South Carolina General Assembly
113th Session, 1999-2000

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Bill 951

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

February 16, 2000

S. 951

Introduced by Senator Alexander

S. Printed 2/16/00--S.

Read the first time January 11, 2000.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (S. 951), 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, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

JOHN R. RUSSELL, for Committee.

A BILL

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:

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 ten 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."

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 ten twenty days thereafter."

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 ten 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.

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