on appropriate terms and conditions. This subsection does shall 3567
5285	5285		not preclude a debtor other than a consumer and a secured party, 3568
5286	5286		or two or more secured parties in other than a consumer 3569
5287	5287		transaction, from agreeing in a signed an authenticated record 3570
5288	5288		that the debtor or secured party must first provide to the 3571
5289	5289		alleged offending secured party notice of a violation of this 3572
5290	5290		chapter and opportunity to cure before commencing any legal 3573
5291	5291		proceeding under this section. 3574
5292	5292		(3) Except as otherwise provided in s. 679.628: 3575
5293		-	~~ENROLLED~~
5294		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5295		-
5296		-
5297		-
5298		-	CODING: Words stricken are deletions; words underlined are additions.
5299		-	hb515 -03-er
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5300	5300		Page 144 of 181
5301	5301		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5302	5302
5303	5303
5304	5304
5305	5305		(a) A person who, at the time of the failure, was a 3576
5306	5306		debtor, was an obligor, or held a security interest in or other 3577
5307	5307		lien on the collateral may recover damages under subsection (2) 3578
5308	5308		for the person's loss; and 3579
5309	5309		(b) If the collateral is consumer goods, a person who was 3580
5310	5310		a debtor or a secondary obligor at the time a secured party 3581
5311	5311		failed to comply with this part may recover for that failure in 3582
5312	5312		any event an amount not less than the credit serv ice charge plus 3583
5313	5313		10 percent of the principal amount of the obligation or the 3584
5314	5314		time-price differential plus 10 percent of the cash price. 3585
5315	5315		(5) In lieu of damages recoverable under subsection (2), 3586
5316	5316		the debtor, consumer obligor, or person named as a debtor in a 3587
5317	5317		filed record, as applicable, may recover $500 in each case from 3588
5318	5318		a person who: 3589
5319	5319		(a) Fails to comply with s. 679.2081; 3590
5320	5320		(b) Fails to comply with s. 679.209; 3591
5321	5321		(c) Files a record that the person is not entitled to file 3592
5322	5322		under s. 679.509(1); 3593
5323	5323		(d) Fails to cause the secured party of record to file or 3594
5324	5324		send a termination statement as required by s. 679.513(1) or (3) 3595
5325	5325		after receipt of a signed an authenticated record notifying the 3596
5326	5326		person of such noncompliance; 3597
5327	5327		(e) Fails to comply with s. 679.616( 2)(a) and whose 3598
5328	5328		failure is part of a pattern, or consistent with a practice, of 3599
5329	5329		noncompliance; or 3600
5330		-	~~ENROLLED~~
5331		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5332		-
5333		-
5334		-
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5336		-	hb515 -03-er
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	5331	+	CS/CS/HB 515, Engrossed 1 2025
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5337	5337		Page 145 of 181
5338	5338		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5339	5339
5340	5340
5341	5341
5342	5342		(f) Fails to comply with s. 679.616(2)(b). 3601
5343	5343		(6) A debtor or consumer obligor may recover damages under 3602
5344	5344		subsection (2) and, in addition, $500 in each case f rom a person 3603
5345	5345		who, without reasonable cause, fails to comply with a request 3604
5346	5346		under s. 679.210. A recipient of a request under s. 679.210 3605
5347	5347		which never claimed an interest in the collateral or obligations 3606
5348	5348		that are the subject of a request under that section has a 3607
5349	5349		reasonable excuse for failure to comply with the request within 3608
5350	5350		the meaning of this subsection. 3609
5351	5351		(7) If a secured party fails to comply with a request 3610
5352	5352		regarding a list of collateral or a statement of account under 3611
5353	5353		s. 679.210, the secured party may clai m a security interest only 3612
5354	5354		as shown in the list or statement included in the request as 3613
5355	5355		against a person who is reasonably misled by the failure. 3614
5356	5356		Section 119. Subsections (1) and (2) of section 679.628, 3615
5357	5357		Florida Statutes, are amended, and subsection (6) is added to 3616
5358	5358		that section, to read: 3617
5359	5359		679.628 Nonliability and limitation on liability of 3618
5360	5360		secured party; liability of secondary obligor. — 3619
5361	5361		(1) Subject to subsection (6), unless a secured party 3620
5362	5362		knows that a person is a debtor or obligor, knows the identity 3621
5363	5363		of the person, and knows how to communicate with the person: 3622
5364	5364		(a) The secured party is not liable to the person, or to a 3623
5365	5365		secured party or lienholder that has filed a financing statement 3624
5366	5366		against the person, for failure to comply with this chapter; and 3625
5367		-	~~ENROLLED~~
5368		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5369		-
5370		-
5371		-
5372		-	CODING: Words stricken are deletions; words underlined are additions.
5373		-	hb515 -03-er
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5374	5374		Page 146 of 181
5375	5375		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5376	5376
5377	5377
5378	5378
5379	5379		(b) The secured party's failure to comply with this 3626
5380	5380		chapter does not affect the liability of the person for a 3627
5381	5381		deficiency. 3628
5382	5382		(2) Subject to subsection (6), a secured party is not 3629
5383	5383		liable because of its status as a secured party: 3630
5384	5384		(a) To a person who is a deb tor or obligor, unless the 3631
5385	5385		secured party knows: 3632
5386	5386		1. That the person is a debtor or obligor; 3633
5387	5387		2. The identity of the person; and 3634
5388	5388		3. How to communicate with the person; or 3635
5389	5389		(b) To a secured party or lienholder that has filed a 3636
5390	5390		financing statement agains t a person, unless the secured party 3637
5391	5391		knows: 3638
5392	5392		1. That the person is a debtor; and 3639
5393	5393		2. The identity of the person. 3640
5394	5394		(6) Subsections (1) and (2) do not apply to limit the 3641
5395	5395		liability of a secured party to a person if, at the time the 3642
5396	5396		secured party obtains co ntrol of collateral that is a 3643
5397	5397		controllable account, controllable electronic record, or 3644
5398	5398		controllable payment intangible or at the time the security 3645
5399	5399		interest attaches to the collateral, whichever is later: 3646
5400	5400		(a) The person is a debtor or obligor; and 3647
5401	5401		(b) The secured party knows that the information in 3648
5402	5402		subparagraph (2)(a)1., subparagraph (2)(a)2., or subparagraph 3649
5403	5403		(2)(a)3., relating to the person is not provided by the 3650
5404		-	~~ENROLLED~~
5405		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5406		-
5407		-
5408		-
5409		-	CODING: Words stricken are deletions; words underlined are additions.
