AN ACT to amend Tennessee Code Annotated, Title 47, relative to the Uniform Commercial Code.
Summary
SB0864 makes a narrow change to Tennessee’s Uniform Commercial Code provisions by amending Tennessee Code Annotated, Section 47-9-527. The bill changes a statutory date reference from February 1 to January 15. Based on the text provided, it does not create a new program or alter the broader structure of the UCC; it simply updates a deadline or timing requirement within Article 9 of the code.
Because the bill amends Title 47, it affects commercial law in Tennessee, particularly secured transactions governed by the Uniform Commercial Code. The practical impact is likely limited to parties who rely on the specific filing, notice, or compliance deadline referenced in Section 47-9-527, such as lenders, secured creditors, debtors, filing offices, and attorneys handling UCC matters. The act takes effect immediately upon becoming law, indicating the legislature viewed the change as time-sensitive or administrative in nature.
Impact
The bill amends Tennessee’s commercial code by changing a single statutory date in Section 47-9-527 from February 1 to January 15. This alters the timing of the affected UCC-related requirement and may require secured parties, filing offices, and practitioners to adjust compliance practices to the earlier date. No broader substantive changes to the Uniform Commercial Code are apparent from the text provided.
Sentiment
There is no recorded committee transcript or vote history in the provided materials, so the bill’s sentiment cannot be measured from debate or roll-call data. The bill’s short, technical nature and immediate effective date suggest it was likely treated as a routine or administrative UCC update rather than a controversial policy measure.
Contention
No specific points of contention are documented in the provided record. If any concerns existed, they would most likely have centered on the practical effect of moving a deadline earlier by about two weeks and whether affected businesses, lenders, or filing entities would have sufficient time to comply. However, there is no evidence in the supplied materials of opposition or disagreement.