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28th Legislature(2013-2014)

Bill Text 28th Legislature


00 Enrolled HB 9                                                                                                           
01 Relating to secured transactions under the Uniform Commercial Code and to the regulation of                             
02 funds transfers, including remittance transfers, under the Uniform Commercial Code and                                  
03 federal law; and providing for an effective date.                                                                       
04                           _______________                                                                               
05    * Section 1. AS 45.14.108 is amended to read:                                                                      
06            Sec. 45.14.108. Relationship to [EXCLUSION OF CONSUMER                                                   
07       TRANSACTIONS GOVERNED BY] federal law. Except as provided in (b) of                                           
08       this section, this [THIS] chapter does not apply to a funds transfer if a part of the                         
09       funds transfer is governed by 15 U.S.C. 1693 - 1693r (Electronic Fund Transfer Act of                             
10       1978), as amended from time to time.                                                                      
11    * Sec. 2. AS 45.14.108 is amended by adding new subsections to read:                                               
12            (b)  This chapter applies to a funds transfer that is a remittance transfer as                               
13       defined in 15 U.S.C. 1693o-1, as amended from time to time, unless the remittance                                 
14       transfer is an electronic fund transfer as defined in 15 U.S.C. 1693a, as amended from                            
01       time to time.                                                                                                     
02            (c)  In a funds transfer to which this chapter applies, in the event of an                                   
03       inconsistency between an applicable provision of this chapter and an applicable                                   
04       provision of 15 U.S.C. 1693 - 1693r, the provision of 15 U.S.C. 1693 - 1693r governs                              
05       to the extent of the inconsistency.                                                                               
06    * Sec. 3. AS 45.29.102(a)(8) is repealed and reenacted to read:                                                    
07                 (8)  "authenticate" means                                                                               
08                      (A)  to sign; or                                                                                   
09                      (B)  with present intent to adopt or accept a record, to attach to                                 
10            or logically associate with the record an electronic sound, symbol, or process;                              
11    * Sec. 4. AS 45.29.102(a)(13) is amended to read:                                                                  
12                 (13)  "certificate of title" means                                                                      
13                      (A)  a certificate of title with respect to which a statute provides                           
14            for the security interest in question to be indicated on the certificate as a                                
15            condition or result of the security interest's obtaining priority over the rights of                         
16            a lien creditor with respect to the collateral;                                                              
17                      (B)  a record, other than a certificate of title described in (A)                              
18            of this paragraph, maintained as an alternative to a certificate of title by                             
19            the governmental unit that issues certificates of title if a statute permits                             
20            the security interest in question to be indicated on the record as a                                     
21            condition or result of the security interest's obtaining priority over the                               
22            rights of a lien creditor with respect to the collateral;                                                
23    * Sec. 5. AS 45.29.102(a)(61) is amended to read:                                                                  
24                 (61)  "jurisdiction of organization," with respect to a registered                                      
25       organization, means the jurisdiction under whose law the organization is formed or                            
26       organized;                                                                                                        
27    * Sec. 6. AS 45.29.102(a)(87) is repealed and reenacted to read:                                                   
28                 (87)  "registered organization" means an organization formed or                                         
29       organized solely under the law of a single state or the United States by the filing of a                          
30       public organic record with, the issuance of a public organic record by, or the                                    
31       enactment of legislation by the state or the United States, including a business trust                            
01       that is formed or organized under the law of a single state if a statute of the state                             
02       governing business trusts requires that the business trust's organic record be filed with                         
03       the state;                                                                                                        
04    * Sec. 7. AS 45.29.102(a) is amended by adding a new paragraph to read:                                            
05                 (105)  "public organic record" means a record that is available to the                                  
06       public for inspection and that is                                                                                 
07                      (A)  a record consisting of the record initially filed with or                                     
08            issued by a state or the United States to form or organize an organization and a                             
09            record filed with or issued by the state or the United States that amends or                                 
10            restates the initial record;                                                                                 
11                      (B)  an organic record of a business trust consisting of the                                       
12            record initially filed with a state and a record filed with the state that amends or                         
13            restates the initial record if a statute of the state governing business trusts                              
14            requires that the record be filed with the state; or                                                         
15                      (C)  a record consisting of legislation enacted by the legislature                                 
16            of a state or the United States Congress that forms or organizes an                                          
17            organization, a record amending the legislation, and a record filed with or                                  
18            issued by the state or the United States that amends or restates the name of the                             
19            organization.                                                                                                
20    * Sec. 8. AS 45.29.105 is amended to read:                                                                         
21            Sec. 45.29.105. Control of electronic chattel paper. (a) A secured party has                             
22       control of electronic chattel paper if a system employed for evidencing the transfer                          
23       of interests in the chattel paper reliably establishes the secured party as the                               
24       person to which the chattel paper was assigned.                                                               
25            (b)  A system satisfies (a) of this section if the record or records comprising                          
26       the chattel paper are created, stored, and assigned in such a manner that                                         
