DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 239 Original 2023 Regular Session Brown
Abstract: Provides relative to certain assets and technologies that are subject to the Uniform
Commercial Code.
Present law (R.S. 10:1-201(b)(10)) defines the term "conspicuous".
Proposed law retains present law and clarifies that whether a term is conspicuous is determined by
reference to the totality of the circumstances in a given case.
Present law (R.S. 10:1-201(b)(15)) defines the term "delivery".
Proposed law retains present law and conforms the reference to chattel paper to the definition of the
term provided in R.S. 10:9-102(a)(11).
Proposed law (R.S. 10:1-201(b)(16.1)) provides a definition for the term "electronic".
Present law (R.S. 10:1-201(b)(21)(C)) defines the term "holder".
Proposed law excludes from the definition of the term "holder" someone who has control of an
electronic document of title by acknowledgment pursuant to R.S. 10:7-106(g).
Present law (R.S. 10:1-201(b)(24)) defines the term "money".
Proposed law excludes from the definition of "money" an electronic record recorded and
transferrable in a system that existed prior to adoption by the government as a monetary unit of
account.
Present law (R.S. 10:1-201(b)(27)) defines the term "person".
Proposed law retains present law and clarifies that the definition of "person" includes a protected
series.
Present law (R.S. 10:1-201(b)(36)(A)) provides a definition of the term "send", limiting the
appropriateness of sending the communication to "any address reasonable under the circumstances"
to the case of an instrument.
Proposed law retains present law but eliminates the limitation. Present law (R.S. 10:1-201(b)(36)(B)) provides a definition of "send".
Proposed law retains present law and makes minor changes for grammatical uniformity.
Present law (R.S. 10:1-201(b)(37)) defines the term "signed".
Proposed law defines the term "sign" and expands the applicability of present law to the adoption
of all records, not merely writings, and expands the manner in which a record can be "signed" to
include the attachment of an electronic symbol, sound, or process. Proposed law also clarifies that
this definition applies to alternate forms of the term "sign".
Present law (R.S. 10:1-204(intro. para.)) specifies the portions of Title 10 to which the description
of giving for "value" is inapplicable.
Proposed law adds new Chapter 12 of Title 10 to the list provided in present law.
Present law (R.S. 10:1-301(g)) sets out a list of exceptions to the general rule for territorial
applicability and parties' power to choose applicable law.
Proposed law adds R.S. 10:12-107 to this list of exceptions.
Present law (R.S. 10:3-104(a)) provides the criteria necessary for an unconditional promise or order
to pay a fixed amount of money to constitute a "negotiable instrument", including that the promise
or order to pay does not include any other undertaking or instruction beyond the payment of money.
Proposed law retains present law and clarifies that the inclusion of a choice-of-law or
forum-selection clause does not negate the negotiability of an instrument. Proposed law also makes
technical corrections.
Present law (R.S. 10:3-105(a)) defines the term "issue".
Proposed law expands present law to include the electronic transmission of an image of and
information derived from the instrument if agreed by the payee.
Present law (R.S. 10:3-401) provides that a signature is necessary for liability on an instrument and
specifies how a signature may be made.
Proposed law retains present law and deletes the description of how a signature may be made as
redundant.
Present law (R.S. 10:3-604(a)) provides the manner by which a person entitled to enforce an
instrument may discharge the obligation of a party to pay the instrument.
Proposed law retains present law and clarifies that the destruction of a check in connection with a
process by which information is extracted from the check and an image is made and transmitted for payment does not, of itself, discharge the obligation of a party to pay the check.
Present law (R.S. 10:4A-103(a)(1)) defines the term "payment order".
Proposed law retains present law and replaces reference to transmission electronically or in a writing
with reference to transmission in a record.
Present law (R.S. 10:4A-201) provides relative to a "security procedure".
Proposed law retains and clarifies present law while expanding the list of examples of a "security
procedure" and specifying that the requirement that a payment order be sent from a known source
does not by itself suffice as a "security procedure".
Present law (R.S. 10:4A-202(b) and (c)) provides relative to authorized and verified payment orders.
Proposed law retains and clarifies present law while making grammatical corrections and replacing
reference to writings with reference to records.
Present law (R.S. 10:4A-203(a)(1)) provides a rule applicable if an accepted payment order is not
an authorized order but is nevertheless effective as an order of the customer under R.S.