5410		-	hb515 -03-er
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5412	5412		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5413	5413
5414	5414
5415	5415
5416	5416		collateral, a record attached to or logically associated with 3651
5417	5417		the collateral, or the syste m in which the collateral is 3652
5418	5418		recorded. 3653
5419	5419		Section 120. Part IX of chapter 679, Florida Statutes, 3654
5420	5420		consisting of ss. 679.901 and 679.902, Florida Statutes, is 3655
5421	5421		created and entitled "Transitional Provisions." 3656
5422	5422		Section 121. Section 679.901, Florida Statutes , is created 3657
5423	5423		to read: 3658
5424	5424		679.901 Saving clause. —Except as otherwise provided in ss. 3659
5425	5425		669.501-669.706, a transaction validly entered into before July 3660
5426	5426		1, 2025, and the rights duties, and interests flowing from such 3661
5427	5427		transaction remain valid thereafter and may b e terminated, 3662
5428	5428		completed, consummated, or enforced as required or permitted by 3663
5429	5429		law other than the Uniform Commercial Code or, if applicable, by 3664
5430	5430		the Uniform Commercial Code as though this act had not taken 3665
5431	5431		effect. 3666
5432	5432		Section 122. Section 679.902, Florida St atutes, is created 3667
5433	5433		to read: 3668
5434	5434		679.902 Transitional provisions. —Effective July 1, 2025, 3669
5435	5435		chapter 679 shall be amended by this act, including the 3670
5436	5436		transitional provisions for chapters 669 and 679, as amended by 3671
5437	5437		this act, as provided in part II of chapter 669. 3672
5438	5438		Section 123. Section 680.1021, Florida Statutes, is 3673
5439	5439		amended to read: 3674
5440	5440		680.1021 Scope.— 3675
5441		-	~~ENROLLED~~
5442		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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5444		-
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5447		-	hb515 -03-er
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5449	5449		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5450	5450
5451	5451
5452	5452
5453	5453		(1) This chapter applies to any transaction, regardless of 3676
5454	5454		form, that creates a lease and, in the case of a hybrid lease, 3677
5455	5455		applies to the extent provided in subsection (2). 3678
5456	5456		(2) In a hybrid lease, both of the following apply: 3679
5457	5457		(a) If the lease-of-goods aspects do not predominate: 3680
5458	5458		1. Only the provisions of this chapter which relate 3681
5459	5459		primarily to the lease -of-goods aspects of the transaction 3682
5460	5460		apply, and the provisions that relate primarily to the 3683
5461	5461		transaction as a whole do not apply; 3684
5462	5462		2. Section 608.209 applies if the lease is a finance 3685
5463	5463		lease; and 3686
5464	5464		3. Section 608.407 applies to the promises of the lessee 3687
5465	5465		in a finance lease to the extent that the promises are 3688
5466	5466		consideration for the right to possession and use of the leased 3689
5467	5467		goods. 3690
5468	5468		(b) If the lease-of-goods aspects predominate, this 3691
5469	5469		chapter applies to the transaction, but does not preclude 3692
5470	5470		application in appropriate circumstances of other law to aspects 3693
5471	5471		of the lease which do not relate to the lease of goods. 3694
5472	5472		Section 124. Present paragraphs (i) through (z) of 3695
5473	5473		subsection (1) of section 680.1031, Florida Statutes, are 3696
5474	5474		redesignated as paragraphs (j) through (aa), respectively, a new 3697
5475	5475		paragraph (i) is added to that subsection, and paragraphs (a), 3698
5476	5476		(d), (e), (f), (h), (j), (l), and (m) of subsection (3) of that 3699
5477	5477		section are amended, to read: 3700
5478		-	~~ENROLLED~~
5479		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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5481		-
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5486	5486		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5487	5487
5488	5488
5489	5489
5490	5490		680.1031 Definitions and index of definitions. — 3701
5491	5491		(1) In this chapter, unless the context otherwise 3702
5492	5492		requires: 3703
5493	5493		(i) "Hybrid lease" means a single transaction involving a 3704
5494	5494		lease of goods and: 3705
5495	5495		1. The provision of services; 3706
5496	5496		2. A sale of other goods; or 3707
5497	5497		3. A sale, lease, or license of property other than goods. 3708
5498	5498		(3) The following definitions in other chapters of this 3709
5499	5499		code apply to this chapter: 3710
5500	5500		(a) "Account," s. 679.1021(1) s. 679.1021(1)(b). 3711
5501	5501		(d) "Chattel paper," s. 679.1021(1) s. 679.1021(1)(k). 3712
5502	5502		(e) "Consumer goods," s. 679.1021(1) s. 679.1021(1)(w). 3713
5503	5503		(f) "Document," s. 679.1021(1) s. 679.1021(1)(dd). 3714
5504	5504		(h) "General intang ible," s. 679.1021(1) s. 3715
5505	5505		679.1021(1)(pp). 3716
5506	5506		(j) "Instrument," s. 679.1021(1) s. 679.1021(1)(uu). 3717
5507	5507		(l) "Mortgage," s. 679.1021(1) s. 679.1021(1)(ccc). 3718
5508	5508		(m) "Pursuant to a commitment," s. 679.1021(1) s. 3719
5509	5509		679.1021(1)(ppp). 3720
5510	5510		Section 125. Section 680.1071, Florida Statutes, is 3721
5511	5511		amended to read: 3722
5512	5512		680.1071 Waiver or renunciation of claim or right after 3723
5513	5513		default.—Any claim or right arising out of an alleged default or 3724
5514	5514		breach of warranty may be discharged in whole or in part without 3725
5515		-	~~ENROLLED~~
5516		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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5518		-
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5523	5523		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5524	5524
5525	5525
5526	5526
5527	5527		consideration by a written waiver or renunciation in a signed 3726
5528	5528		record and delivered by the aggrieved party. 3727
5529	5529		Section 126. Subsections (1), (3), and (5) of section 3728
5530	5530		680.201, Florida Statutes, are amended to read: 3729
5531	5531		680.201 Statute of frauds. — 3730
5532	5532		(1) A lease contract is not enforceable by way of action 3731
5533	5533		or defense unless: 3732
5534	5534		(a) In a lease contract that is not a consumer lease, the 3733
5535	5535		total payments to be made under the lease contract, excluding 3734
5536	5536		payments for options to renew or buy, are less than $1,000; or 3735
5537	5537		(b) There is a record writing, signed by the party against 3736
5538	5538		whom enforcement is sought or by that party's authorized agent, 3737
5539	5539		sufficient to indicate that a lease contract has been made 3738
5540	5540		between the parties and to describe the goods leased and the 3739
5541	5541		lease term. 3740
5542	5542		(3) A record writing is not insufficient because it omits 3741
5543	5543		or incorrectly states a term agreed upon, but the lease contract 3742
5544	5544		is not enforceable under paragraph (1)(b) beyond the lease term 3743
5545	5545		and the quantity of goods shown in the record writing. 3744
5546	5546		(5) The lease term under a lease contract re ferred to in 3745
5547	5547		subsection (4) is: 3746
5548	5548		(a) If there is a record writing signed by the party 3747
5549	5549		against whom enforcement is sought or by that party's authorized 3748
5550	5550		agent specifying the lease term, the term so specified; 3749
5551	5551		(b) If the party against whom enforcement is s ought admits 3750
5552		-	~~ENROLLED~~
5553		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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5560	5560		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5561	5561
5562	5562
5563	5563
5564	5564		in that party's pleading, testimony, or otherwise in court a 3751
5565	5565		lease term, the term so admitted; or 3752
5566	5566		(c) A reasonable lease term. 3753
5567	5567		Section 127. Section 680.202, Florida Statutes, is amended 3754
5568	5568		to read: 3755
5569	5569		680.202 Final written expression: parol or extrinsic 3756
5570	5570		evidence.—Terms with respect to which the confirmatory memoranda 3757
5571	5571		of the parties agree or which are otherwise set forth in a 3758
5572	5572		record writing intended by the parties as a final expression of 3759
5573	5573		their agreement with respect to such terms as are inclu ded 3760
5574	5574		therein may not be contradicted by evidence of any prior 3761
5575	5575		agreement or of a contemporaneous oral agreement but may be 3762
5576	5576		explained or supplemented: 3763
5577	5577		(1) By course of dealing or usage of trade or by course of 3764
5578	5578		performance; and 3765
5579	5579		(2) By evidence of consisten t additional terms unless the 3766
5580	5580		court finds the record writing to have been intended also as a 3767
5581	5581		complete and exclusive statement of the terms of the agreement. 3768
5582	5582		Section 128. Section 680.203, Florida Statutes, is amended 3769
5583	5583		to read: 3770
5584	5584		680.203 Seals inoperative .—The affixing of a seal to a 3771
5585	5585		record writing evidencing a lease contract or an offer to enter 3772
5586	5586		into a lease contract does not render the record writing a 3773
5587	5587		sealed instrument, and the law with respect to sealed 3774
5588	5588		instruments does not apply to the lease contract or offer. 3775
5589		-	~~ENROLLED~~
5590		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5591		-
5592		-
5593		-
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5597	5597		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5598	5598
5599	5599
5600	5600
5601	5601		Section 129. Section 680.205, Florida Statutes, is amended 3776
5602	5602		to read: 3777
5603	5603		680.205 Firm offers. —An offer by a merchant to lease goods 3778
5604	5604		to or from another person in a signed record writing that by its 3779
5605	5605		terms gives assurance it will be held open is no t revocable, for 3780
5606	5606		lack of consideration, during the time stated or, if no time is 3781
5607	5607		stated, for a reasonable time, but in no event may the period of 3782
5608	5608		irrevocability exceed 3 months. Any such term of assurance on a 3783
5609	5609		form supplied by the offeree must be separatel y signed by the 3784
5610	5610		offeror. 3785
5611	5611		Section 130. Subsection (2) of section 680.208, Florida 3786
5612	5612		Statutes, is amended to read: 3787
5613	5613		680.208 Modification, rescission, and waiver. — 3788
5614	5614		(2) A signed lease agreement that excludes modification or 3789
5615	5615		rescission except by a signed record writing may not be 3790
5616	5616		otherwise modified or rescinded, but, except as between 3791
5617	5617		merchants, such a requirement on a form supplied by a merchant 3792
5618	5618		must be separately signed by the other party. 3793
5619	5619		Section 131. Part VI of chapter 680, Florida Statutes, 3794
5620	5620		consisting of s. 680.601, Florida Statutes, is created and 3795
5621	5621		entitled "Transitional Provisions." 3796
5622	5622		Section 132. Section 680.601, Florida Statutes, is created 3797
5623	5623		to read: 3798
5624	5624		680.601 Saving clause. —Except as provided in ss. 669.501 -3799
5625	5625		669.706, a transaction validly entere d into before July 1, 2025, 3800
5626		-	~~ENROLLED~~
5627		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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5629		-
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5634	5634		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5635	5635
5636	5636
5637	5637
5638	5638		and the rights, duties, and interests flowing from such 3801
5639	5639		transaction remain valid thereafter and may be terminated, 3802
5640	5640		completed, consummated, or enforced as required or permitted by 3803
5641	5641		law other than the Uniform Commercial Code or, if applicable, by 3804
5642	5642		the Uniform Commercial Code as though this act had not taken 3805
5643	5643		effect. 3806
5644	5644		Section 133. Subsection (6) of section 55.205, Florida 3807
5645	5645		Statutes, is amended to read: 3808
5646	5646		55.205 Effect of judgment lien. — 3809
5647	5647		(6) A judgment lien acquired under s. 55.202 may be 3810
5648	5648		enforced only through judicial process, including attachment 3811
5649	5649		under chapter 76; execution under chapter 56; garnishment under 3812
5650	5650		chapter 77; a charging order under s. 605.0503, s. 620.1703, or 3813
5651	5651		s. 620.8504; or proceedings supplementary to execution under s. 3814
5652	5652		56.29. A holder of a judgment lien acquired under s. 55.202, who 3815
5653	5653		is not enforcing separate lien rights in a judgment debtor's 3816
5654	5654		property, may not enforce his or her rights under this section 3817
5655	5655		through self-help repossession or replevin without a court orde r 3818
5656	5656		or without the express consent of the judgment debtor contained 3819
5657	5657		in a record authenticated in accordance with s. 668.50 or s. 3820
5658	5658		679.1021(1) s. 679.1021(1)(g) after the judgment lien attaches. 3821
5659	5659		Section 134. Subsection (2) and paragraph (b) of 3822
5660	5660		subsection (3) of section 319.27, Florida Statutes, are amended 3823
5661	5661		to read: 3824
5662	5662		319.27 Notice of lien on motor vehicles or mobile homes; 3825
5663		-	~~ENROLLED~~
5664		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5665		-
5666		-
5667		-
5668		-	CODING: Words stricken are deletions; words underlined are additions.