27                 (1)  a single authoritative copy of the record or records exists that is                                
28       unique, identifiable, and, except as otherwise provided in (4) - (6) of this subsection                       
29       [SECTION], unalterable;                                                                                           
30                 (2)  the authoritative copy identifies the secured party as the assignee of                             
31       the record or records;                                                                                            
01                 (3)  the authoritative copy is communicated to and maintained by the                                    
02       secured party or its designated custodian;                                                                        
03                 (4)  copies or amendments [REVISIONS] that add or change an                                         
04       identified assignee of the authoritative copy can be made only with the consent                               
05       [PARTICIPATION] of the secured party;                                                                             
06                 (5)  each copy of the authoritative copy and any copy of a copy is                                      
07       readily identifiable as a copy that is not the authoritative copy; and                                            
08                 (6)  any amendment [REVISION] of the authoritative copy is readily                                  
09       identifiable as [AN] authorized or unauthorized [REVISION].                                                       
10    * Sec. 9. AS 45.29.307(f) is amended to read:                                                                      
11            (f)  Except as otherwise provided in (i) of this section, a registered organization                          
12       that is organized under the law of the United States and a branch or agency of a bank                             
13       that is not organized under the law of the United States or a state are located                                   
14                 (1)  in the state that the law of the United States designates if the law                               
15       designates a state of location;                                                                                   
16                 (2)  in the state that the registered organization, branch, or agency                                   
17       designates if the law of the United States authorizes the registered organization,                                
18       branch, or agency to designate its state of location, including by designating its main                       
19       office, home office, or other comparable office; or                                                           
20                 (3)  in the District of Columbia if neither (1) nor (2) of this subsection                              
21       applies.                                                                                                          
22    * Sec. 10. AS 45.29.311(a) is amended to read:                                                                     
23            (a)  Except as otherwise provided in (d) of this section, the filing of a financing                          
24       statement is not necessary or effective to perfect a security interest in property subject                        
25       to                                                                                                                
26                 (1)  a statute, regulation, or treaty of the United States whose                                        
27       requirements for a security interest's obtaining priority over the rights of a lien creditor                      
28       with respect to the property preempt AS 45.29.310(a);                                                             
29                 (2)  AS 28.10; however, during a period in which collateral is inventory                                
30       held for sale by a person who is in the business of selling goods of that kind, the filing                        
31       provisions of AS 45.29.501 - 45.29.525 apply to a security interest in that collateral                            
01       created by that person as debtor; or                                                                              
02                 (3)  a [CERTIFICATE-OF-TITLE] statute of another jurisdiction that                                      
03       provides for a security interest to be indicated on a [THE] certificate of title as a                     
04       condition or result of the security interest's obtaining priority over the rights of a lien                       
05       creditor with respect to the property.                                                                            
06    * Sec. 11. AS 45.29.316 is amended by adding new subsections to read:                                              
07            (h)  The following rules apply to collateral to which a security interest attaches                           
08       within four months after the debtor changes its location to another jurisdiction:                                 
09                 (1)  a financing statement filed before the change under the law of the                                 
10       jurisdiction designated in AS 45.29.301(1) or 45.29.305(c) is effective to perfect a                              
11       security interest in the collateral if the financing statement would have been effective                          
12       to perfect a security interest in the collateral had the debtor not changed its location;                         
13                 (2)  if a security interest perfected by a financing statement that is                                  
14       effective under (1) of this subsection becomes perfected under the law of the other                               
15       jurisdiction before the earlier of the time the financing statement would have become                             
16       ineffective under the law of the jurisdiction designated in AS 45.29.301(1) or                                    
17       45.29.305(c) or the expiration of the four-month period, it remains perfected; if the                             
18       security interest does not become perfected under the law of the other jurisdiction                               
19       before the earlier time or event, it becomes unperfected and is considered never to                               
20       have been perfected as against a purchaser of the collateral for value.                                           
21            (i)  If a financing statement naming an original debtor is filed under the law of                            
22       the jurisdiction designated in AS 45.29.301(1) or 45.29.305(c) and the new debtor is                              
23       located in another jurisdiction, the following rules apply:                                                       
24                 (1)  the financing statement is effective to perfect a security interest in                             
25       collateral acquired by the new debtor before, and within four months after, the new                               
26       debtor becomes bound under AS 45.29.203(d), if the financing statement would have                                 
27       been effective to perfect a security interest in the collateral had the collateral been                           
28       acquired by the original debtor;                                                                                  
29                 (2)  a security interest perfected by the financing statement and that                                  
30       becomes perfected under the law of the other jurisdiction before the earlier of the time                          
31       the financing statement would have become ineffective under the law of the                                        
01       jurisdiction designated in AS 45.29.301(1) or 45.29.305(c) or the expiration of the                               
02       four-month period remains perfected; a security interest that is perfected by the                                 
03       financing statement but that does not become perfected under the law of the other                                 
04       jurisdiction before the earlier time or event becomes unperfected and is considered                               
05       never to have been perfected as against a purchaser of the collateral for value.                                  