10:4A-202(b).
Proposed law retains present law and replaces reference to a writing with reference to a record.
Present law (R.S. 10:4A-207) provides relative to the misdescription of a beneficiary.
Proposed law retains present law while making technical and grammatical corrections and replacing
reference to a writing with reference to a record.
Present law (R.S. 10:4A-208(b)(2)) provides relative to the misdescription of an intermediary bank
or a beneficiary's bank.
Proposed law retains present law, replaces reference to a writing with reference to a record, and
makes technical corrections.
Present law (R.S. 10:4A-210(a)) provides relative to the rejection of a payment order.
Proposed law retains present law, replaces reference to electronic transmission or transmission in
a writing with reference to transmission in a record, and makes grammatical corrections.
Present law (R.S. 10:4A-211(a) and (d)) provides relative to the cancellation and amendment of
payment orders.
Proposed law (R.S. 10:4A-211(a)) retains present law and replaces reference to electronic
transmission or transmission in a writing with reference to transmission in a record. Proposed law (R.S. 10:4A-211(d)) retains present law and makes grammatical corrections.
Present law (R.S. 10:4A-305(b) through (d)) provides relative to late or improper execution or failure
to execute payment orders.
Proposed law retains present law, replaces reference to a writing with reference to a record, and
makes technical corrections.
Present law (R.S. 10:5-104) sets out the formal requirements for a letter of credit, confirmation,
advice, transfer, amendment, or cancellation.
Proposed law retains present law but eliminates language that is now redundant as subsumed by the
expanded definition of "sign" contained in R.S. 10:1-201(b)(37).
Present law (R.S. 10:5-116) provides relative to choice of law and forum.
Proposed law (R.S. 10:5-116(a)) retains present law but eliminates language that is now redundant
as subsumed by the expanded definition of "sign" provided in R.S. 10:1-201(b)(37).
Proposed law (R.S. 10:5-116(b) and (c)) retains present law and makes technical corrections.
Proposed law (R.S. 10:5-116(d)) retains present law and adds clarification regarding the location of
a bank branch.
Proposed law (R.S. 10:5-116(e) through (g)) retains present law and makes technical corrections.
Present law (R.S. 10:7-102(a)(11)) defines the term "sign".
Proposed law deletes present law as redundant in light of the substantially equivalent definition of
"sign" provided in R.S. 10:1-201(b)(37).
Present law (R.S. 10:7-106) provides relative to control of an electronic document of title.
Proposed law (R.S. 10:7-106(b)) retains present law and makes nonsubstantive stylistic revisions.
Proposed law (R.S. 10:7-106(c)) adds to present law an additional mechanism by which to effect
control of an electronic document of title.
Proposed law (R.S. 10:7-106(d) and (e)) describes when power is considered exclusive.
Proposed law (R.S. 10:7-106(f)) provides for a presumption of exclusivity of power.
Proposed law (R.S. 10:7-106(g)) provides for control through another person.
Proposed law (R.S. 10:7-106(h)) clarifies that a person with control is not required to acknowledge that it has control on behalf of another person.
Proposed law (R.S. 10:7-106(i)) clarifies that a person who has control on behalf of another person
owes no duties to that person unless agreed otherwise.
Present law (R.S. 10:8-102(a)(6)) defines the term "communicate".
Proposed law retains present law and replaces reference to a writing with reference to a record.
Present law (R.S. 10:8-102(b)) incorporates by reference defined terms appearing elsewhere
throughout Title 10.
Proposed law adds to this list the defined terms "controllable account", "controllable electronic
record", and "controllable payment intangible".
Proposed law (R.S. 10:8-103(h)) provides the circumstances under which a controllable account,
controllable electronic record, or controllable payment constitutes a financial asset.
Present law (R.S. 10:8-106(d)(3)) provides one means by which a purchaser can obtain "control" of
a security entitlement.
Proposed law conforms the structure of present law to corresponding provisions for control of other
types of assets while clarifying that an acknowledgment is only effective to confer control if made
by a person other than the transferor of an interest in the security entitlement.
Proposed law (R.S. 10:8-106(h)) clarifies that a person with control of a security entitlement is not
required to acknowledge that it has control on behalf of another person.
Proposed law (R.S. 10:8-106(i)) clarifies that a person who has control of a security entitlement on
behalf of another person owes no duties to that person unless agreed otherwise.