5669		-	hb515 -03-er
	5663	+
	5664	+	CS/CS/HB 515, Engrossed 1 2025
	5665	+
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5670	5670		Page 154 of 181
5671	5671		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5672	5672
5673	5673
5674	5674
5675	5675		notation on certificate; recording of lien. — 3826
5676	5676		(2) No lien for purchase money or as security for a debt 3827
5677	5677		in the form of a security agreem ent, retain title contract, 3828
5678	5678		conditional bill of sale, chattel mortgage, or other similar 3829
5679	5679		instrument or any other nonpossessory lien, including a lien for 3830
5680	5680		child support, upon a motor vehicle or mobile home upon which a 3831
5681	5681		Florida certificate of title has been issued shall be 3832
5682	5682		enforceable in any of the courts of this state against creditors 3833
5683	5683		or subsequent purchasers for a valuable consideration and 3834
5684	5684		without notice, unless a sworn notice of such lien has been 3835
5685	5685		filed in the department and such lien has been noted upon the 3836
5686	5686		certificate of title of the motor vehicle or mobile home. Such 3837
5687	5687		notice shall be effective as constructive notice when filed. The 3838
5688	5688		interest of a statutory nonpossessory lienor; the interest of a 3839
5689	5689		nonpossessory execution, attachment, or equitable lienor; o r the 3840
5690	5690		interest of a lien creditor as defined in s. 679.1021(1) s. 3841
5691	5691		679.1021(1)(zz), if nonpossessory, is shall not be enforceable 3842
5692	5692		against creditors or subsequent purchasers for a valuable 3843
5693	5693		consideration unless such interest becomes a possessory lien or 3844
5694	5694		is noted upon the certificate of title for the subject motor 3845
5695	5695		vehicle or mobile home prior to the occurrence of the subsequent 3846
5696	5696		transaction. Provided the provisions of this subsection relating 3847
5697	5697		to a nonpossessory statutory lienor; a nonpossessory execution, 3848
5698	5698		attachment, or equitable lienor; or the interest of a lien 3849
5699	5699		creditor as defined in s. 679.1021(1) does s. 679.1021(1)(zz) 3850
5700		-	~~ENROLLED~~
5701		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5702		-
5703		-
5704		-
5705		-	CODING: Words stricken are deletions; words underlined are additions.
5706		-	hb515 -03-er
	5700	+
	5701	+	CS/CS/HB 515, Engrossed 1 2025
	5702	+
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5707	5707		Page 155 of 181
5708	5708		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5709	5709
5710	5710
5711	5711
5712	5712		shall not apply to liens validly perfected before prior to 3851
5713	5713		October 1, 1988. The notice of lien must shall provide the 3852
5714	5714		following information: 3853
5715	5715		(a) The date of the lien if a security agreement, retain 3854
5716	5716		title contract, conditional bill of sale, chattel mortgage, or 3855
5717	5717		other similar instrument was executed prior to the filing of the 3856
5718	5718		notice of lien; 3857
5719	5719		(b) The name and address of the registered owner; 3858
5720	5720		(c) A description of the motor vehicle or mobile home, 3859
5721	5721		showing the make, type, and vehicle identification number; and 3860
5722	5722		(d) The name and address of the lienholder. 3861
5723	5723		(3) 3862
5724	5724		(b) As applied to a determination of the respective rights 3863
5725	5725		of a secured party under this chapter and a lien creditor as 3864
5726	5726		defined by s. 679.1021(1) s. 679.1021(1)(zz), or a nonpossessory 3865
5727	5727		statutory lienor, a security interest under this chapter shall 3866
5728	5728		be perfected upon the filing of the notice of lien with the 3867
5729	5729		department, the county tax colle ctor, or their agents. Provided, 3868
5730	5730		however, the date of perfection of a security interest of such 3869
5731	5731		secured party shall be the same date as the execution of the 3870
5732	5732		security agreement or other similar instrument if the notice of 3871
5733	5733		lien is filed in accordance with th is subsection within 15 days 3872
5734	5734		after the debtor receives possession of the motor vehicle or 3873
5735	5735		mobile home and executes such security agreement or other 3874
5736	5736		similar instrument. The date of filing of the notice of lien 3875
5737		-	~~ENROLLED~~
5738		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5739		-
5740		-
5741		-
5742		-	CODING: Words stricken are deletions; words underlined are additions.
5743		-	hb515 -03-er
	5737	+
	5738	+	CS/CS/HB 515, Engrossed 1 2025
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5744	5744		Page 156 of 181
5745	5745		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5746	5746
5747	5747
5748	5748
5749	5749		shall be the date of its receipt by the departm ent central 3876
5750	5750		office in Tallahassee, if first filed there, or otherwise by the 3877
5751	5751		office of the county tax collector, or their agents. 3878
5752	5752		Section 135. Subsection (2) of section 328.0015, Florida 3879
5753	5753		Statutes, is amended to read: 3880
5754	5754		328.0015 Definitions. — 3881
5755	5755		(2) The following definitions and terms also apply to this 3882
5756	5756		part: 3883
5757	5757		(a) "Agreement" as defined in s. 671.201 s. 671.201(3). 3884
5758	5758		(b) "Buyer in ordinary course of business" as defined in 3885
5759	5759		s. 671.201 s. 671.201(9). 3886
5760	5760		(c) "Conspicuous" as defined in s. 671.201 s. 671.201(11). 3887
5761	5761		(d) "Consumer goods" as defined in s. 679.1021(1) s. 3888
5762	5762		679.1021(1)(w). 3889
5763	5763		(e) "Debtor" as defined in s. 679.1021(1) s. 3890
5764	5764		679.1021(1)(bb). 3891
5765	5765		(f) "Knowledge" as defined in s. 671.209. 3892
5766	5766		(g) "Lease" as defined in s. 680.1031(1) s. 3893
5767	5767		680.1031(1)(j). 3894
5768	5768		(h) "Lessor" as defined in s. 6801031(1) s. 3895
5769	5769		680.1031(1)(p). 3896
5770	5770		(i) "Notice" as defined s. 671.209. 3897
5771	5771		(j) "Representative" as defined in s. 671.201 s. 3898
5772	5772		671.201(37). 3899
5773	5773		(k) "Sale" as defined in s. 672.106(1). 3900
5774		-	~~ENROLLED~~
5775		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5776		-
5777		-
5778		-
5779		-	CODING: Words stricken are deletions; words underlined are additions.
5780		-	hb515 -03-er
	5774	+
	5775	+	CS/CS/HB 515, Engrossed 1 2025
	5776	+
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5781	5781		Page 157 of 181
5782	5782		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5783	5783
5784	5784
5785	5785
5786	5786		(l) "Security agreement" as defined in s. 679.1021(1) s. 3901
5787	5787		679.1021(1)(uuu). 3902
5788	5788		(m) "Seller" as defined in s. 672.103(1) s. 672.103(1)(d). 3903
5789	5789		(n) "Send" as defined in s. 671.201 s. 671.201(40). 3904
5790	5790		(o) "Value" as defined in s. 671.211. 3905
5791	5791		Section 136. Subsection (13) of section 517.061, Florida 3906
5792	5792		Statutes, is amended to read: 3907
5793	5793		517.061 Exempt transactions. —Except as otherwise provided 3908
5794	5794		in subsection (11), the exemptions provided herein from the 3909
5795	5795		registration requirements of s. 517.07 are self -executing and do 3910
5796	5796		not require any filing with the office before being claimed. Any 3911
5797	5797		person who claims entitlement to an exemption under this section 3912
5798	5798		bears the burden of proving such entitlement in any proceeding 3913
5799	5799		brought under this chapter. The registration provisions of s. 3914
5800	5800		517.07 do not apply to any of the following transactions; 3915
5801	5801		however, such transactions are subject to s. 517.301: 3916
5802	5802		(13) By or for the account of a pledgeholder, a secured 3917
5803	5803		party as defined in s. 679.1021(1) s. 679.1021(1)(ttt), or a 3918
5804	5804		mortgagee selling or offering for sale or delivery in the 3919
5805	5805		ordinary course of business and not for the purposes of avoiding 3920
5806	5806		the provisions of this chapter, to liquidate a bona fide debt, a 3921
5807	5807		security pledged in good faith as security for such debt. 3922
5808	5808		Section 137. Subsection (2) of section 559.9232, Florida 3923
5809	5809		Statutes, is amended to read: 3924
5810	5810		559.9232 Definitions; exclusion of rental -purchase 3925
5811		-	~~ENROLLED~~
5812		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5813		-
5814		-
5815		-
5816		-	CODING: Words stricken are deletions; words underlined are additions.