06    * Sec. 12. AS 45.29.317(b) is amended to read:                                                                     
07            (b)  Except as otherwise provided in (e) of this section, a buyer, other than a                              
08       secured party, of tangible chattel paper, tangible documents, goods, instruments, or a                            
09       certificated security [CERTIFICATE] takes free of a security interest or agricultural                         
10       lien if the buyer gives value and receives delivery of the collateral without knowledge                           
11       of the security interest or agricultural lien and before it is perfected.                                         
12    * Sec. 13. AS 45.29.317(d) is amended to read:                                                                     
13            (d)  A licensee of a general intangible or a buyer, other than a secured party, of                           
14       collateral [ACCOUNTS, ELECTRONIC CHATTEL PAPER, ELECTRONIC                                                    
15       DOCUMENTS, GENERAL INTANGIBLES, OR INVESTMENT PROPERTY] other                                                     
16       than tangible chattel paper, tangible documents, goods, instruments, or a                                     
17       certificated security takes free of a security interest if the licensee or buyer gives value                      
18       without knowledge of the security interest and before it is perfected.                                            
19    * Sec. 14. AS 45.29.326 is amended to read:                                                                        
20            Sec. 45.29.326. Priority of security interests created by new debtor. (a)                                  
21       Subject to (b) of this section, a security interest that is created by a new debtor in                    
22       collateral in which the new debtor has or acquires rights and that is perfected                               
23       solely by a filed financing statement that would be ineffective to perfect the security                   
24       interest but for the application of AS 45.29.316(i)(1) or 45.29.508 [IS EFFECTIVE                             
25       SOLELY UNDER AS 45.29.508 IN COLLATERAL IN WHICH A NEW DEBTOR                                                     
26       HAS OR ACQUIRES RIGHTS] is subordinate to a security interest in the same                                         
27       collateral that is perfected other than by a financing statement described in this                            
28       subsection [THAT IS EFFECTIVE SOLELY UNDER AS 45.29.508].                                                     
29            (b)  The other provisions of AS 45.29.301 - 45.29.342 determine the priority                                 
30       among conflicting security interests in the same collateral perfected by filed financing                          
31       statements described in (a) of this section [THAT ARE EFFECTIVE SOLELY                                        
01       UNDER AS 45.29.508]. However, if the security agreements to which a new debtor                                    
02       became bound as debtor were not entered into by the same original debtor, the                                     
03       conflicting security interests rank according to priority in time of the new debtor's                             
04       having become bound.                                                                                              
05    * Sec. 15. AS 45.29.406(e) is amended to read:                                                                     
06            (e)  The provisions of (d) of this section do not apply to the sale of a payment                             
07       intangible or promissory note, other than a sale under a disposition under                                    
08       AS 45.29.610 or an acceptance of collateral under AS 45.29.620.                                               
09    * Sec. 16. AS 45.29.408(b) is amended to read:                                                                     
10            (b)  The provisions of (a) of this section apply to a security interest in a                                 
11       payment intangible or promissory note only if the security interest arises out of a sale                          
12       of the payment intangible or promissory note, other than a sale under a disposition                           
13       under AS 45.29.610 or an acceptance of collateral under AS 45.29.620.                                         
14    * Sec. 17. AS 45.29.503(a) is repealed and reenacted to read:                                                      
15            (a)  A financing statement sufficiently provides the name of the debtor                                      
16                 (1)  except as otherwise provided in (3) of this subsection, if the debtor                              
17       is a registered organization or the collateral is held in a trust that is a registered                            
18       organization, only if the financing statement provides the name that is stated to be the                          
19       registered organization's name on the public organic record most recently filed with or                           
20       issued or enacted by the registered organization's jurisdiction of organization that                              
21       purports to state, amend, or restate the registered organization's name;                                          
22                 (2)  subject to (f) of this section, if the collateral is being administered                            
23       by the personal representative of a decedent, only if the financing statement provides,                           
24       as the name of the debtor, the name of the decedent and, in a separate part of the                                
25       financing statement, indicates that the collateral is being administered by a personal                            
26       representative;                                                                                                   
27                 (3)  if the collateral is held in a trust that is not a registered                                      
28       organization, only if the financing statement                                                                     
29                      (A)  provides, as the name of the debtor,                                                          
30                           (i)  if the organic record of the trust specifies a name for                                  
31                 the trust, the name specified; or                                                                       
01                           (ii)  if the organic record of the trust does not specify a                                   
02                 name for the trust, the name of the settlor or testator; and                                            
