CHAPTER 11. EFFECTIVE DATE AND TRANSITION PROVISIONS--1973 AMENDMENTS

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Statutes > Texas > Business-and-commerce-code > Title-1-uniform-commercial-code > Chapter-11-effective-date-and-transition-provisions-1973-amendments

BUSINESS AND COMMERCE CODE

TITLE 1. UNIFORM COMMERCIAL CODE

CHAPTER 11. EFFECTIVE DATE AND TRANSITION PROVISIONS--1973

AMENDMENTS

Sec. 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.

Sec. 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.

Sec. 11.103. TRANSITION TO 1973 AMENDMENTS--GENERAL RULE.

Transactions 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.

Sec. 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.

Sec. 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.

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.

Sec. 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.

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.

Sec. 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.

Sec. 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.

State Codes and Statutes

State Codes and Statutes

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