FINAL BILL REPORT

HB 2633

                                  C 228 L 90

BYRepresentatives Appelwick, P. King and Valle

Amending the uniform commercial code.

House Committe on Judiciary

Senate Committee on Law & Justice

SYNOPSIS AS ENACTED

BACKGROUND:

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 the definitions used throughout the Uniform Commercial Code.  These proposed amendments are intended to provide conformity with other proposed new text and amendments to the Uniform Commercial Code.

SUMMARY:

Three definitional changes are made in the Uniform Commercial Code.

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.

A reference to "indorsement" is deleted from the definition of "unauthorized" signature.

VOTES ON FINAL PASSAGE:

      House 98   0

      Senate    47     0

EFFECTIVE:June 7, 1990