03                      (B)  in a separate part of the financing statement,                                                
04                           (i)  if the name is provided in accordance with (A)(i) of                                     
05                 this paragraph, indicates that the collateral is held in a trust; or                                    
06                           (ii)  if the name is provided in accordance with (A)(ii) of                                   
07                 this paragraph, provides additional information sufficient to distinguish                               
08                 the trust from other trusts having one or more of the same settlors or the                              
09                 same testator and indicates that the collateral is held in a trust, unless                              
10                 the additional information so indicates;                                                                
11                 (4)  if the debtor is an individual, only if the financing statement                                    
12       provides                                                                                                          
13                      (A)  the individual name of the debtor;                                                            
14                      (B)  the surname and first personal name of the debtor; or                                         
15                      (C)  subject to (g) of this section, the name of the individual that                               
16            is indicated on an unexpired driver's license that this state has issued to the                              
17            individual or on an unexpired identification card issued to the individual under                             
18            AS 18.65.310; and                                                                                            
19                 (5)  in other cases, if the debtor                                                                      
20                      (A)  has a name, only if the financing statement provides the                                      
21            organizational name of the debtor; and                                                                       
22                      (B)  does not have a name, only if the financing statement                                         
23            provides the names of the partners, members, associates, or other persons of                                 
24            which the debtor is composed, in a manner that each name provided would be                                   
25            sufficient if the person named were the debtor.                                                              
26    * Sec. 18. AS 45.29.503(b) is amended to read:                                                                     
27            (b)  A financing statement that provides the name of the debtor in accordance                                
28       with (a) of this section is not rendered ineffective by the absence of                                            
29                 (1)  a trade name or other name of the debtor; or                                                       
30                 (2)  unless required under (a)(5)(B) [(a)(4)(B)] of this section, names of                          
31       partners, members, associates, or other persons of which [COMPRISING] the debtor                              
01       is composed.                                                                                                  
02    * Sec. 19. AS 45.29.503 is amended by adding new subsections to read:                                              
03            (f)  The name of the decedent indicated on the order appointing the personal                                 
04       representative of the decedent issued by the court having jurisdiction over the                                   
05       collateral is sufficient as the name of the decedent under (a)(2) of this section.                                
06            (g)  If this state has issued to an individual more than one driver's license, more                          
07       than one identification card under AS 18.65.310, or both an identification card under                             
08       AS 18.65.310 and a driver's license, the driver's license or identification card that was                         
09       issued the most recently is the one to which (a)(4)(C) of this section refers.                                    
10            (h)  In this section, "name of the settlor or testator" means,                                               
11                 (1)  if the settlor is a registered organization, the name that is stated to                            
12       be the settlor's name on the public organic record most recently filed with or issued or                          
13       enacted by the settlor's jurisdiction of organization that purports to state, amend, or                           
14       restate the settlor's name; or                                                                                    
15                 (2)  in cases other than those described in (1) of this subsection, the                                 
16       name of the settlor or testator indicated in the trust's organic record.                                          
17    * Sec. 20. AS 45.29.507(c) is amended to read:                                                                     
18            (c)  If the [A DEBTOR CHANGES ITS] name that [SUFFICIENTLY TO                                        
19       CAUSE] a filed financing statement provides for a debtor becomes insufficient as                              
20       the name of the debtor under AS 45.29.503(a) so that the financing statement                                  
21       becomes [TO BECOME] seriously misleading under AS 45.29.506, the financing                                    
22       statement is                                                                                                      
23                 (1)  effective to perfect a security interest in collateral acquired by the                             
24       debtor before, or within four months after, the filed financing statement becomes                             
25       seriously misleading [CHANGE]; and                                                                            
26                 (2)  not effective to perfect a security interest in collateral acquired by                             
27       the debtor more than four months after the filed financing statement becomes                                  
28       seriously misleading, [CHANGE] unless an amendment to the financing statement                                 
29       that renders the financing statement not seriously misleading is filed within four                                
30       months after the financing statement becomes seriously misleading [CHANGE].                                   