Present law (R.S. 10:8-110(a) and (b)) provides relative to the governing law of certain matters and
transactions.
Proposed law (R.S. 10:8-110(g)) clarifies that present law applies even if the matter or transaction
at issue bears no relation to the jurisdiction identified by present law.
Present law (R.S. 10:8-303(b)) provides that a protected purchaser both acquires the rights of a
purchaser and acquires its interest in the security free of any adverse claim.
Proposed law retains present law and deletes reference to the former concept as redundant.
Present law (R.S. 10:9-102(a)(2)) defines the term "account".
Proposed law retains present law and revises this definition to conform to the revised definition of the term "chattel paper" as provided in R.S. 10:9-102(a)(11). Proposed law also clarifies certain
exceptions that accommodate use of the term "account" in other provisions.
Present law (R.S. 10:9-102(a)(3)) defines the term "account debtor".
Proposed law retains present law and clarifies that an obligor on a negotiable instrument is not an
account debtor.
Present law (R.S. 10:9-102(a)) defines the term "accounting".
Proposed law (R.S. 10:9-102(a)(4)(A)) retains present law and replaces the term "authenticated" with
the term "signed" to account for the replacement of the defined term "sign" in R.S. 10:9-102(a)(7)
with the substantially similar defined term "authenticate" in R.S. 10:1-102(b)(37).
Present law (R.S. 10:9-102(a)(7)) defines the term "authenticate".
Proposed law deletes present law to account for the replacement of the defined term "sign" in R.S.
10:9-102(a)(7) with the substantially similar defined term "authenticate" in R.S. 10:1-102(b)(37).
Proposed law (R.S. 10:9-102(a)(7.1)) adds the defined term "assignee".
Proposed law (R.S. 10:9-102(a)(7.2)) adds the defined term "assignor".
Present law (R.S. 10:9-102(a)(11)) defines the term "chattel paper".
Proposed law revises the definition of "chattel paper" for accuracy and to clarify the distinction
between the right to payment versus the record evidencing that right and regarding the creation of
chattel paper in mixed-purpose contracts. Proposed law also eliminates the need for separate
definitions of "electronic chattel paper" and "tangible chattel paper".
Proposed law (R.S. 10:9-102(a)(27.1)) adds the defined term "controllable account".
Proposed law (R.S. 10:9-102(a)(27.2)) adds the defined term "controllable payment intangible".
Present law (R.S. 10:9-102(a)(31)) defines the term "electronic chattel paper".
Proposed law deletes this definition as no longer necessary in light of the new definition of "chattel
paper" provided in R.S. 10:9-102(a)(11).
Proposed law (R.S. 10:9-102(a)(31.1)) adds the defined term "electronic money".
Present law (R.S. 10:9-102(a)(42)) defines the term "general intangible".
Proposed law retains present law and adds controllable electronic records to the illustrative list of
general intangibles. Present law (R.S. 10:9-102(a)(47)) defines the term "instrument".
Proposed law excludes from this definition writings that evidence chattel paper.
Proposed law (R.S. 10:9-102(a)(54.1)) adds a Chapter-specific definition of the term "money" that
excludes deposit accounts and money in an electronic form that cannot be subjected to control.
Present law (R.S. 10:9-102(a)(61)) defines the term "payment intangible".
Proposed law retains present law and clarifies that the term "payment intangible" includes a
controllable payment intangible.
Present law (R.S. 10:9-102(a)(66)) defines the term "proposal".
Proposed law retains present law and replaces the term "authenticated" with "signed".
Present law (R.S. 10:9-102(a)(75)) defines the term "send".
Proposed law deletes this definition as redundant in light of the adoption in R.S. 10:1-102(36) of a
substantially similar definition of the term "send".
Present law (R.S. 10:9-102(a)(79)) defines the term "tangible chattel paper".
Proposed law deletes this definition as no longer necessary in light of the new definition of "chattel
paper" provided in R.S. 10:9-102(a)(11).
Proposed law (R.S. 10:9-102(a)(79.1)) adds the defined term "tangible money".
Present law (R.S. 10:9-102(b)) incorporates by reference defined terms appearing elsewhere
throughout Title 10.
Proposed law adds to this list the defined terms "controllable electronic record", "protected
purchaser", and "qualifying purchaser".
Present law (R.S. 10:9-104(a)) provides the requirements for control of a deposit account.
