Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 18, 2011 |
referred to judiciary |
Senate Bill S2044
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2011-S2044 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Uniform Commercial Code
- Laws Affected:
- Amd §7-209, UCC
- Versions Introduced in 2009-2010 Legislative Session:
-
S158
2011-S2044 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2044 TITLE OF BILL: An act to amend the uniform commercial code, in relation to the lien of a warehouseman PURPOSE: Clarification of the law covering the priority of warehouseman's liens Over prior perfected security interests. SUMMARY OF PROVISIONS: Amends subsection (3) and adds a new subsection (5) to §7-209 of the Uniform Commercial Code to provide that a warehouseman's lien is prior in interest to other perfected security interests. JUSTIFICATION: At the present time, there is a substantial amount of legal activity involving claims by holders of security interest in bailed personal property (e.g., banks, finance companies, etc.) against household goods warehousemen. These other lienholders assert that their claims are prior in right to lien of warehouseman initiating the warehouseman's lien sale procedure. There are several ways to describe the dispute that commonly arises under current law. The basic facts usually involve a storage
2011-S2044 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2044 2011-2012 Regular Sessions I N S E N A T E January 18, 2011 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the uniform commercial code, in relation to the lien of a warehouseman THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 7-209 of the uniform commercial code is amended by adding a new subsection 5 to read as follows: (5) THE LIEN PROVIDED BY THIS SECTION IS SUPERIOR TO ANY OTHER SECURI- TY INTEREST. THE LIEN ATTACHES AS OF THE DATE THE WAREHOUSE RECEIPT COVERING THE GOODS IS ISSUED BY THE WAREHOUSEMAN. S 2. Subsection 3 of section 7-209 of the uniform commercial code is amended to read as follows: (3) A warehouseman's lien for charges and expenses under subsection (1) or a security interest under subsection (2) is also effective against any person who so entrusted the bailor with possession of the goods that a pledge of them by him to a good faith purchaser for value would have been valid [but is not effective against a person as to whom the document confers no right in the goods covered by it under Section 7--503]. S 3. This act shall take effect on the first of September next succeeding the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07433-01-1
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