31    * Sec. 21. AS 45.29.515(f) is amended to read:                                                                     
01            (f)  If a debtor is a transmitting utility and a filed financing statement so                                
02       indicates, the initial financing statement is effective until a termination statement is                      
03       filed.                                                                                                            
04    * Sec. 22. AS 45.29.516(b) is amended to read:                                                                     
05            (b)  Filing does not occur with respect to a record that a filing office refuses to                          
06       accept because                                                                                                    
07                 (1)  the record is not communicated by a method or medium of                                            
08       communication authorized by the filing office;                                                                    
09                 (2)  an amount equal to or greater than the applicable filing fee is not                                
10       tendered;                                                                                                         
11                 (3)  the filing office is unable to index the record because, in the case of                            
12                      (A)  an initial financing statement, the record does not provide a                                 
13            name for the debtor;                                                                                         
14                      (B)  an amendment or information [CORRECTION] statement,                                       
15            the record                                                                                                   
16                           (i)  does not identify the initial financing statement as                                     
17                 required by AS 45.29.512 or 45.29.518, as applicable; or                                                
18                           (ii)  identifies an initial financing statement whose                                         
19                 effectiveness has lapsed under AS 45.29.515;                                                            
20                      (C)  an initial financing statement that provides the name of a                                    
21            debtor identified as an individual or an amendment that provides a name of a                                 
22            debtor identified as an individual that was not previously provided in the                                   
23            financing statement to which the record relates, the record does not identify the                            
24            debtor's surname [LAST NAME];                                                                            
25                      (D)  a record filed in the filing office described in                                              
26            AS 45.29.501(a)(1) that relates to real property, the record does not provide a                              
27            sufficient description of the real property to which it relates; or                                          
28                      (E)  a fixture filing or other filing allowed to be filed for record                               
29            in a filing office described in AS 45.29.501(a)(1), the filing does not provide                              
30            the name of the debtor and record owner;                                                                     
31                 (4)  in the case of an initial financing statement or an amendment that                                 
01       adds a secured party of record, the record does not provide a name and mailing                                    
02       address for the secured party of record;                                                                          
03                 (5)  in the case of an initial financing statement or an amendment that                                 
04       provides a name of a debtor that was not previously provided in the financing                                     
05       statement to which the amendment relates, the record does not                                                     
06                      (A)  provide a mailing address for the debtor; or                                              
07                      (B)  indicate whether the name provided as the name of the                                     
08            debtor is the name of an individual or an organization; [OR                                              
09                      (C)  IF THE FINANCING STATEMENT INDICATES THAT                                                     
10            THE DEBTOR IS AN ORGANIZATION, PROVIDE                                                                       
11                           (i)  A TYPE OF ORGANIZATION FOR THE                                                           
12                 DEBTOR;                                                                                                 
13                           (ii)  A JURISDICTION OF ORGANIZATION FOR                                                      
14                 THE DEBTOR; OR                                                                                          
15                           (iii)  AN ORGANIZATIONAL IDENTIFICATION                                                       
16                 NUMBER FOR THE DEBTOR OR INDICATE THAT THE                                                              
17                 DEBTOR DOES NOT HAVE AN ORGANIZATIONAL                                                                  
18                 IDENTIFICATION NUMBER;]                                                                                 
19                 (6)  in the case of an assignment reflected in an initial financing                                     
20       statement under AS 45.29.514(a) or an amendment filed under AS 45.29.514(b), the                                  
21       record does not provide a name and mailing address for the assignee;                                              
22                 (7)  in the case of a continuation statement, the record is not filed                                   
23       within the six-month period prescribed by AS 45.29.515(d); or                                                     
24                 (8)  the record is not communicated on a form authorized by filing                                      
25       office regulation.                                                                                                
26    * Sec. 23. AS 45.29.518 is amended to read:                                                                        
27            Sec. 45.29.518. Claim concerning inaccurate or wrongfully filed record. (a)                                
28       A person may file in the filing office an information [A CORRECTION] statement                                
29       with respect to a record indexed there under the person's name if the person believes                             
30       that the record is inaccurate or was wrongfully filed.                                                            
31            (b)  An information [A CORRECTION] statement under (a) of this section                               
01       must                                                                                                              
02                 (1)  identify the record to which it relates by                                                         
03                      (A)  the file number assigned to the initial financing statement                                   
04            to which the record relates; and                                                                             
05                      (B)  if the information [CORRECTION] statement relates to a                                    
06            record filed for record in a filing office described in AS 45.29.501(a)(1), the                              
07            date that the initial financing statement was filed for record and the                                       
08            information specified in AS 45.29.502(b);                                                                    
09                 (2)  indicate that it is an information [A CORRECTION] statement;                                   
10       and                                                                                                               
11                 (3)  provide the basis for the person's belief that the record is inaccurate                            
12       and indicate the manner in which the person believes the record should be amended to                              
13       cure the inaccuracy or provide the basis for the person's belief that the record was                              
14       wrongfully filed.                                                                                                 
15            (c)  The filing of an information [A CORRECTION] statement does not                                      
16       affect the effectiveness of an initial financing statement or other filed record.                                 