Proposed law (R.S. 10:9-104(a)(2) and (3)) retains present law and replaces the term "authenticated"
with "signed".
Proposed law (R.S. 10:9-104(a)(4)) allows for a secured party to obtain control of a deposit account
by virtue of the acknowledgment by another person in control of the deposit account.
Present law (R.S. 10:9-105) provides relative to control of electronic chattel paper.
Proposed law revises present law to conform to the new definition of the term "chattel paper" provided in R.S. 10:9-102(a)(11) and the new concept of control.
Proposed law (R.S. 10:9-105.1) describes the manner by which to obtain control of electronic
money.
Present law (R.S. 10:9-107.1) provides relative to control over a life insurance policy.
Proposed law retains present law while adding the concept of control by acknowledgment and
replacing the term "authenticates" with "signs".
Present law (R.S. 10:9-107.2) provides relative to control conditioned on default.
Proposed law updates the list of cross-references in present law to incorporate R.S. 10:9-105.1 and
9-107.3 in the list of provisions providing rules for control over various types of assets.
Proposed law (R.S. 10:9-107.3) provides relative to control over a controllable electronic record,
controllable account, or controllable payment intangible.
Proposed law (R.S. 10:9-107.4(a)) provides that a person with control is not required to acknowledge
that it has control on behalf of another person.
Proposed law (R.S. 10:9-107.4(b)) provides that a person who has control on behalf of another
person owes no duties to that person unless agreed otherwise.
Present law (R.S. 10:9-203(b)(3)(A)) provides for the enforceability of a security interest if the
debtor has authenticated a security agreement providing a description of the collateral and has
satisfied other conditions.
Proposed law retains present law and replaces the term "authenticates" with the term "signs".
Present law (R.S. 10:9-203(b)(3)(C) and (D)) provides for the enforceability of a security interest
if the collateral is one of several listed types and the secured party has control over it.
Proposed law revises the list of types of collateral that suffice to satisfy present law to include new
categories of assets and to conform to the new definition of the term "chattel paper" provided in R.S.
10:9-102(a)(11). Proposed law also updates the list of cross-references providing how to obtain
control over such collateral.
Present law (R.S. 10:9-204(b)) sets out when an after-acquired property clause is not effective.
Proposed law (R.S. 10:9-204(b)(introductory paragraph) and (b.1)) provide a limitation on present
law.
Present law (R.S. 10:9-207(c)) provides for the rights and duties of a secured party with possession
or control of collateral. Proposed law updates the list of cross-references contained in present law and makes technical
corrections.
Present law (R.S. 10:9-208) provides for additional duties of a secured party with control of
collateral.
Proposed law (R.S. 10:9-208(b)(intro. para.) and (1)) retains present law and replaces the term
"authenticated" with "signed" and the term "authenticated statement" with "signed record".
Present law (R.S. 10:9-208(b)(3)) provides the duties of a secured party with control of electronic
chattel paper.
Proposed law revises present law to conform to the new definition of the term "chattel paper"
provided in R.S. 10:9-102(a)(11).
Proposed law (R.S. 10:9-208(b)(4) and (5)) retains present law and replaces the term "authenticated"
with "signed".
Present law (R.S. 10:9-208(b)(6)) provides the duties of a secured party with control of an electronic
document.
Proposed law revises present law to conform to changes to the definition of the term "chattel paper"
provided in R.S. 10:9-102(a)(11) and the concept of control of an authoritative electronic copy of
a record evidencing chattel paper provided in R.S. 10:9-105.
Proposed law (R.S. 10:9-208(b)(7)) provides the duties of a secured party with control of electronic
money.
Proposed law (R.S. 10:9-208(b)(8)) provides the duties of a secured party with control of a
controllable electronic record.
Present law (R.S. 10:9-208(b)(7)) provides the duties of a secured party with control in a life
insurance policy.
Proposed law (R.S. 10:9-208(b)(9)) retains and redesignates present law and replaces the term
"authenticated" with "signed".
Present law (R.S. 10:9-209(b)) provides for the duties of a secured party after receiving demand from
the debtor.
Proposed law retains present law while expanding the manner of sufficient notice to conform to R.S.
10:12-106(b). Proposed law also replaces the term "authenticated" with "signed" and makes
nonsubstantive stylistic changes.