5817		-	hb515 -03-er
	5811	+
	5812	+	CS/CS/HB 515, Engrossed 1 2025
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5818	5818		Page 158 of 181
5819	5819		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5820	5820
5821	5821
5822	5822
5823	5823		agreements from certain regulations. — 3926
5824	5824		(2) A rental-purchase agreement that complies with this 3927
5825	5825		act may shall not be construed to be, nor be governed by, any of 3928
5826	5826		the following: 3929
5827	5827		(a) A lease or agreement that constitutes a credit sale as 3930
5828	5828		defined in 12 C.F.R. s. 226.2(a)(16) and s. 1602(g) of the 3931
5829	5829		federal Truth in Lending Act, 15 U.S.C. ss. 1601 et seq.; 3932
5830	5830		(b) A lease that constitutes a "consumer lease" as defined 3933
5831	5831		in 12 C.F.R. s. 213.2(a)(6); 3934
5832	5832		(c) Any lease for agricultural, business, or commercial 3935
5833	5833		purposes; 3936
5834	5834		(d) Any lease made to an organization; 3937
5835	5835		(e) A lease or agreement that constitutes a "retail 3938
5836	5836		installment contract" or "retail installment transaction" as 3939
5837	5837		those terms are defined in s. 520.31; or 3940
5838	5838		(f) A security interest as defined in s. 671.201 s. 3941
5839	5839		671.201(39). 3942
5840	5840		Section 138. Paragraph (g) of subsection (2) of section 3943
5841	5841		563.022, Florida Statutes, is amended to read: 3944
5842	5842		563.022 Relations between beer distributors and 3945
5843	5843		manufacturers.— 3946
5844	5844		(2) DEFINITIONS.—In construing this section, unless the 3947
5845	5845		context otherwise requires, the word, phrase, or term: 3948
5846	5846		(g) "Good faith" means honesty in fact in the conduct or 3949
5847	5847		transaction concerned as defined and interpreted under s. 3950
5848		-	~~ENROLLED~~
5849		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5850		-
5851		-
5852		-
5853		-	CODING: Words stricken are deletions; words underlined are additions.
5854		-	hb515 -03-er
	5848	+
	5849	+	CS/CS/HB 515, Engrossed 1 2025
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5855	5855		Page 159 of 181
5856	5856		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5857	5857
5858	5858
5859	5859
5860	5860		671.201 s. 671.201(21). 3951
5861	5861		Section 139. Paragraph (d) of subsection (16) of section 3952
5862	5862		668.50, Florida Statutes, is amended, and paragraph (b) of 3953
5863	5863		subsection (3) of that section is republished, to read: 3954
5864	5864		668.50 Uniform Electronic Transaction Act. — 3955
5865	5865		(3) SCOPE.— 3956
5866	5866		(b) This section does not apply to a transact ion to the 3957
5867	5867		extent the transaction is governed by: 3958
5868	5868		1. A provision of law governing the creation and execution 3959
5869	5869		of wills, codicils, or testamentary trusts; 3960
5870	5870		2. The Uniform Commercial Code other than s. 671.107 and 3961
5871	5871		chapters 672 and 680; or 3962
5872	5872		3. The Uniform Computer Information Transactions Act. 3963
5873	5873		(16) TRANSFERABLE RECORDS. — 3964
5874	5874		(d) Except as otherwise agreed, a person having control of 3965
5875	5875		a transferable record is the holder, as defined in s. 671.201 s. 3966
5876	5876		671.201(22), of the transferable record and has the same righ ts 3967
5877	5877		and defenses as a holder of an equivalent record or writing 3968
5878	5878		under the Uniform Commercial Code, including, if the applicable 3969
5879	5879		statutory requirements under s. 673.3021, s. 677.501, or s. 3970
5880	5880		679.330 are satisfied, the rights and defenses of a holder in 3971
5881	5881		due course, a holder to which a negotiable document of title has 3972
5882	5882		been duly negotiated, or a purchaser, respectively. Delivery, 3973
5883	5883		possession, and indorsement are not required to obtain or 3974
5884	5884		exercise any of the rights under this paragraph. 3975
5885		-	~~ENROLLED~~
5886		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5887		-
5888		-
5889		-
5890		-	CODING: Words stricken are deletions; words underlined are additions.
5891		-	hb515 -03-er
	5885	+
	5886	+	CS/CS/HB 515, Engrossed 1 2025
	5887	+
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5892	5892		Page 160 of 181
5893	5893		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5894	5894
5895	5895
5896	5896
5897	5897		Section 140. For the purp ose of incorporating the 3976
5898	5898		amendment made by this act to section 671.105, Florida Statutes, 3977
5899	5899		in a reference thereto, subsections (1) and (2) of section 3978
5900	5900		655.55, Florida Statutes, are reenacted to read: 3979
5901	5901		655.55 Law applicable to deposits in and contracts 3980
5902	5902		relating to extensions of credit by a deposit or lending 3981
5903	5903		institution located in this state. — 3982
5904	5904		(1) The law of this state, excluding its law regarding 3983
5905	5905		comity and conflict of laws, governs all aspects, including 3984
5906	5906		without limitation the validity and effect, of any deposit 3985
5907	5907		account in a branch or office in this state of a deposit or 3986
5908	5908		lending institution, including a deposit account otherwise 3987
5909	5909		covered by s. 671.105(1), regardless of the citizenship, 3988
5910	5910		residence, location, or domicile of any other party to the 3989
5911	5911		contract or agreement governing such deposit account, and 3990
5912	5912		regardless of any provision of any law of the jurisdiction of 3991
5913	5913		the residence, location, or domicile of such other party, 3992
5914	5914		whether or not such deposit account bears any other relation to 3993
5915	5915		this state, except that thi s section does not apply to any such 3994
5916	5916		deposit account: 3995
5917	5917		(a) To the extent provided to the contrary in s. 3996
5918	5918		671.105(2); or 3997
5919	5919		(b) To the extent that all parties to the contract or 3998
5920	5920		agreement governing such deposit account have agreed in writing 3999
5921	5921		that the law of another jurisdiction will govern it. 4000
5922		-	~~ENROLLED~~
5923		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5924		-
5925		-
5926		-
5927		-	CODING: Words stricken are deletions; words underlined are additions.
5928		-	hb515 -03-er
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	5923	+	CS/CS/HB 515, Engrossed 1 2025
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5929	5929		Page 161 of 181
5930	5930		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5931	5931
5932	5932
5933	5933
5934	5934		(2) The law of this state, excluding its law regarding 4001
5935	5935		comity and conflict of laws, governs all aspects, including 4002
5936	5936		without limitation the validity and effect, of any contract 4003
5937	5937		relating to an extension of credit made by a branch or office in 4004
5938	5938		this state of a deposit or lending institution, including a 4005
5939	5939		contract otherwise covered by s. 671.105(1), if the contract 4006
5940	5940		expressly provides that it will be governed by the law of this 4007
5941	5941		state, regardless of the citizenship, residence, location, or 4008
5942	5942		domicile of any other party to such contract and regardless of 4009
5943	5943		any provision of any law of the jurisdiction of the residence, 4010
5944	5944		location, or domicile of such other party, whether or not such 4011
5945	5945		contract bears any other relation to this state, excep t that 4012
5946	5946		this section does not apply to any such contract to the extent 4013
5947	5947		provided to the contrary in s. 671.105(2). 4014
5948	5948		Section 141. For the purpose of incorporating the 4015
5949	5949		amendment made by this act to section 671.105, Florida Statutes, 4016
5950	5950		in a reference thereto, subsection (2) of section 685.101, 4017
5951	5951		Florida Statutes, is reenacted to read: 4018
5952	5952		685.101 Choice of law. — 4019
5953	5953		(2) This section does not apply to any contract, 4020
5954	5954		agreement, or undertaking: 4021
5955	5955		(a) Regarding any transaction which does not bear a 4022
5956	5956		substantial or reasonab le relation to this state in which every 4023
5957	5957		party is either or a combination of: 4024
5958	5958		1. A resident and citizen of the United States, but not of 4025
5959		-	~~ENROLLED~~
5960		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5961		-
5962		-
5963		-
5964		-	CODING: Words stricken are deletions; words underlined are additions.