17    * Sec. 24. AS 45.29.518 is amended by adding new subsections to read:                                              
18            (d)  A person may file in the filing office an information statement with respect                            
19       to a record filed there if the person is a secured party of record with respect to the                            
20       financing statement to which the record relates and believes that the person that filed                           
21       the record was not entitled to file the record under AS 45.29.509(d).                                             
22            (e)  An information statement under (d) of this section must                                                 
23                 (1)  identify the record to which it relates                                                            
24                      (A)  by the file number assigned to the initial financing                                          
25            statement to which the record relates; and                                                                   
26                      (B)  if the information statement relates to a record filed in a                                   
27            filing office described in AS 45.29.501(a)(1), by the date that the initial                                  
28            financing statement was filed and the information specified in                                               
29            AS 45.29.502(b);                                                                                             
30                 (2)  indicate that it is an information statement; and                                                  
31                 (3)  provide the basis for the person's belief that the person that filed the                           
01       record was not entitled to file the record under AS 45.29.509(d).                                                 
02    * Sec. 25. AS 45.29.607(b) is amended to read:                                                                     
03            (b)  If necessary to enable a secured party to exercise under (a)(3) of this                                 
04       section the right of a debtor to enforce a mortgage nonjudicially, the secured party                              
05       may record in the office in which the mortgage is recorded                                                        
06                 (1)  a copy of the security agreement that creates or provides for a                                    
07       security interest in the obligation secured by the mortgage; and                                                  
08                 (2)  the secured party's sworn affidavit in recordable form stating that                                
09                      (A)  a default has occurred with respect to the obligation                                     
10            secured by the mortgage; and                                                                             
11                      (B)  the secured party is entitled to enforce the mortgage                                         
12            nonjudicially.                                                                                               
13    * Sec. 26. The uncodified law of the State of Alaska is amended by adding a new section to                         
14 read:                                                                                                                   
15       APPLICABILITY. Except as otherwise provided in secs. 27 - 31 of this Act, secs. 3 -                               
16 25 of this Act apply to a transaction or lien within the scope of secs. 3 - 25 of this Act, even if                     
17 the transaction or lien was entered into or created before July 1, 2013.                                                
18    * Sec. 27. The uncodified law of the State of Alaska is amended by adding a new section to                         
19 read:                                                                                                                   
20       TRANSITION: SECURITY INTEREST PERFECTED BEFORE EFFECTIVE                                                          
21 DATE. (a) A security interest that is a perfected security interest immediately before July 1,                          
22 2013, is a perfected security interest under AS 45.29, as amended by secs. 3 - 25 of this Act,                          
23 if, immediately before July 1, 2013, the applicable requirements for attachment and perfection                          
24 under AS 45.29, as amended by secs. 3 - 25 of this Act, are satisfied without further action.                           
25       (b)  Except as otherwise provided in sec. 29 of this Act, if, immediately before July 1,                          
26 2013, a security interest is a perfected security interest, but the applicable requirements for                         
27 perfection under AS 45.29, as amended by secs. 3 - 25 of this Act, are not satisfied on or                              
28 before June 30, 2013, the security interest remains perfected on and after July 1, 2013, only if                        
29 the applicable requirements for perfection under AS 45.29, as amended by secs. 3 - 25 of this                           
30 Act, are satisfied not later than July 1, 2014.                                                                         
31    * Sec. 28. The uncodified law of the State of Alaska is amended by adding a new section to                         
01 read:                                                                                                                   
02       TRANSITION: SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE                                                        
03 DATE. A security interest that is an unperfected security interest on June 30, 2013, becomes a                          
04 perfected security interest                                                                                             
05            (1)  without further action on July 1, 2013, if the applicable requirements for                              
06 perfection under AS 45.29, as amended by secs. 3 - 25 of this Act, are satisfied on or before                           
07 June 30, 2013; or                                                                                                       
08            (2)  when the applicable requirements for perfection are satisfied if the                                    
09 requirements are satisfied on or after July 1, 2013.                                                                    
10    * Sec. 29. The uncodified law of the State of Alaska is amended by adding a new section to                         
11 read:                                                                                                                   
12       TRANSITION: EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE                                                        
13 DATE. (a) The filing of a financing statement before July 1, 2013, is effective to perfect a                            
14 security interest to the extent the filing would satisfy the applicable requirements for                                
15 perfection under AS 45.29, as amended by secs. 3 - 25 of this Act.                                                      
16       (b)  Sections 3 - 25 of this Act do not render ineffective an effective financing                                 
17 statement that, before July 1, 2013, is filed and satisfies the applicable requirements for                             
18 perfection under the law of the jurisdiction governing perfection as provided in AS 45.29, as it                        
19 existed before being amended by secs. 3 - 25 of this Act. However, except as otherwise                                  
20 provided in (c) and (d) of this section and sec. 30 of this Act, the financing statement ceases to                      
21 be effective,                                                                                                           
22            (1)  if the financing statement is filed in this state, at the time the financing                            
23 statement would have ceased to be effective had secs. 3 - 25 of this Act not taken effect; or                           
24            (2)  if the financing statement is filed in another jurisdiction, at the earlier of                          
25                 (A)  the time the financing statement would have ceased to be effective                                 
26       under the law of that jurisdiction; or                                                                            
27                 (B)  June 30, 2018.                                                                                     
28       (c)  The filing of a continuation statement on or after July 1, 2013, does not continue                           
29 the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely                          
30 filing of a continuation statement on or after July 1, 2013, and in accordance with the law of                          
31 the jurisdiction governing perfection as provided in AS 45.29, as amended by secs. 3 - 25 of                            
01 this Act, the effectiveness of a financing statement filed in the same office in that jurisdiction                      
02 before July 1, 2013, continues for the period provided by the law of that jurisdiction.                                 
