About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

11 Bull. Sec. Corp. Banking & Bus. L. 1 (1973-1974)

handle is hein.journals/txjbus11 and id is 1 raw text is: BUc4LLEITIN OF THE SECTION ON CORPORATION, BANKING & BUSINESS LAW Issue on CORPORATE LAW Vol. 11 October, 1973 No. 1 ABOUT THE BULLETIN The Information Committee is planning to publish the Bulletin quarterly during the current year. We hope to make these issues as useful and informative as possible for the entire membership of the Section. With this in mind we anticipate placing primary em- phasis on brief discussion in the Bulletin of the widest possible range of currently signifi- cant topics. More extended analyses of significant problems and developments which are available elsewhere will be brought to the attention of the membership by references in the Bulletin to those sources. In order to make the Bulletin as useful as possible to the membership of the Section we invite every member who has a suggestion or is aware of developments appropriate for discussion in the Bulletin to let us know about them. If you have suggestions for topics to be covered in the Bulletin, please transmit them by phone or letter to one of the officers of the Section or to the Information Committee Chairman at the addresses on the back page of this issue. Many thanks! UCC ARTICLE 9 REVISED By John E. Krahmer, Lubbock The 1972 Official Text Revision of Article 9 of the Uniform Commercial Code (UCC) has been adopted in Texas amending Texas Business and Commerce Code §§ 9.101-9.507. The amendments will be effective January 1, 1974. A few other UCC sections were also amended and a Chapter 11 on Transition Provi- sions was added. The text of the Article 9 changes is in Vernon's Texas Session Law Service, Chapter 400, pp. 997-1036 (Issue No. 6, 1973). State Bar Program on Changes The Uniform Commercial Code Committee of the State Bar of Texas Section on Corporation, Banking and Business Law is planning a program to be presented at vari- ous locations in the state to help acquaint interested lawyers with the Article 9 changes. Exact times and locations for the program were not available when this issue of the Bulletin went to press. Summary of Major Changes (References are to Tex. Bus. and Comm. Code Sections) Article 9 has been substantially rewritten by the amendments. There are major changes in the rules of priority on fixture security interests, including a shift in favor of construction mortgages. (§ 9.313) Fixture filings are now to be made in the real estate records, not just in the office where such records are kept. (§ 9.401) The most important changes may be in the restatement of the rules of priority between conflicting Code security interests and Code and non-Code interests. (§§ 9.301, 9.307, 9.312) Rules governing priority of future advances under existing agreements have been changed. (§§ 9.301, 9.307, 9.312) Rights of lien creditors have been improved. (§ 9.301 (d) ) The definition of proceeds has been expanded to include insurance payments for loss or damage of collateral. (§ 9.306(a) ) The rules on allocation of cash proceeds upon insolvency have been rewritten. (§ 9.306(d) ) The perfection of security interests in pro- ceeds has been made automatic. The filing provisions have been changed considerably, generally toward simplification of the form of financing statements (§ 9.402), the length of time a financing statement will be effective (§ 9.403), and the ease of searching records (§§ 9.401, 9.404). Important changes have been made in the rules governing perfection and effec- tiveness of perfection in multistate transactions. (§ 9.103) These changes will probably not affect a great number of cases but will be important when a transaction crosses state lines.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most