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Legislation watch
2011 House Bill 1492: Concerning secured transactions
Introduced by Rep. Jamie Pedersen (Seattle) (D) on January 24, 2011
Modifies current law regarding secured transactions to more closely mirror the Uniform Commercial Code, Article 9. This act includes state-registered domestic partners as a “person related to” an individual. This act also clarifies “public organic record” to specifically include business documents filed by or with the United States, or filed in another state. This act adds new sections to current law concerning collateral to which a secured interest attaches, requirements of financial statements, and perfection of a secured interest. This act takes effect July 1, 2013. Official Text and Analysis.
Referred to the House Judiciary Committee on January 24, 2011
Substitute offered in the House on February 10, 2011
Revises the definition of "person related to" to describe a relative as a person related by blood or by marriage or other law (rather than a person related by blood or law). The substitute bill also makes technical corrections to inaccurate cross references resulting from renumbering of Article 9A sections and to correct drafting errors that missed a few one-word changes in the text of the NCCUSL amendments.
The substitute passed by voice vote in the House on February 10, 2011
Referred to the House Rules Committee on February 15, 2011
Amendment offered by Rep. Deborah Eddy, (D-Kirkland) (D) on March 1, 2011
To direct the Code Reviser to use section and subsection numbering for Washington's Article 9A of the Uniform Commercial Code that is consistent with the numbering used by the National Conference of Commissioners on Uniform State Laws for Article 9 of the Uniform Commercial Code.
The amendment passed by voice vote in the House on March 1, 2011
Amendment offered by Rep. Jamie Pedersen (Seattle) (D) on March 1, 2011
To amend the section of Article 9A that addresses the enforcement of an obligation where the collateral consists of a mortgage note or other obligation secured by a mortgage on real property. Provides that there must be a default in the obligation that secures the mortgage before the secured party may exercise any right the debtor has to foreclose the mortgage nonjudicially. Corrects the use of an inaccurate term and removes the change of the term "indorsement" to "endorsement" in order to maintain consistency with other articles of the uniform commercial code. Amend additional sections of Article 9A to correct crossreferences.
The amendment passed by voice vote in the House on March 1, 2011
To adopt revisions to Article 9A of the Uniform Commercial Code governing secured transactions.
Received in the Senate on March 3, 2011
Referred to the Senate Judiciary Committee on March 3, 2011
Referred to the Senate Rules Committee on April 4, 2011
Adopts revisions to Article 9A of the Uniform Commercial Code governing secured transactions.
Signed by Gov. Christine Gregoire on April 14, 2011
Adopts revisions to Article 9A of the Uniform Commercial Code governing secured transactions.