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951Ratification Number: 370Act Number: 339Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20000111Primary Sponsor: AlexanderAll Sponsors: AlexanderDrafted Document Number: l:\council\bills\pt\1716mm00.docCompanion Bill Number: 4311Date Bill Passed both Bodies: 20000526Governor's Action: SDate of Governor's Action: 20000606Subject: Commercial Code, purchase money security interest, grace period for filing; Consumer AffairsHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000628 Act No. A339 ------ 20000606 Signed by Governor ------ 20000531 Ratified R370 House 20000526 Read third time, enrolled for ratification House 20000525 Read second time, unanimous consent for third reading on the next Legislative day House 20000524 Committee report: Favorable 26 HLCI House 20000223 Introduced, read first time, 26 HLCI referred to Committee Senate 20000222 Read third time, sent to House Senate 20000217 Read second time Senate 20000216 Committee report: Favorable 11 SJ Senate 20000111 Introduced, read first time, 11 SJ referred to Committee Senate 19991207 Prefiled, referred to Committee 11 SJ Versions of This Bill Revised on February 16, 2000 - Word format Revised on May 24, 2000 - Word format
(A339, R370, S951)
AN ACT TO AMEND SECTIONS 36-9-301, 36-9-312, AND 36-9-313, ALL AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, ALL RELATING TO ESTABLISHING PRIORITY OF A PURCHASE MONEY SECURITY INTEREST IN CERTAIN TYPES OF COLLATERAL, SO AS TO INCREASE THE "GRACE PERIOD" FOR FILING FROM TEN DAYS TO TWENTY DAYS.
Be it enacted by the General Assembly of the State of South Carolina:
Priority over unperfected security interests
SECTION 1. Section 36-9-301(2) of the 1976 Code, as last amended by Act 494 of 1988, is further amended to read:
"(2) If the secured party files with respect to a purchase money security interest before or within twenty days after the debtor receives possession of the collateral, he takes priority over the rights of a transferee in bulk or of a lien creditor which arise between the time the security interest attaches and the time of filing."
Priorities of conflicting security interests
SECTION 2. Section 36-9-312(4) of the 1976 Code, as last amended by Act 494 of 1988, is further amended to read:
"(4) A purchase money security interest in collateral other than inventory has priority over a conflicting security interest in the same collateral or its proceeds if the purchase money security interest is perfected at the time the debtor receives possession of the collateral or within twenty days thereafter."
Priority of security interests in fixtures
SECTION 3. Section 36-9-313(4)(a) of the 1976 Code, as last amended by Act 494 of 1988, is further amended to read:
"(a) the security interest is a purchase money security interest, the interest of the encumbrancer or owner arises before the goods become fixtures, the security interest is perfected by a fixture filing before the goods become fixtures or within twenty days thereafter, and the debtor has an interest of record in the real estate or is in possession of the real estate; or"
SECTION 4. This act takes effect upon approval by the Governor.
Ratified the 31st day of May, 2000.
Approved the 6th day of June, 2000.
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