5965		-	hb515 -03-er
	5959	+
	5960	+	CS/CS/HB 515, Engrossed 1 2025
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5967	5967		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
5968	5968
5969	5969
5970	5970
5971	5971		this state; or 4026
5972	5972		2. Incorporated or organized under the laws of another 4027
5973	5973		state and does not maintain a place of business in this state; 4028
5974	5974		(b) For labor or employment; 4029
5975	5975		(c) Relating to any transaction for personal, family, or 4030
5976	5976		household purposes, unless such contract, agreement, or 4031
5977	5977		undertaking concerns a trust at least one trustee of which 4032
5978	5978		resides or transacts busine ss as a trustee in this state, in 4033
5979	5979		which case this section applies; 4034
5980	5980		(d) To the extent provided to the contrary in s. 4035
5981	5981		671.105(2); or 4036
5982	5982		(e) To the extent such contract, agreement, or undertaking 4037
5983	5983		is otherwise covered or affected by s. 655.55. 4038
5984	5984		Section 142. For the purpose of incorporating the 4039
5985	5985		amendment made by this act to section 673.1041, Florida 4040
5986	5986		Statutes, in a reference thereto, subsection (1) of section 4041
5987	5987		90.953, Florida Statutes, is reenacted to read: 4042
5988	5988		90.953 Admissibility of duplicates. —A duplicate is 4043
5989	5989		admissible to the same extent as an original, unless: 4044
5990	5990		(1) The document or writing is a negotiable instrument as 4045
5991	5991		defined in s. 673.1041, a security as defined in s. 678.1021, or 4046
5992	5992		any other writing that evidences a right to the payment of 4047
5993	5993		money, is not itself a security agreement or lease, and is of a 4048
5994	5994		type that is transferred by delivery in the ordinary course of 4049
5995	5995		business with any necessary endorsement or assignment. 4050
5996		-	~~ENROLLED~~
5997		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
5998		-
5999		-
6000		-
6001		-	CODING: Words stricken are deletions; words underlined are additions.
6002		-	hb515 -03-er
	5996	+
	5997	+	CS/CS/HB 515, Engrossed 1 2025
	5998	+
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6003	6003		Page 163 of 181
6004	6004		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6005	6005
6006	6006
6007	6007
6008	6008		Section 143. For the purpose of incorporating the 4051
6009	6009		amendment made by this act to section 673.1041, Florida 4052
6010	6010		Statutes, in a reference thereto, subsections (1), (3), and (4) 4053
6011	6011		of section 673.1061, Florida Statutes, are reenacted to read: 4054
6012	6012		673.1061 Unconditional promise or order. — 4055
6013	6013		(1) Except as provided in this section, for the purposes 4056
6014	6014		of s. 673.1041(1), a promise or order is unconditional unless it 4057
6015	6015		states: 4058
6016	6016		(a) An express condition to payment; 4059
6017	6017		(b) That the promise or order is subject to or governed by 4060
6018	6018		another writing; or 4061
6019	6019		(c) That rights or obligations with respect to the promise 4062
6020	6020		or order are stated in another writing. 4063
6021	6021		4064
6022	6022		A reference to another writing does not of itself make the 4065
6023	6023		promise or order conditional. 4066
6024	6024		(3) If a promise or order requires, as a condition to 4067
6025	6025		payment, a countersignature by a person whose specimen signature 4068
6026	6026		appears on the promise or order, the condition does not make the 4069
6027	6027		promise or order conditional for the purposes of s. 673.1041(1). 4070
6028	6028		If the person whose specimen signature appears on an instrument 4071
6029	6029		fails to countersign the instrument, the failure to countersign 4072
6030	6030		is a defense to the obligation of the issuer, but the failure 4073
6031	6031		does not prevent a transferee of the instrument from becoming a 4074
6032	6032		holder of the instrument. 4075
6033		-	~~ENROLLED~~
6034		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6035		-
6036		-
6037		-
6038		-	CODING: Words stricken are deletions; words underlined are additions.
6039		-	hb515 -03-er
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	6034	+	CS/CS/HB 515, Engrossed 1 2025
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6040	6040		Page 164 of 181
6041	6041		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6042	6042
6043	6043
6044	6044
6045	6045		(4) If a promise or order at the time it is issued or 4076
6046	6046		first comes into possession of a holder contains a statement, 4077
6047	6047		required by applicable statutory or administrative law, to the 4078
6048	6048		effect that the rights of a holder or transferee are subject to 4079
6049	6049		claims or defenses that the issuer could assert against the 4080
6050	6050		original payee, the promise or order is not thereby made 4081
6051	6051		conditional for the purposes of s. 673.1041(1); but if the 4082
6052	6052		promise or order is an instrument, there cannot be a holder in 4083
6053	6053		due course of the instrument. 4084
6054	6054		Section 144. For the purpose of incorporating the 4085
6055	6055		amendment made by this act to section 673.1041, Florida 4086
6056	6056		Statutes, in a reference thereto, subsection (2) of section 4087
6057	6057		673.1151, Florida Statutes, is reenacted to read: 4088
6058	6058		673.1151 Incomplete instrument. — 4089
6059	6059		(2) Subject to subsection (3), if an incomplete instrument 4090
6060	6060		is an instrument under s. 673.1041, it may be enforced according 4091
6061	6061		to its terms if it is not completed, or according to its terms 4092
6062	6062		as augmented by completion. If an incomplete instrument is not 4093
6063	6063		an instrument under s. 673.1041, but, after completion, the 4094
6064	6064		requirements of s. 673.1041 are met, the instrument may be 4095
6065	6065		enforced according to its terms as augmented by completion. 4096
6066	6066		Section 145. For the purpose of incorporating the 4097
6067	6067		amendment made by this act to sections 673.1041 and 673.1051, 4098
6068	6068		Florida Statutes, in a reference thereto, subsection (2) of 4099
6069	6069		section 673.1031, Flo rida Statutes, is reenacted to read: 4100
6070		-	~~ENROLLED~~
6071		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6072		-
6073		-
6074		-
6075		-	CODING: Words stricken are deletions; words underlined are additions.
6076		-	hb515 -03-er
	6070	+
	6071	+	CS/CS/HB 515, Engrossed 1 2025
	6072	+
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6077	6077		Page 165 of 181
6078	6078		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6079	6079
6080	6080
6081	6081
6082	6082		673.1031 Definitions. — 4101
6083	6083		(2) Other definitions applying to this chapter and the 4102
6084	6084		sections in which they appear are: 4103
6085	6085		"Acceptance," s. 673.4091. 4104
6086	6086		"Accommodated party," s. 673.4191. 4105
6087	6087		"Accommodation party," s. 673.4191. 4106
6088	6088		"Alteration," s. 673.4071. 4107
6089	6089		"Anomalous indorsement," s. 673.2051. 4108
6090	6090		"Blank indorsement," s. 673.2051. 4109
6091	6091		"Cashier's check," s. 673.1041. 4110
6092	6092		"Certificate of deposit," s. 673.1041. 4111
6093	6093		"Certified check," s. 673.4091. 4112
6094	6094		"Check," s. 673.1041. 4113
6095	6095		"Consideration," s. 673.3031. 4114
6096	6096		"Draft," s. 673.1041. 4115
6097	6097		"Holder in due course," s. 673.3021. 4116
6098	6098		"Incomplete instrument," s. 673.1151. 4117
6099	6099		"Indorsement," s. 673.2041. 4118
6100	6100		"Indorser," s. 673.2041. 4119
6101	6101		"Instrument," s. 673.1041. 4120
6102	6102		"Issue," s. 673.1051. 4121
6103	6103		"Issuer," s. 673.1051. 4122
6104	6104		"Negotiable instrument," s. 673.1041. 4123
6105	6105		"Negotiation," s. 673.2011. 4124
6106	6106		"Note," s. 673.1041. 4125
6107		-	~~ENROLLED~~
6108		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6109		-
6110		-
6111		-
6112		-	CODING: Words stricken are deletions; words underlined are additions.
6113		-	hb515 -03-er
	6107	+
	6108	+	CS/CS/HB 515, Engrossed 1 2025
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6114	6114		Page 166 of 181
6115	6115		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6116	6116
6117	6117
6118	6118
6119	6119		"Payable at a definite time," s. 673.1081. 4126
6120	6120		"Payable on demand," s. 673.1081. 4127
6121	6121		"Payable to bearer," s. 673.1091. 4128
6122	6122		"Payable to order," s. 673.1091. 4129
6123	6123		"Payment," s. 673.6021. 4130
6124	6124		"Person entitled to enforce," s. 673.3011. 4131
6125	6125		"Presentment," s. 673.5011. 4132
6126	6126		"Reacquisition," s. 673.2071. 4133
6127	6127		"Special indorsement," s. 673.2051. 4134
6128	6128		"Teller's check," s. 673.1041. 4135
6129	6129		"Transfer of instrument," s. 673.2031. 4136
6130	6130		"Traveler's check," s. 673.1041. 4137
6131	6131		"Value," s. 673.3031. 4138
6132	6132		Section 146. For the purpose of incorporating the 4139
6133	6133		amendment made by this act to section 673.6041, Florida 4140
6134	6134		Statutes, in a reference thereto, subsection (2) of section 4141
6135	6135		673.6051, Florida Statutes, is reenacted to read: 4142
6136	6136		673.6051 Discharge of in dorsers and accommodation 4143
6137	6137		parties.— 4144
6138	6138		(2) Discharge, under s. 673.6041, of the obligation of a 4145
6139	6139		party to pay an instrument does not discharge the obligation of 4146
6140	6140		an indorser or accommodation party having a right of recourse 4147
6141	6141		against the discharged party. 4148
6142	6142		Section 147. For the purpose of incorporating the 4149
6143	6143		amendment made by this act to section 675.116, Florida Statutes, 4150
6144		-	~~ENROLLED~~
6145		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6146		-
6147		-
6148		-
6149		-	CODING: Words stricken are deletions; words underlined are additions.