03       (d)  The provisions of (b)(2)(B) of this section apply to a financing statement that,                             
04 before July 1, 2013, is filed against a transmitting utility and satisfies the applicable                               
05 requirements for perfection under the law of the jurisdiction governing perfection as provided                          
06 in AS 45.29, as it existed before being amended by secs. 3 - 25 of this Act, only to the extent                         
07 that AS 45.29, as amended by secs. 3 - 25 of this Act, provides that the law of a jurisdiction                          
08 other than the jurisdiction in which the financing statement is filed governs perfection of a                           
09 security interest in collateral covered by the financing statement.                                                     
10       (e)  A financing statement that includes a financing statement filed before July 1,                               
11 2013, and a continuation statement filed on or after July 1, 2013, is effective only to the extent                      
12 that it satisfies the requirements of AS 45.29.503(a), as repealed and reenacted by sec. 17 of                          
13 this Act, AS 45.29.503(b), as amended by sec. 18 of this Act, AS 45.29.503(f) - (h), added by                           
14 sec. 19 of this Act, AS 45.29.507(c), as amended by sec. 20 of this Act, AS 45.29.515(f), as                            
15 amended by sec. 21 of this Act, AS 45.29.516(b), as amended by sec. 22 of this Act,                                     
16 AS 45.29.518, as amended by sec. 23 of this Act, and AS 45.29.518(d) and (e), added by sec.                             
17 24 of this Act, for an initial financing statement. If a financing statement indicates that the                         
18 debtor is a decedent's estate, the financing statement indicates that the collateral is being                           
19 administered by a personal representative within the meaning of AS 45.29.503(a)(2), as                                  
20 repealed and reenacted by sec. 17 of this Act. If a financing statement indicates that the debtor                       
21 is a trust or is a trustee acting with respect to property held in trust, the financing statement                       
22 indicates that the collateral is held in a trust within the meaning of AS 45.29.503(a)(3), as                           
23 repealed and reenacted by sec. 17 of this Act.                                                                          
24    * Sec. 30. The uncodified law of the State of Alaska is amended by adding a new section to                         
25 read:                                                                                                                   
26       TRANSITION: WHEN INITIAL FINANCING STATEMENT SUFFICES TO                                                          
27 CONTINUE EFFECTIVENESS OF FINANCING STATEMENT. (a) The filing of an initial                                             
28 financing statement in the office specified in AS 45.29.501 continues the effectiveness of a                            
29 financing statement filed before July 1, 2013, if                                                                       
30            (1)  the filing of an initial financing statement in that office would be effective                          
31 to perfect a security interest under AS 45.29, as amended by secs. 3 - 25 of this Act;                                  
01            (2)  the financing statement filed before July 1, 2013, was filed in an office in                            
02 another state; and                                                                                                      
03            (3)  the initial financing statement satisfies (c) of this section.                                          
04       (b)  The filing of an initial financing statement under (a) of this section continues the                         
05 effectiveness of the financing statement filed before July 1, 2013,                                                     
06            (1)  if the initial financing statement is filed before July 1, 2013, for the period                         
07 provided in AS 45.29.515, as that section existed before July 1, 2013, with respect to an initial                       
08 financing statement; and                                                                                                
09            (2)  if the initial financing statement is filed on or after July 1, 2013, for the                           
10 period provided in AS 45.29.515, as that section existed before July 1, 2013, with respect to                           
11 an initial financing statement.                                                                                         
12       (c)  To be effective for purposes of (a) of this section, an initial financing statement                          
13 must                                                                                                                    
14            (1)  satisfy the requirements of AS 45.29.503(a), as repealed and reenacted by                               
15 sec. 17 of this Act, AS 45.29.503(b), as amended by sec. 18 of this Act, AS 45.29.503(f) - (h),                         
16 added by sec. 19 of this Act, AS 45.29.507(c), as amended by sec. 20 of this Act,                                       
17 AS 45.29.515(f), as amended by sec. 21 of this Act, AS 45.29.516(b), as amended by sec. 22                              
18 of this Act, AS 45.29.518, as amended by sec. 23 of this Act, and AS 45.29.518(d) and (e),                              
19 added by sec. 24 of this Act, for an initial financing statement;                                                       
20            (2)  identify the financing statement filed before July 1, 2013, by indicating the                           
21 office in which the financing statement was filed and providing the dates of filing and file                            
22 numbers, if any, of the financing statement and of the most recent continuation statement filed                         
23 with respect to the financing statement; and                                                                            
24            (3)  indicate that the financing statement filed before July 1, 2013, remains                                
25 effective.                                                                                                              
26    * Sec. 31. The uncodified law of the State of Alaska is amended by adding a new section to                         
27 read:                                                                                                                   
28       TRANSITION: AMENDMENT OF PRE-EFFECTIVE-DATE FINANCING                                                             
29 STATEMENT. (a) After July 1, 2013, a person may add or delete collateral covered by,                                    
30 continue or terminate the effectiveness of, or otherwise amend the information provided in a                            
31 pre-effective-date financing statement only in accordance with the law of the jurisdiction                              
01 governing perfection as provided in AS 45.29, as amended by secs. 3 - 25 of this Act.                                   
