Amendment SSA1-SB9

SB9-SSA1,24,9 Subchapter I GENERAL PROVISIONS

SB9-SSA1,24,11 409.101 Short title. This chapter may be cited as uniform commercial code — secured transactions.

SB9-SSA1,24,13 409.102 Definitions and index of definitions. (1) Chapter 409 definitions. In this chapter:

SB9-SSA1,24,15 (a) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.

SB9-SSA1,25,5 (ag) "Account", except as used in "account for", means a right to payment of a monetary obligation, whether or not earned by performance; for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of; for services rendered or to be rendered; for a policy of insurance issued or to be issued; for a secondary obligation incurred or to be incurred; for energy provided or to be provided; for the use or hire of a vessel under a charter or other contract; arising out of the use of a credit or charge card or information contained on or for use with the card; or as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state. The term includes health-care-insurance receivables. The term does not include rights to payment evidenced by chattel paper or an instrument; commercial tort claims; deposit accounts; investment property; letter-of-credit rights or letters of credit; or rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card.

SB9-SSA1,25,8 (am) "Account debtor" means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper.

SB9-SSA1,25,9 (as) "Accounting", except as used in "accounting for", means a record:

SB9-SSA1,25,10 1. Authenticated by a secured party;

SB9-SSA1,25,12 2. Indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and

SB9-SSA1,25,13 3. Identifying the components of the obligations in reasonable detail.

SB9-SSA1,25,15 (b) "Agricultural lien" means an interest, other than a security interest, in farm products:

SB9-SSA1,25,16 1. Which secures payment or performance of an obligation for:

SB9-SSA1,25,18 a. Goods or services furnished in connection with a debtor's farming operation; or

SB9-SSA1,25,20 b. Rent on real property leased by a debtor in connection with its farming operation;

SB9-SSA1,25,21 2. Which is created by statute in favor of a person that:

SB9-SSA1,25,23 a. In the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or

SB9-SSA1,25,25 b. Leased real property to a debtor in connection with the debtor's farming operation; and

SB9-SSA1,26,2 3. Whose effectiveness does not depend on the person's possession of the personal property.

SB9-SSA1,26,6 (bcm) "Applicant" means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.

SB9-SSA1,26,7 (bg) "As-extracted collateral" means:

SB9-SSA1,26,10 1. Oil, gas, or other minerals that are subject to a security interest that is created by a debtor having an interest in the minerals before extraction and which attaches to the minerals as extracted; or

SB9-SSA1,26,12 2. Accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction.

SB9-SSA1,26,13 (bm) "Authenticate" means:

SB9-SSA1,26,14 1. To sign; or

SB9-SSA1,26,17 2. To execute or otherwise adopt a symbol, or encrypt or similarly process a record in whole or in part, with the present intent of the authenticating person to identify the person and adopt or accept a record.

SB9-SSA1,26,20 (bs) "Bank" means an organization that is engaged in the business of banking. The term includes savings banks, savings and loan associations, credit unions, and trust companies.

SB9-SSA1,26,23 (btm) "Beneficiary" means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit.

SB9-SSA1,26,25 (c) "Cash proceeds" means proceeds that are money, checks, deposit accounts, or the like.

SB9-SSA1,27,4 (cg) "Certificate of title" means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral.

SB9-SSA1,27,16 (cm) "Chattel paper" means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. The term does not include charters or other contracts involving the use or hire of a vessel. The term does not include records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper. In this paragraph, "monetary obligation" means a monetary obligation secured by the goods or owned under a lease of the goods and includes a monetary obligation with respect to software used in the goods.

SB9-SSA1,27,18 (cs) "Collateral" means the property subject to a security interest or agricultural lien. The term includes:

SB9-SSA1,27,19 1. Proceeds to which a security interest attaches;

SB9-SSA1,27,21 2. Accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and

SB9-SSA1,27,22 3. Goods that are the subject of a consignment.

SB9-SSA1,27,23 (d) "Commercial tort claim" means a claim arising in tort with respect to which:

SB9-SSA1,27,24 1. The claimant is an organization; or

SB9-SSA1,27,25 2. The claimant is an individual and the claim:

SB9-SSA1,28,1 a. Arose in the course of the claimant's business or profession; and

SB9-SSA1,28,3 b. Does not include damages arising out of personal injury to or the death of an individual.

SB9-SSA1,28,5 (dg) "Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer.

