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Commercial Code / Secured Transactions; Sales of Accounts; Contract Rights and Chattel Paper

P Passed

P HB1769

Government bonds. Provides that Article 9 of the Uniform Commercial Code (Secured Transactions) does not apply to a sale of promissory notes by the Commonwealth or a governmental unit of the Commonwealth in connection with or in furtherance of its borrowing power. Also exempt is the creation, perfection, priority, and enforcement of a security interest, lien or pledge created, made or granted by the governmental unit to pay or secure any bonds, notes, obligations or other debt securities issued thereby. Security interests, liens or pledges created by the governmental unit in goods or software, or the proceeds thereof, are governed by the UCC.
Patron - Cox

P SB911

Government bonds. Provides that Article 9 of the Uniform Commercial Code (Secured Transactions) does not apply to a sale of promissory notes by the Commonwealth or a governmental unit of the Commonwealth in connection with or in furtherance of its borrowing power. Also exempt is the creation, perfection, priority, and enforcement of a security interest, line or pledge created, made or granted by the governmental unit to pay or secure any bonds, notes, obligations or other debt securities issued thereby. Security interests, liens or pledges created by the governmental unit in goods or software, or the proceeds thereof, are governed by the UCC.
Patron - Norment

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2001 SUMMARY HOME | DLS | GENERAL ASSEMBLY