HB 9: "An Act relating to secured transactions under the Uniform Commercial Code and to the regulation of funds transfers, including remittance transfers, under the Uniform Commercial Code and federal law; and providing for an effective date."
00 HOUSE BILL NO. 9 01 "An Act relating to secured transactions under the Uniform Commercial Code and to 02 the regulation of funds transfers, including remittance transfers, under the Uniform 03 Commercial Code and federal law; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 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 AS 45.29.102(a)(8) is repealed and reenacted to read: 07 (8) "authenticate" means 08 (A) to sign; or 09 (B) with present intent to adopt or accept a record, to attach to 10 or logically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.