Present law (R.S. 10:9-210) provides relative to a request for accounting or list of collateral or statement of account.
Proposed law retains present law, replaces the term "authenticated" with "signed", and makes
technical corrections.
Present law (R.S. 10:9-301) provides relative to the law governing perfection and priority of security
interests.
Proposed law (R.S. 10:9-301(intro. para.)) updates the list of exceptions to incorporate a
cross-reference to R.S. 10:9-306.2.
Proposed law (R.S. 10:9-301(3)(intro. para.)) updates the list of assets to conform to changes under
proposed law.
Present law (R.S. 10:9-304(a)) provides that the law that governs perfection and priority of a security
interest in a deposit account is the law of the bank's jurisdiction.
Proposed law retains present law and clarifies that this rule applies even if the transaction at issue
bears no relation to the bank's jurisdiction.
Present law (R.S. 10:9-305(a)) provides general rules regarding the law governing perfection and
priority of security interests in investment property.
Proposed law (R.S. 10:9-305(a)(intro. para.)) makes technical corrections.
Proposed law (R.S. 10:9-305(a)(5)) retains present law and clarifies that provisions of present law
apply even if the transaction at issue bears no relation to the identified jurisdiction.
Proposed law (R.S. 10:9-306.1) provides for the law governing perfection and priority of security
interest in chattel paper.
Proposed law (R.S. 10:9-306.2) provides for the law governing perfection and priority of security
interests in controllable accounts, controllable electronic records, and controllable payment
intangibles.
Present law (R.S. 10:9-310(b)(8)) sets out when the filing of a financing statement is not necessary
to perfect a security interest.
Proposed law (R.S. 10:9-310(b)(8) and (8.1)) reorganizes and expands the list of asset classes in
present law for which filing is not necessary to perfect a security interest to include controllable
accounts, controllable electronic records, and controllable payment intangibles and to conform to the
new definition of the term "chattel paper" provided in R.S. 10:9-102(a)(11) and the new manner of
perfection of a security interest in chattel paper provided in R.S. 10:9-314.1.
Present law (R.S. 10:9-312(a)) provides the asset classes in which a security interest may be perfected by filing.
Proposed law expands this list to include controllable accounts, controllable electronic records, and
controllable payment intangibles.
Present law (R.S. 10:9-312(b)(3)) provides for perfection of a security interest in money.
Proposed law clarifies that present law applies only to tangible money.
Proposed law (R.S. 10:9-312(b)(4)) provides for perfection of a security interest in electronic money.
Present law (R.S. 10:9-312(b)(4) and (5)) provide for perfection of a security interest in a collateral
mortgage note or a life insurance policy.
Proposed law (R.S. 10:9-312(b)(5) and (6)) retain and redesignate present law.
Present law (R.S. 10:9-312(e)) provides for temporary perfection of a security interest when there
is new value.
Proposed law retains present law and replaces the term "authenticated" with "signed".
Present law (R.S. 10:9-313(a)) provides for the types of collateral in which a secured party may
perfect a security interest by taking possession of the collateral.
Proposed law removes reference to "tangible chattel paper" to conform to the new definition of the
term "chattel paper" provided in R.S. 10:9-102(a)(11) and the new manner of perfection of a security
interest in chattel paper provided in R.S. 10:9-314.1.
Present law (R.S. 10:9-313(c) and (d)) provides relative to perfection of a security interest by
possession.
Proposed law replaces the terms "authenticates" and "authenticated" with "signs" and "signed" and
makes technical corrections.
Present law (R.S. 10:9-314(a) through (c)) provides for perfection of a security interest by control.
Proposed law (R.S. 10:9-314(a) and (b)) updates lists of categories of collateral and corresponding
cross-references to add new categories of collateral and to conform to the new definition of the term
"chattel paper" provided in R.S. 10:9-102(a)(11) and the new manner of perfection of a security
interest in chattel paper provided in R.S. 10:9-314.1.
Proposed law (R.S. 10:9-314(c)) makes semantic changes.
Proposed law (R.S. 10:9-314.1) provides for perfection by possession and control of chattel paper. Present law (R.S. 10:9-316(a) and (f)) provides relative to continued perfection of a security interest
following a change in governing law.
Proposed law updates lists of categories of collateral and corresponding cross-references.
Present law (R.S. 10:9-317(b) and (d)) sets out when buyers of certain categories of collateral take
free of existing security interests.