6150		-	hb515 -03-er
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6151	6151		Page 167 of 181
6152	6152		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6153	6153
6154	6154
6155	6155
6156	6156		in a reference thereto, subsection (2) of section 679.3061, 4151
6157	6157		Florida Statutes, is reenacted to read: 4152
6158	6158		679.3061 Law governing perfection and pr iority of security 4153
6159	6159		interests in letter-of-credit rights.— 4154
6160	6160		(2) For purposes of this part, an issuer's jurisdiction or 4155
6161	6161		nominated person's jurisdiction is the jurisdiction whose law 4156
6162	6162		governs the liability of the issuer or nominated person with 4157
6163	6163		respect to the letter-of-credit right as provided in s. 675.116. 4158
6164	6164		Section 148. For the purpose of incorporating the 4159
6165	6165		amendment made by this act to section 675.104, Florida Statutes, 4160
6166	6166		in a reference thereto, paragraph (j) of subsection (1) of 4161
6167	6167		section 675.103, Florida St atutes, is reenacted to read: 4162
6168	6168		675.103 Definitions. — 4163
6169	6169		(1) For purposes of this chapter: 4164
6170	6170		(j) "Letter of credit" means a definite undertaking that 4165
6171	6171		satisfies the requirements of s. 675.104 by an issuer to a 4166
6172	6172		beneficiary at the request or for the account of an applicant 4167
6173	6173		or, in the case of a financial institution, to itself or for its 4168
6174	6174		own account, to honor a documentary presentation by payment or 4169
6175	6175		delivery of an item of value. 4170
6176	6176		Section 149. For the purpose of incorporating the 4171
6177	6177		amendment made by this act to section 679.2031, Florida 4172
6178	6178		Statutes, in a reference thereto, subsection (3) of section 4173
6179	6179		674.2101, Florida Statutes, is reenacted to read: 4174
6180	6180		674.2101 Security interest of collecting bank in items, 4175
6181		-	~~ENROLLED~~
6182		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6183		-
6184		-
6185		-
6186		-	CODING: Words stricken are deletions; words underlined are additions.
6187		-	hb515 -03-er
	6181	+
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6188	6188		Page 168 of 181
6189	6189		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6190	6190
6191	6191
6192	6192
6193	6193		accompanying documents, and proceeds. — 4176
6194	6194		(3) Receipt by a coll ecting bank of a final settlement for 4177
6195	6195		an item is a realization on its security interest in the item, 4178
6196	6196		accompanying documents, and proceeds. So long as the bank does 4179
6197	6197		not receive final settlement for the item or give up possession 4180
6198	6198		of the item or possession or control of the accompanying or 4181
6199	6199		associated documents for purposes other than collection, the 4182
6200	6200		security interest continues to that extent and is subject to 4183
6201	6201		chapter 679, but: 4184
6202	6202		(a) No security agreement is necessary to make the 4185
6203	6203		security interest enforceable ( s. 679.2031(2)(c)1.); 4186
6204	6204		(b) No filing is required to perfect the security 4187
6205	6205		interest; and 4188
6206	6206		(c) The security interest has priority over conflicting 4189
6207	6207		perfected security interests in the item, accompanying 4190
6208	6208		documents, or proceeds. 4191
6209	6209		Section 150. For the purpos e of incorporating the 4192
6210	6210		amendment made by this act to section 679.2031, Florida 4193
6211	6211		Statutes, in a reference thereto, subsection (2) of section 4194
6212	6212		675.1181, Florida Statutes, is reenacted to read: 4195
6213	6213		675.1181 Security interest of issuer or nominated person. — 4196
6214	6214		(2) As long as and to the extent that an issuer or 4197
6215	6215		nominated person has not been reimbursed or has not otherwise 4198
6216	6216		recovered the value given with respect to a security interest in 4199
6217	6217		a document under subsection (1), the security interest continues 4200
6218		-	~~ENROLLED~~
6219		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6220		-
6221		-
6222		-
6223		-	CODING: Words stricken are deletions; words underlined are additions.
6224		-	hb515 -03-er
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6225	6225		Page 169 of 181
6226	6226		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6227	6227
6228	6228
6229	6229
6230	6230		and is subject to chapter 679, but a security agreement is not 4201
6231	6231		necessary to make the security interest enforceable under s. 4202
6232	6232		679.2031(2)(c): 4203
6233	6233		(a) If the document is presented in a medium other than a 4204
6234	6234		written or other tangible medium, the security interest is 4205
6235	6235		perfected; and 4206
6236	6236		(b) If the document is presented in a written or other 4207
6237	6237		tangible medium and is not a certificated security, chattel 4208
6238	6238		paper, a document of title, an instrument, or a letter of 4209
6239	6239		credit, the security interest is perfected and has priority over 4210
6240	6240		a conflicting security interest in the document so long as the 4211
6241	6241		debtor does not have possession of the document. 4212
6242	6242		Section 151. For the purpose of incorporating the 4213
6243	6243		amendment made by this act to section 679.2031, Florida 4214
6244	6244		Statutes, in a reference thereto, section 679.110 1, Florida 4215
6245	6245		Statutes, is reenacted to read: 4216
6246	6246		679.1101 Security interests arising under chapter 672 or 4217
6247	6247		chapter 680.—A security interest arising under s. 672.401, s. 4218
6248	6248		672.505, s. 672.711(3), or s. 680.508(5) is subject to this 4219
6249	6249		chapter. However, until the debt or obtains possession of the 4220
6250	6250		goods: 4221
6251	6251		(1) The security interest is enforceable, even if s. 4222
6252	6252		679.2031(2)(c) has not been satisfied; 4223
6253	6253		(2) Filing is not required to perfect the security 4224
6254	6254		interest; 4225
6255		-	~~ENROLLED~~
6256		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6257		-
6258		-
6259		-
6260		-	CODING: Words stricken are deletions; words underlined are additions.
6261		-	hb515 -03-er
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6262	6262		Page 170 of 181
6263	6263		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6264	6264
6265	6265
6266	6266
6267	6267		(3) The rights of the secured party after default by the 4226
6268	6268		debtor are governed by chapter 672 or chapter 680; and 4227
6269	6269		(4) The security interest has priority over a conflicting 4228
6270	6270		security interest created by the debtor. 4229
6271	6271		Section 152. For the purpose of incorporating the 4230
6272	6272		amendment made by this act to section 677.106, Florida Statutes, 4231
6273	6273		in a reference thereto, subsection (3) of section 672.103, 4232
6274	6274		Florida Statutes, is reenacted to read: 4233
6275	6275		672.103 Definitions and index of definitions. — 4234
6276	6276		(3) The following definitions in other chapters apply to 4235
6277	6277		this chapter: 4236
6278	6278		"Check," s. 673.1041. 4237
6279	6279		"Consignee," s. 677.102. 4238
6280	6280		"Consignor," s. 677.102. 4239
6281	6281		"Consumer goods," s. 679.1021. 4240
6282	6282		"Control," s. 677.106. 4241
6283	6283		"Dishonor," s. 673.5021. 4242
6284	6284		"Draft," s. 673.1041. 4243
6285	6285		Section 153. For the purpose of incorporating the 4244
6286	6286		amendment made by this act to section 6 77.106, Florida Statutes, 4245
6287	6287		in a reference thereto, subsection (3) of section 674.104, 4246
6288	6288		Florida Statutes, is reenacted to read: 4247
6289	6289		674.104 Definitions and index of definitions. — 4248
6290	6290		(3) The following definitions in other chapters apply to 4249
6291	6291		this chapter: 4250
6292		-	~~ENROLLED~~
6293		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6294		-
6295		-
6296		-
6297		-	CODING: Words stricken are deletions; words underlined are additions.