SB9-SSA1,28,8 (dm) "Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is:

SB9-SSA1,28,10 1. Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or

SB9-SSA1,28,12 2. Traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.

SB9-SSA1,28,14 (ds) "Commodity customer" means a person for which a commodity intermediary carries a commodity contract on its books.

SB9-SSA1,28,15 (e) "Commodity intermediary" means a person that:

SB9-SSA1,28,17 1. Is registered as a futures commission merchant under federal commodities law; or

SB9-SSA1,28,20 2. In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.

SB9-SSA1,28,21 (eg) "Communicate" means:

SB9-SSA1,28,22 1. To send a written or other tangible record;

SB9-SSA1,28,24 2. To transmit a record by any means agreed upon by the persons sending and receiving the record; or

SB9-SSA1,29,2 3. In the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule.

SB9-SSA1,29,4 (em) "Consignee" means a merchant to which goods are delivered in a consignment.

SB9-SSA1,29,6 (es) "Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

SB9-SSA1,29,7 1. The merchant:

SB9-SSA1,29,9 a. Deals in goods of that kind under a name other than the name of the person making delivery;

SB9-SSA1,29,10 b. Is not an auctioneer; and

SB9-SSA1,29,12 c. Is not generally known by its creditors to be substantially engaged in selling the goods of others;

SB9-SSA1,29,14 2. With respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;

SB9-SSA1,29,15 3. The goods are not consumer goods immediately before delivery; and

SB9-SSA1,29,16 4. The transaction does not create a security interest that secures an obligation.

SB9-SSA1,29,18 (f) "Consignor" means a person that delivers goods to a consignee in a consignment.

SB9-SSA1,29,19 (fg) "Consumer debtor" means a debtor in a consumer transaction.

SB9-SSA1,29,21 (fm) "Consumer goods" means goods that are used or bought for use primarily for personal, family, or household purposes.

SB9-SSA1,29,22 (fs) "Consumer-goods transaction" means a consumer transaction in which:

SB9-SSA1,29,24 1. An individual incurs an obligation primarily for personal, family, or household purposes; and

SB9-SSA1,29,25 2. A security interest in consumer goods secures the obligation.

SB9-SSA1,30,3 (g) "Consumer obligor" means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family, or household purposes.

SB9-SSA1,30,8 (gg) "Consumer transaction" means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes; a security interest secures the obligation; and the collateral is held or acquired primarily for personal, family, or household purposes. The term includes consumer-goods transactions.

SB9-SSA1,30,10 (gm) "Continuation statement" means an amendment of a financing statement which:

SB9-SSA1,30,12 1. Identifies, by its file number, the initial financing statement to which it relates; and

SB9-SSA1,30,14 2. Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.

SB9-SSA1,30,15 (gs) "Debtor" means:

SB9-SSA1,30,17 1. A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;

SB9-SSA1,30,19 2. A seller of accounts, chattel paper, payment intangibles, or promissory notes; or

SB9-SSA1,30,20 3. A consignee.

SB9-SSA1,30,23 (h) "Deposit account" means a demand, time, savings, passbook, or similar account maintained with a bank. The term does not include investment property or accounts evidenced by an instrument.

SB9-SSA1,30,25 (hg) "Document" means a document of title or a receipt of the type described in s. 407.201 (2).

SB9-SSA1,31,2 (hm) "Electronic chattel paper" means chattel paper evidenced by a record or records consisting of information stored in an electronic medium.

SB9-SSA1,31,4 (hs) "Encumbrance" means a right, other than an ownership interest, in real property. The term includes mortgages and other liens on real property.

SB9-SSA1,31,6 (i) "Equipment" means goods other than inventory, farm products, or consumer goods.

SB9-SSA1,31,8 (ig) "Farm products" means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:

SB9-SSA1,31,9 1. Crops grown, growing, or to be grown, including:

SB9-SSA1,31,10 a. Crops produced on trees, vines, and bushes; and

SB9-SSA1,31,11 b. Aquatic goods produced in aquacultural operations;

SB9-SSA1,31,13 2. Livestock, born or unborn, including aquatic goods produced in aquacultural operations;

SB9-SSA1,31,14 3. Supplies used or produced in a farming operation; or

SB9-SSA1,31,15 4. Products of crops or livestock in their unmanufactured states.

SB9-SSA1,31,17 (im) "Farming operation" means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation.

SB9-SSA1,31,19 (is) "File number" means the number assigned to an initial financing statement pursuant to s. 409.519 (1).