Proposed law updates lists of categories of collateral to remove reference to chattel paper and
otherwise conform to changes to asset classes.
Proposed law (R.S. 10:9-317(f)) sets out when a buyer of chattel paper takes free of a security
interest.
Proposed law (R.S. 10:9-317(g)) sets out when a buyer of electronic documents takes free of a
security interest.
Proposed law (R.S. 10:9-317(h)) sets out when a buyer of controllable electronic records takes free
of a security interest.
Proposed law (R.S. 10:9-317(i)) sets out when a buyer of controllable accounts or controllable
payment intangibles takes free of a security interest.
Present law (R.S. 10:9-323(d)) sets out when a buyer of goods takes free of a security interest.
Proposed law expands present law to remove the exclusion of buyers in the ordinary course of
business.
Present law (R.S. 10:9-323(f)) sets out when a lessee of goods takes the leasehold interest free of a
security interest.
Proposed law expands present law to remove the exclusion of lessees in the ordinary course of
business.
Present law (R.S. 10:9-324) provides relative to the priority of purchase-money security interests.
Proposed law replaces the term "authenticated" with the term "signed" and makes technical
corrections.
Proposed law (R.S. 10:9-326.1) provides for the priority of a security interest in a controllable
account, controllable electronic record, or controllable payment intangible.
Present law (R.S. 10:9-330) provides for the priority of purchasers of chattel paper or instruments.
Proposed law updates present law to conform to the new definition of the term "chattel paper" provided in R.S. 10:9-102(a)(11) and the new concept of control in chattel paper provided in R.S.
10:9-105.
Present law (R.S. 10:9-331(a) and (b)) provides relative to the priority of rights of purchasers of
various categories of asset.
Proposed law updates the lists of assets and corresponding cross-references to conform with changes
under proposed law.
Present law (R.S. 10:9-332) sets out when a transferee of money takes free of a security interest.
Proposed law (R.S. 10:9-332(a)) retains and clarifies present law while updating terminology to
account for new categories of assets under R.S. 10:9-102(a)(79.1).
Present law (R.S. 10:9-332(b)) sets out when the transferee of funds from a deposit account takes
free of a security interest.
Proposed law retains and clarifies present law.
Proposed law (R.S. 10:9-332(c)) sets out when a transferee of electronic money takes free of a
security interest.
Present law (R.S. 10:9-334) provides for the priority of security interests in fixtures and crops.
Proposed law retains present law and replaces the term "authenticated" with the term "signed".
Present law (R.S. 10:9-341) provides for a bank's rights and duties with respect to a deposit account.
Proposed law retains present law and replaces the term "authenticated" with the term "signed".
Present law (R.S. 10:9-404) provides relative to the rights acquired by and claims and defenses
against an assignee.
Proposed law retains present law, replaces the term "authenticated" with the term "signed", and
makes technical corrections.
Present law (R.S. 10:9-406) provides relative to the discharge of an account debtor.
Proposed law (R.S. 10:9-406(a)) replaces the term "authenticated" with "signed".
Proposed law (R.S. 10:9-406(a) through (d)) updates the internal cross-references contained in
present law for clarification and also makes technical corrections.
Proposed law (R.S. 10:9-406(d)) retains present law by restoring the scope of the provision to ensure that it applies to a negotiable instrument that would be a promissory note but for changes made under
R.S. 10:9-102(a)(65).
Proposed law (R.S. 10:9-406(l)) provides for the inapplicability of R.S. 10:9-404(a), (b), (c), and (g)
to controllable accounts or controllable payment intangibles in light of R.S. 10:12-106.
Present law (R.S. 10:9-408(g)) provides relative to the applicability of present law to the assignment
or transfer or creation of certain security interests.
Proposed law ensures that present law (R.S. 10:9-408) remains applicable to a negotiable instrument
that would otherwise be a promissory note but for changes under R.S. 10:9-102(a)(65).
Proposed law (R.S. 10:9-408(h)) retains and redesignates present law (R.S. 10:9-408(g)) and makes
technical corrections.
Present law (R.S. 10:9-412) provides relative to the discharge of a tortfeasor.
Proposed law retains present law, replaces the term "authenticated" with "signed", and makes
technical corrections.
Present law (R.S. 10:9-509) provides relative to the persons entitled to file a record.