6298		-	hb515 -03-er
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6299	6299		Page 171 of 181
6300	6300		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6301	6301
6302	6302
6303	6303
6304	6304		"Acceptance," s. 673.4091. 4251
6305	6305		"Alteration," s. 673.4071. 4252
6306	6306		"Cashier's check," s. 673.1041. 4253
6307	6307		"Certificate of deposit," s. 673.1041. 4254
6308	6308		"Certified check," s. 673.4091. 4255
6309	6309		"Check," s. 673.1041. 4256
6310	6310		"Control," s. 677.106. 4257
6311	6311		"Good faith," s. 673.1031. 4258
6312	6312		"Holder in due course," s. 673.3021. 4259
6313	6313		"Instrument," s. 673.1041. 4260
6314	6314		"Notice of dishonor," s. 673.5031. 4261
6315	6315		"Order," s. 673.1031. 4262
6316	6316		"Ordinary care," s. 673.1031. 4263
6317	6317		"Person entitled to enforce," s. 673.3011. 4264
6318	6318		"Presentment," s. 673.5011. 4265
6319	6319		"Promise," s. 673.1031. 4266
6320	6320		"Prove," s. 673.1031. 4267
6321	6321		"Teller's check," s. 673.1041. 4268
6322	6322		"Unauthorized signature," s. 673.4031. 4269
6323	6323		Section 154. For the purpose of incorporating the 4270
6324	6324		amendment made by this act to section 678.1061, Florida 4271
6325	6325		Statutes, in a reference thereto, subsection (3) of section 4272
6326	6326		678.5101, Florida Statutes, is reenacted to read: 4273
6327	6327		678.5101 Rights of purchaser of security entitlement from 4274
6328	6328		entitlement holder.— 4275
6329		-	~~ENROLLED~~
6330		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
6331		-
6332		-
6333		-
6334		-	CODING: Words stricken are deletions; words underlined are additions.
6335		-	hb515 -03-er
	6329	+
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6337	6337		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6338	6338
6339	6339
6340	6340
6341	6341		(3) In a case not covered by the priority rules in chapter 4276
6342	6342		679, a purchaser for value of a security entitlement, or an 4277
6343	6343		interest therein, who obtains control has priority over a 4278
6344	6344		purchaser of a security entitlement, or an interest therein, who 4279
6345	6345		does not obtain control. Except as otherwise provided in 4280
6346	6346		subsection (4), purchasers who have control rank according to 4281
6347	6347		priority in time of: 4282
6348	6348		(a) The purchaser's becoming the person for whom the 4283
6349	6349		securities account, in which the security entitlement is 4284
6350	6350		carried, is maintained, if the purchaser obtained control under 4285
6351	6351		s. 678.1061(4)(a); 4286
6352	6352		(b) The securities intermediary's agreement to comply with 4287
6353	6353		the purchaser's entitlement orders with respect to security 4288
6354	6354		entitlements carried or to be carried in the securities account 4289
6355	6355		in which the security entitlement is carried, if the purchaser 4290
6356	6356		obtained control under s. 678.1061(4)(b); or 4291
6357	6357		(c) If the purchaser obtained cont rol through another 4292
6358	6358		person under s. 678.1061(4)(c), the time on which priority would 4293
6359	6359		be based under this subsection if the other person were the 4294
6360	6360		secured party. 4295
6361	6361		Section 155. For the purpose of incorporating the 4296
6362	6362		amendment made by this act to section 678. 1061, Florida 4297
6363	6363		Statutes, in a reference thereto, subsection (1) of section 4298
6364	6364		679.1061, Florida Statutes, is reenacted to read: 4299
6365	6365		679.1061 Control of investment property. — 4300
6366		-	~~ENROLLED~~
6367		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6373	6373		Page 173 of 181
6374	6374		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6375	6375
6376	6376
6377	6377
6378	6378		(1) A person has control of a certificated security, 4301
6379	6379		uncertificated security, or secur ity entitlement as provided in 4302
6380	6380		s. 678.1061. 4303
6381	6381		Section 156. For the purpose of incorporating the 4304
6382	6382		amendment made by this act to sections 678.1061, 679.3131, 4305
6383	6383		679.3141, and 679.323, Florida Statutes, in references thereto, 4306
6384	6384		subsections (2), (5), and (7) of se ction 679.328, Florida 4307
6385	6385		Statutes, are reenacted to read: 4308
6386	6386		679.328 Priority of security interests in investment 4309
6387	6387		property.—The following rules govern priority among conflicting 4310
6388	6388		security interests in the same investment property: 4311
6389	6389		(2) Except as otherwise pro vided in subsections (3) and 4312
6390	6390		(4), conflicting security interests held by secured parties each 4313
6391	6391		of which has control under s. 679.1061 rank according to 4314
6392	6392		priority in time of: 4315
6393	6393		(a) If the collateral is a security, obtaining control; 4316
6394	6394		(b) If the collateral is a security entitlement carried in 4317
6395	6395		a securities account and: 4318
6396	6396		1. If the secured party obtained control under s. 4319
6397	6397		678.1061(4)(a), the secured party's becoming the person for 4320
6398	6398		which the securities account is maintained; 4321
6399	6399		2. If the secured party obtained cont rol under s. 4322
6400	6400		678.1061(4)(b), the securities intermediary's agreement to 4323
6401	6401		comply with the secured party's entitlement orders with respect 4324
6402	6402		to security entitlements carried or to be carried in the 4325
6403		-	~~ENROLLED~~
6404		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6410	6410		Page 174 of 181
6411	6411		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6412	6412
6413	6413
6414	6414
6415	6415		securities account; or 4326
6416	6416		3. If the secured party obtained contr ol through another 4327
6417	6417		person under s. 678.1061(4)(c), the time on which priority would 4328
6418	6418		be based under this paragraph if the other person were the 4329
6419	6419		secured party; or 4330
6420	6420		(c) If the collateral is a commodity contract carried with 4331
6421	6421		a commodity intermediary, the sati sfaction of the requirement 4332
6422	6422		for control specified in s. 679.1061(2)(b) with respect to 4333
6423	6423		commodity contracts carried or to be carried with the commodity 4334
6424	6424		intermediary. 4335
6425	6425		(5) A security interest in a certificated security in 4336
6426	6426		registered form which is perfected by taking delivery under s. 4337
6427	6427		679.3131(1) and not by control under s. 679.3141 has priority 4338
6428	6428		over a conflicting security interest perfected by a method other 4339
6429	6429		than control. 4340
6430	6430		(7) In all other cases, priority among conflicting 4341
6431	6431		security interests in investment p roperty is governed by ss. 4342
6432	6432		679.322 and 679.323. 4343
6433	6433		Section 157. For the purpose of incorporating the 4344
6434	6434		amendment made by this act to sections 679.1041 and 679.3141, 4345
6435	6435		Florida Statutes, in references thereto, subsections (1) and (2) 4346
6436	6436		of section 679.327, Florida Statutes, are reenacted to read: 4347
6437	6437		679.327 Priority of security interests in deposit 4348
6438	6438		account.—The following rules govern priority among conflicting 4349
6439	6439		security interests in the same deposit account: 4350
6440		-	~~ENROLLED~~
6441		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6448	6448		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6449	6449
6450	6450
6451	6451
6452	6452		(1) A security interest held by a secured party having 4351
6453	6453		control of the deposit account under s. 679.1041 has priority 4352
6454	6454		over a conflicting security interest held by a secured party 4353
6455	6455		that does not have control. 4354
6456	6456		(2) Except as otherwise provided in subsections (3) and 4355
6457	6457		(4), security interests perfected by control unde r s. 679.3141 4356
6458	6458		rank according to priority in time of obtaining control. 4357
6459	6459		Section 158. For the purpose of incorporating the 4358
6460	6460		amendment made by this act to sections 679.2031 and 679.4041, 4359
6461	6461		Florida Statutes, in a reference thereto, subsection (4) of 4360
6462	6462		section 679.1091, Florida Statutes, is reenacted to read: 4361
6463	6463		679.1091 Scope.— 4362
6464	6464		(4) This chapter does not apply to: 4363
6465	6465		(a) A landlord's lien, other than an agricultural lien; 4364
6466	6466		(b) A lien, other than an agricultural lien, given by 4365
6467	6467		statute or other rule of law for services or materials, but s. 4366
6468	6468		679.333 applies with respect to priority of the lien; 4367
6469	6469		(c) An assignment of a claim for wages, salary, or other 4368
6470	6470		compensation of an employee; 4369
6471	6471		(d) A sale of accounts, chattel paper, payment 4370
6472	6472		intangibles, or promissory notes as part of a sale of the 4371
6473	6473		business out of which they arose; 4372
6474	6474		(e) An assignment of accounts, chattel paper, payment 4373
6475	6475		intangibles, or promissory notes which is for the purpose of 4374
6476	6476		collection only; 4375
6477		-	~~ENROLLED~~
6478		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6485	6485		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6486	6486
6487	6487
6488	6488
6489	6489		(f) An assignment of a right to payment under a contract 4376
6490	6490		to an assignee that is also obligated to perform under the 4377
6491	6491		contract; 4378
6492	6492		(g) An assignment of a single account, payment intangible, 4379
6493	6493		or promissory note to an assignee in full or partial 4380
6494	6494		satisfaction of a preexisting indebtedness; 4381
6495	6495		(h) A transfer of an interest in or an assignment of a 4382
