Law:Title 1. Uniform Commercial Code from Chapter 11. Effective Date And Transition Provisions--1973 Amendments (Texas)

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Contents

Chapter 11. Effective Date And Transition Provisions--1973 Amendments

Section  11.101.  Effective Date.

This Act (referred to as the "1973 amendments") takes effect on January 1, 1974.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974.



Section  11.102.  Preservation Of Old Transition Provisions.

The provisions of Article 10 of the Uniform Commercial Code, as amended, shall continue to apply to the amended code, and for this purpose this code as amended shall be considered one continuous statute.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974.



Section  11.103.  Transition To 1973 Amendments--general Rule. Tra

nsactions validly entered into after June 30, 1966, and before January 1, 1974, and which were subject to the provisions of this title and which would be subject to the 1973 amendments if they had been entered into on or after January 1, 1974, and the rights, duties and interests flowing from such transactions remain valid on and after the latter date and may be terminated, completed, consummated or enforced as required or permitted by the 1973 amendments. Security interests arising out of such transactions which are perfected when the 1973 amendments become effective shall remain perfected until they lapse as provided in the code as amended, and may be continued as permitted by the code as amended, except as stated in Section 11.105.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974.



Section  11.104.  Transition Provision On Change Of Requirement Of Filing.

A security interest for the perfection of which filing or the taking of possession was required under this code and which attached prior to January 1, 1974, but was not perfected shall be deemed perfected on January 1, 1974, if this code as amended permits perfection without filing or authorizes filing in the office or offices where a prior ineffective filing was made.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974.



Section  11.105.  Transition Provision On Change Of Place Of Filing.

(a) A financing statement or continuation statement filed prior to January 1, 1974, which shall not have lapsed prior to January 1, 1974, shall remain effective for the period provided in the code before January 1, 1974, but not less than five years after the filing.

(b)  With respect to any collateral, other than fixtures or minerals or the like (including oil and gas) or accounts subject to Subsection (e) of Section 9.103, which are covered by a financing statement or security agreement filed as a financing statement or continuation statement filed prior to January 1, 1974, and which shall not have lapsed prior to January 1, 1974, acquired by the debtor on or after January 1, 1974, any effective financing statement or security agreement filed as a financing statement or continuation statement described in this section and purporting to cover such after-acquired collateral shall apply only if the filing or filings are in the office or offices that would be appropriate to perfect the security interests in the new collateral under the code with its 1973 amendments.

(c)  The effectiveness of any financing statement or continuation statement filed prior to January 1, 1974, may be continued by a continuation statement as permitted by this code with 1973 amendments, except that if this code with 1973 amendments, requires a filing or a filing for record in an office where there was no previous financing statement, a new financing statement conforming to Section 11.106 shall be filed or filed for record in that office.

(d)  If the filing for record of a mortgage would have been effective as to the types of collateral enumerated in Subsection (f) of Section 9.402 if the 1973 amendments had been in effect on the date of the filing for record of the mortgage, the mortgage shall be deemed effective as such a filing as to the types of collateral enumerated in Subsection (f) of Section 9.402 of this code, as amended, on January 1, 1974.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974. Amended by Acts 1975, 64th Leg., p. 943, ch. 353, Sec. 10, 11, eff. June 19, 1975.



Section  11.106.  Required Refilings.

(a) If a security interest is perfected or has priority when the 1973 amendments take effect as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under the 1973 amendments, the perfection and priority rights of the security interest continue until January 1, 1977. The perfection will then lapse unless a financing statement is filed as provided in Subsection (d) or unless the security interest is perfected otherwise than by filing.

(b)  If a security interest is perfected when the 1973 amendments take effect under a law other than this title which requires no further filing, refiling or recording to continue its perfection, perfection continues until and will lapse on January 1, 1977, unless a financing statement is filed as provided in Subsection (d) or unless the security interest is perfected otherwise than by filing, or unless under Subsection (c) of Section 9.302 the other law continues to govern filing.

(c)  If a security interest is perfected by a filing, refiling or recording under a law repealed by this Act which required further filing, refiling or recording to continue its perfection, perfection continues and will lapse on the date provided by the law so repealed for such further filing, refiling or recording unless a financing statement is filed as provided in Subsection (d) or unless the security interest is perfected otherwise than by filing.

(d)  A financing statement may be filed within six months before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by this Act), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under this title or under any statute or other law repealed or modified by this Act is still effective. Section 9.401 and Section 9.103 determine the proper place to file such a financing statement. Except as specified in this subsection, the provisions of Section 9.403(c) for continuation statements apply to such a financing statement.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974.



Section  11.107.  Transition Provisions As To Priorities.

Except as otherwise provided in this chapter, this title as it existed before the 1973 amendments took effect shall apply to any questions of priority if the positions of the parties were fixed prior to January 1, 1974. In other cases questions of priority shall be determined by this title with 1973 amendments.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974.



Section  11.108.  Presumption That Rule Of Law Continues Unchanged.

Unless a change in law has clearly been made, the provisions of this title with 1973, 1975, and 1977 amendments shall be deemed declaratory of the meaning of the title.

Added by Acts 1973, 63rd Leg., p. 1030, ch. 400, Sec. 6, eff. Jan. 1, 1974. Amended by Acts 1975, 64th Leg., p. 944, ch. 353, Sec. 12, eff. June 19, 1975; Acts 1977, 65th Leg., p. 334, ch. 163, Sec. 5, eff. Aug. 29, 1977.


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