Proposed law retains present law, replaces the term "authenticated" with "signed", and makes
technical corrections.
Present law (R.S. 10:9-513) provides relative to a termination statement.
Proposed law retains present law, replaces the term "authenticated" with "signed", and makes
technical corrections.
Present law (R.S. 10:9-601(b)) provides for the rights and duties of a secured party in possession or
control.
Proposed law expands the list of cross-references contained in present law to account for new control
rules under R.S. 10:9-105.1 and 107.3.
Present law (R.S. 10:9-605) sets out circumstances in which a secured party does not owe a duty
based on its status as secured party.
Proposed law retains present law while adding reference to the exception created by R.S.
10:9-605(b).
Present law (R.S. 10:9-608) provides relative to the application of proceeds of collection or
enforcement. Proposed law retains present law and replaces the term "authenticated" with "signed".
Present law (R.S. 10:9-611) provides rules for notification before disposition of collateral.
Proposed law retains present law, replaces the term "authenticated" with "signed", and makes
technical corrections.
Present law (R.S. 10:9-613) sets out the required content and form of the notification before
disposition of collateral in general.
Proposed law (R.S. 10:9-613(a)) retains present law, updates the applicable safe-harbor form, and
makes technical corrections.
Proposed law (R.S. 10:9-613(b)) provides further instruction and clarification regarding present law.
Present law (R.S. 10:9-614) sets out the required content and form of the notification before
disposition of collateral for a consumer goods transaction.
Proposed law (R.S. 10:9-614(a)) retains present law and updates the applicable safe-harbor form to
achieve medium neutrality. Proposed law also makes technical corrections.
Proposed law (R.S. 10:9-614)(b)) provides further instruction and clarification regarding present law.
Present law (R.S. 10:9-615) provides relative to the application of proceeds of disposition.
Proposed law retains present law and replaces the term "authenticated" with "signed".
Present law (R.S. 10:9-616) sets out the manner of calculation of surplus and deficiency.
Proposed law retains present law and replaces the term "writing" with "record and the term
"authenticated" with "signed". Proposed law also makes technical corrections.
Present law (R.S. 10:9-619) provides for transfer of a record or legal title.
Proposed law retains present law, replaces the term "authenticated" with "signed", and makes
technical corrections.
Present law (R.S. 10:9-620) provides relative to acceptance of collateral in satisfaction of an
obligation.
Proposed law replaces the term "authenticated" with "signed" and makes technical corrections.
Present law (R.S. 10:9-621(a)(1)) provides which parties must be notified of a proposal to accept
collateral. Proposed law replaces the term "authenticated" with "signed".
Present law (R.S. 10:9-624) provides relative to waiver.
Proposed law replaces the term "authenticated" with "signed".
Present law (R.S. 10:9-628) provides for the nonliability and limitation of liability of a secured party
and the liability of a secondary obligor.
Proposed law (R.S. 10:9-628(a)(intro. para.) and (b)(intro. para.)) retains present law while adding
reference to the exception created by R.S. 10:9-628(f).
Proposed law (R.S. 10:9-628(f)) provides for circumstances in which the limitation of liability
contained in present law is inapplicable.
Present law (R.S. 10:9-629) provides relative to judicial proceedings and authentic evidence.
Proposed law retains present law and replaces the term "authenticated" with "signed".
Proposed law (Chapter 12) provides relative to a new class of digital assets to be called controllable
electronic records.
Proposed law (R.S. 10:12-101) provides a short title.
Proposed law (R.S. 10:12-102) provides for definitions.
Proposed law (R.S. 10:12-103) governs the relationship between Chapter 12 and the Uniform
Commercial Code-Secured Transactions and other consumer laws.
Proposed law (R.S. 10:12-104) provides relative to rights in a controllable accounts, controllable
electronic records, or controllable payment intangibles.
Proposed law (R.S. 10:12-105) provides relative to control of a controllable electronic record.
Proposed law (R.S. 10:12-106) sets out how an account debtor on a controllable account or
controllable payment intangible may discharge its debt.
Proposed law (R.S. 10:12-107) sets forth the law that governs matters covered by Chapter 12.
Proposed law (Chapter 13) provides for transition rules relative to Chapter 12.
Proposed law (R.S. 10:13-101) provides a short title.
Proposed law (R.S. 10:13-102) provides definitions. Proposed law (R.S. 10:13-201) provides a general savings clause.