02 However, the effectiveness of a pre-effective-date financing statement may also be terminated                           
03 in accordance with the law of the jurisdiction in which the financing statement is filed.                               
04       (b)  Except as otherwise provided in (d) of this section, if the law of this state governs                        
05 perfection of a security interest, the information in a pre-effective-date financing statement                          
06 may be amended after July 1, 2013, only if                                                                              
07            (1)  the pre-effective-date financing statement and an amendment are filed in                                
08 the office specified in AS 45.29.501;                                                                                   
09            (2)  an amendment is filed in the office specified in AS 45.29.501 concurrently                              
10 with, or after the filing in that office of, an initial financing statement that satisfies sec. 30(c)                   
11 of this Act; or                                                                                                         
12            (3)  an initial financing statement that provides the information as amended                                 
13 and satisfies sec. 30(c) of this Act is filed in the office specified in AS 45.29.501.                                  
14       (c)  If the law of this state governs perfection of a security interest, the effectiveness of                     
15 a pre-effective-date financing statement may be continued only under secs. 29(c) and (e) or 30                          
16 of this Act.                                                                                                            
17       (d)  Whether or not the law of this state governs perfection of a security interest, the                          
18 effectiveness of a pre-effective-date financing statement filed in this state may be terminated                         
19 on or after July 1, 2013, by filing a termination statement in the office in which the pre-                             
20 effective-date financing statement is filed, unless an initial financing statement that satisfies                       
21 sec. 30(c) of this Act has been filed in the office specified by the law of the jurisdiction                            
22 governing perfection as provided in AS 45.29, as amended by secs. 3 - 25 of this Act, as the                            
23 office in which to file a financing statement.                                                                          
24       (e)  In this section, "pre-effective-date financing statement" means a financing                                  
25 statement filed before July 1, 2013.                                                                                    
26    * Sec. 32. The uncodified law of the State of Alaska is amended by adding a new section to                         
27 read:                                                                                                                   
28       TRANSITION: PERSON ENTITLED TO FILE INITIAL FINANCING                                                             
29 STATEMENT OR CONTINUATION STATEMENT. A person may file an initial financing                                             
30 statement or a continuation statement under secs. 26 - 33 of this Act if                                                
31            (1)  the secured party of record authorizes the filing; and                                                  
01            (2)  the filing is necessary under secs. 26 - 33 of this Act                                                 
02                 (A)  to continue the effectiveness of a financing statement filed before                                
03       July 1, 2013; or                                                                                                  
04                 (B)  to perfect or continue the perfection of a security interest.                                      
05    * Sec. 33. The uncodified law of the State of Alaska is amended by adding a new section to                         
06 read:                                                                                                                   
07       TRANSITION: PRIORITY. Sections 3 - 32 of this Act determine the priority of                                       
08 conflicting claims to collateral. However, if the relative priorities of the claims were                                
09 established before July 1, 2013, AS 45.29, as it existed before being amended by secs. 3 - 25                           
10 of this Act, determines priority.                                                                                       
11    * Sec. 34. The uncodified law of the State of Alaska is amended by adding a new section to                         
12 read:                                                                                                                   
13       INSTRUCTIONS TO DEPARTMENT OF NATURAL RESOURCES. (a) The                                                          
14 Department of Natural Resources shall adopt, amend, or repeal regulations to implement the                              
15 changes made by secs. 3 - 25 of this Act and this section. The regulations take effect under                            
16 AS 44.62 (Administrative Procedure Act), but not before July 1, 2013.                                                   
17       (b)  On and after July 1, 2013, the following forms that the Department of Natural                                
18 Resources provides for filing under AS 45.29, as amended by secs. 3 - 25 of this Act, must be                           
19 identical to the forms that were adopted by the American Law Institute and the National                                 
20 Conference of Commissioners on Uniform State Laws and with the amendments made by                                       
21 secs. 3 - 25 of this Act:                                                                                               
22            (1)  UCC Financing Statement;                                                                                
23            (2)  UCC Financing Statement Addendum;                                                                       
24            (3)  UCC Financing Statement Amendment; and                                                                  
25            (4)  UCC Financing Statement Amendment Addendum.                                                             
26    * Sec. 35. The uncodified law of the State of Alaska is amended by adding a new section to                         
27 read:                                                                                                                   
28       SAVING CLAUSE. Sections 3 - 34 of this Act do not affect an action, case, or                                      
29 proceeding commenced before July 1, 2013.                                                                               
30    * Sec. 36. Section 34 of this Act takes effect immediately under AS 01.10.070(c).                                  
31    * Sec. 37. Except as provided in sec. 36 of this Act, this Act takes effect July 1, 2013.                          
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