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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.

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