Proposed law (R.S. 10:13-301) provides a special savings clause.
Proposed law (R.S. 10:13-302) provides relative to the continuing perfection of security interests
perfected before the effective date of the Act.
Proposed law (R.S. 10:13-303) provides relative to security interests that remain unperfected upon
the effective date of the Act.
Proposed law (R.S. 10:13-304) provides for the effectiveness of certain actions taken before the
effective date of the Act.
Proposed law (R.S. 10:13-305) provides for the priority of claims to collateral established before and
after the effective date and adjustment date of the Act.
Proposed law (R.S. 10:13-306) provides relative to the priority of claims to collateral when the
priority rules of Chapter 9 do not apply.
(Amends R.S. 10:1-201(b)(10), (15), (21)(C), (24), (27), (36), and (37), 1-204(intro. para.),
1-301(g)(8), 3-104(a)(intro. para.) and (3), 3-105(a), 3-401, 3-604(a), 4A-103(a)(1)(intro. para.),
4A-201, 4A-202(b) and (c), 4A-203(a)(1), 4A-207(b)(2) and (c)(intro. para.) and (2), 4A-208(b)(2),
4A-210(a), 4A-211(a) and (d), 4A-305(b) - (d), 5-104, 5-116, 7-102(a)(11), 7-106(b)(intro. para.)
and (4), 8-102(a)(6)(i) and (b), 8-106(d)(3), 8-303(b), 9-102(a)(2), (3), (4)(A), (7), (11), (31), (42),
(47), (61), (66), (75), and (79) and (b), 9-104(a)(2) and (3), 9-105, 9-107.1, 9-107.2, 9-203(b)(3)(A),
(C), and (D), 9-204(b)(intro. para.), 9-207(c)(intro. para.), 9-208(b)(intro. para.), (1), and (3) through
(7), 9-209(b), 9-210(a)(2) - (4), (b), (c), (d)(intro. para.), and (e)(intro. para.), 9-301(intro. para.) and
(3)(intro. para.), 9-304(a), 9-305(a)(intro. para.), 9-310(b)(8), 9-312(a), (b)(3) through (5), and (e),
9-313(a), (c), and (d), 9-314(a) - (c), 9-316(a)(intro. para.) and (f)(intro. para.), 9-317(b) and (d),
9-323(d)(intro. para.) and (f)(intro. para.), 9-324(b)(intro. para.) and (2) and (d)(intro. para.) and (2),
9-330(a), (b), and (f), 9-331(a) and (b), 9-332, 9-334(f)(1), 9-341(intro. para.), 9-404(a)(intro. para.)
and (2), 9-406(a), (b)(intro. para.), (c), (d)(intro. para.), and (g), 9-408(g), 9-412(a), 9-509(a)(1) and
(b)(intro. para.), 9-513(b)(intro. para.) and (2) and (c)(intro. para.), 9-601(b), 9-605, 9-608(a)(1)(C),
9-611(a)(1), (b), (c)(intro. para.) and (3)(A), and (e)(intro. para.) and (2)(B), 9-613, 9-614,
9-615(a)(3)(A) and (4), 9-616(a)(1)(intro. para.) and (B) and (2)(A), (b)(1)(A), and (c)(intro. para.),
9-619(a)(intro. para.), 9-620(a)(2)(intro. para.), (b)(1), (c)(1) and (2)(intro. para.) and (C), and
(f)(intro. para.) and (2), 9-621(a)(1), 9-624, 9-628(a)(intro. para.) and (b)(intro. para.), and
9-629(a)(1) and (2); Adds R.S. 10:1-201(b)(16.1), 1-301(g)(9), 7-106(c) - (i), 8-103(h), 8-106(h) and
(i), 8-110(g), 9-102(7.1), (7.2), (27.1), (27.2), (31.1), (54.1), and (79.1), 9-104(a)(4), 9-105.1,
9-107.3, 9-107.4, 9-203(b)(3)(E), 9-204(b.1), 9-208(b)(8) and (9), 9-305(a)(5), 9-306.1, 9-306.2,
9-310(b)(8.1), 9-312(b)(6), 9-314.1, 9-317(f) - (i), 9-326.1, 9-406(l), 9-408(h), 9-628(f), R.S.
10:12-101 - 12-107, and R.S. 10:13-101 - 13-306)