SENATE BILL REPORT

HB 2633

BYRepresentatives Appelwick, P. King and Valle

Amending the uniform commercial code.

House Committe on Judiciary

Senate Committee on Law & Justice

Senate Hearing Date(s):February 12, 1990; February 14, 1990

Majority Report:  Do pass.

      Signed by Senators Nelson, Chairman; McCaslin, Vice Chairman; Patrick, Rasmussen, Talmadge, Thorsness.

Senate Staff:Vicki Schur (786-7415)

                  February 14, 1990

AS REPORTED BY COMMITTEE ON LAW & JUSTICE, FEBRUARY 14, 1990

BACKGROUND:

Article 1-201 of the Washington Uniform Commercial Code sets out certain definitions used in the Uniform Commercial Code.  The National Conference of Commissioners on Uniform State Laws proposes modifications and clarifications of the Uniform Commercial Code and other uniform laws.  In the summer of 1989, the Conference adopted amendments to article 1-201 of the Uniform Commercial Code.  The amendments are intended to provide conformity with new text and amendments in Uniform Commercial Code Articles 3 and 4A, which will be proposed during the next legislative session.

SUMMARY:

The definition of "holder" is clarified with respect to instruments, securities or documents of title.

The definition of "money" is modified to include a medium of exchange authorized by an intergovernmental organization.

The reference to "indorsement" is deleted from the definition of "'unauthorized' signature or indorsement" to clarify that the term unauthorized signature includes indorsement.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested

Senate Committee - Testified: No one