6496	6496		claim under a policy of insurance, other than an assignment by 4383
6497	6497		or to a health-care provider of a health -care-insurance 4384
6498	6498		receivable and any subsequent assignment of the right to 4385
6499	6499		payment, but ss. 679.3151 and 679.322 apply with respect t o 4386
6500	6500		proceeds and priorities in proceeds; 4387
6501	6501		(i) An assignment of a right represented by a judgment, 4388
6502	6502		other than a judgment taken on a right to payment that was 4389
6503	6503		collateral; 4390
6504	6504		(j) A right of recoupment or set -off, but: 4391
6505	6505		1. Section 679.340 applies with respect t o the 4392
6506	6506		effectiveness of rights of recoupment or set -off against deposit 4393
6507	6507		accounts; and 4394
6508	6508		2. Section 679.4041 applies with respect to defenses or 4395
6509	6509		claims of an account debtor; 4396
6510	6510		(k) The creation or transfer of an interest in or lien on 4397
6511	6511		real property, including a lease or rents thereunder, except to 4398
6512	6512		the extent that provision is made for: 4399
6513	6513		1. Liens on real property in ss. 679.2031 and 679.3081; 4400
6514		-	~~ENROLLED~~
6515		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6522	6522		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6523	6523
6524	6524
6525	6525
6526	6526		2. Fixtures in s. 679.334; 4401
6527	6527		3. Fixture filings in ss. 679.5011, 679.5021, 679.512, 4402
6528	6528		679.516, and 679.519; and 4403
6529	6529		4. Security agreements covering personal and real property 4404
6530	6530		in s. 679.604; 4405
6531	6531		(l) An assignment of a claim arising in tort, other than a 4406
6532	6532		commercial tort claim, but ss. 679.3151 and 679.322 apply with 4407
6533	6533		respect to proceeds and priorities in proceeds; 4408
6534	6534		(m) An assignment of a deposit account, other than a 4409
6535	6535		nonnegotiable certificate of deposit, in a consumer transaction, 4410
6536	6536		but ss. 679.3151 and 679.322 apply with respect to proceeds and 4411
6537	6537		priorities in proceeds; 4412
6538	6538		(n) Any transfer by a government or governmental unit; or 4413
6539	6539		(o) A transfer or pledge of, or creation of a security 4414
6540	6540		interest in, any interest or right or portion of any interest or 4415
6541	6541		right in any storm-recovery property as defined in s. 366.8260. 4416
6542	6542		Section 159. For the purpose of incorporating the 4417
6543	6543		amendment made by this act to section 679.2031, Florida 4418
6544	6544		Statutes, in a reference thereto, subsection (2) of section 4419
6545	6545		679.709, Florida Statutes, is reenacted to read: 4420
6546	6546		679.709 Priority.— 4421
6547	6547		(2) For purposes of s. 679.322(1), the priority of a 4422
6548	6548		security interest that becomes enf orceable under s. 679.2031 of 4423
6549	6549		this act dates from the time this act takes effect if the 4424
6550	6550		security interest is perfected under this act by the filing of a 4425
6551		-	~~ENROLLED~~
6552		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6559	6559		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6560	6560
6561	6561
6562	6562
6563	6563		financing statement before this act takes effect which would not 4426
6564	6564		have been effective to perfect the sec urity interest under 4427
6565	6565		chapter 679, Florida Statutes 2000. This subsection does not 4428
6566	6566		apply to conflicting security interests each of which is 4429
6567	6567		perfected by the filing of such a financing statement. 4430
6568	6568		Section 160. For the purpose of incorporating the 4431
6569	6569		amendment made by this act to section 679.210, Florida Statutes, 4432
6570	6570		in a reference thereto, subsection (2) of section 679.602, 4433
6571	6571		Florida Statutes, is reenacted to read: 4434
6572	6572		679.602 Waiver and variance of rights and duties. —Except 4435
6573	6573		as otherwise provided in s. 679.624, to t he extent that they 4436
6574	6574		give rights to a debtor or obligor and impose duties on a 4437
6575	6575		secured party, the debtor or obligor may not waive or vary the 4438
6576	6576		rules stated in the following listed sections: 4439
6577	6577		(2) Section 679.210, which deals with requests for an 4440
6578	6578		accounting and requests concerning a list of collateral and 4441
6579	6579		statement of account; 4442
6580	6580		Section 161. For the purpose of incorporating the 4443
6581	6581		amendment made by this act to section 679.3141, Florida 4444
6582	6582		Statutes, in a reference thereto, section 679.329, Florida 4445
6583	6583		Statutes, is reenacted to read: 4446
6584	6584		679.329 Priority of security interests in letter -of-credit 4447
6585	6585		right.—The following rules govern priority among conflicting 4448
6586	6586		security interests in the same letter -of-credit right: 4449
6587	6587		(1) A security interest held by a secured party having 4450
6588		-	~~ENROLLED~~
6589		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6596	6596		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6597	6597
6598	6598
6599	6599
6600	6600		control of the letter-of-credit right under s. 679.1071 has 4451
6601	6601		priority to the extent of its control over a conflicting 4452
6602	6602		security interest held by a secured party that does not have 4453
6603	6603		control. 4454
6604	6604		(2) Security interests perfected by control under s. 4455
6605	6605		679.3141 rank accordi ng to priority in time of obtaining 4456
6606	6606		control. 4457
6607	6607		Section 162. For the purpose of incorporating the 4458
6608	6608		amendment made by this act to section 679.3161, Florida 4459
6609	6609		Statutes, in a reference thereto, subsection (3) of section 4460
6610	6610		679.320, Florida Statutes, is reenacted t o read: 4461
6611	6611		679.320 Buyer of goods. — 4462
6612	6612		(3) To the extent that it affects the priority of a 4463
6613	6613		security interest over a buyer of goods under subsection (2), 4464
6614	6614		the period of effectiveness of a filing made in the jurisdiction 4465
6615	6615		in which the seller is located is govern ed by s. 679.3161(1) and 4466
6616	6616		(2). 4467
6617	6617		Section 163. For the purpose of incorporating the 4468
6618	6618		amendment made by this act to section 679.3171, Florida 4469
6619	6619		Statutes, in a reference thereto, paragraph (b) of subsection 4470
6620	6620		(8) of section 727.109, Florida Statutes, is reenacted to read: 4471
6621	6621		727.109 Power of the court. —The court shall have power to: 4472
6622	6622		(8) Hear and determine any of the following actions 4473
6623	6623		brought by the assignee, which she or he is empowered to 4474
6624	6624		maintain: 4475
6625		-	~~ENROLLED~~
6626		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6633	6633		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6634	6634
6635	6635
6636	6636
6637	6637		(b) Determine the validity, priority, and extent of a lien 4476
6638	6638		or other interests in assets of the estate, or to subordinate or 4477
6639	6639		avoid an unperfected security interest pursuant to the 4478
6640	6640		assignee's rights as a lien creditor under s. 679.3171. 4479
6641	6641		Section 164. For the purpose of incorporating the 4480
6642	6642		amendment made by this act to sections 679.3171 and 679.323, 4481
6643	6643		Florida Statutes, in references thereto, subsection (3) of 4482
6644	6644		section 680.307, Florida Statutes, is reenacted to read: 4483
6645	6645		680.307 Priority of liens arising by attachment or levy 4484
6646	6646		on, security interests in, and other claims to goo ds.— 4485
6647	6647		(3) Except as otherwise provided in ss. 679.3171, 679.321, 4486
6648	6648		and 679.323, a lessee takes a leasehold interest subject to a 4487
6649	6649		security interest held by a creditor or lessor. 4488
6650	6650		Section 165. For the purpose of incorporating the 4489
6651	6651		amendment made by this act to section 679.628, Florida Statutes, 4490
6652	6652		in a reference thereto, subsection (3) of section 679.626, 4491
6653	6653		Florida Statutes, is reenacted to read: 4492
6654	6654		679.626 Action in which deficiency or surplus is in 4493
6655	6655		issue.—In an action arising from a transaction in which the 4494
6656	6656		amount of a deficiency or surplus is in issue, the following 4495
6657	6657		rules apply: 4496
6658	6658		(3) Except as otherwise provided in s. 679.628, if a 4497
6659	6659		secured party fails to prove that the collection, enforcement, 4498
6660	6660		disposition, or acceptance was conducted in accordance with the 4499
6661	6661		provisions of this part relating to collection, enforcement, 4500
6662		-	~~ENROLLED~~
6663		-	CS/CS/HB 515, Engrossed 1 2025 ~~Legislature~~
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6665		-
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6670	6670		F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
6671	6671
6672	6672
6673	6673
6674	6674		disposition, or acceptance, the liability of a debtor or a 4501
6675	6675		secondary obligor for a deficiency is limited to an amount by 4502
6676	6676		which the sum of the secured obligation, reasonable expenses, 4503
6677	6677		and, to the extent provided for by agreement and not prohibited 4504
6678	6678		by law, attorney's fees exceeds the greater of: 4505
6679	6679		(a) The proceeds of the collection, enforcement, 4506
6680	6680		disposition, or acceptance; or 4507
6681	6681		(b) The amount of proceeds that would have been realized 4508
6682	6682		had the noncomplying secured party proceeded in accordance with 4509
6683	6683		the provisions of this part relating to collection, enforcement, 4510
6684	6684		disposition, or acceptance. 4511
6685	6685		Section 166. This act shall take effect July 1, 2025. 4512