GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1999

S	1 

SENATE JOINT RESOLUTION 162*

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Sponsors: Senator Hartsell.

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Referred to:  Rules and Operations of the Senate.

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February 22, 1999

A JOINT RESOLUTION AUTHORIZING THE GENERAL STATUTES COMMISSION TO STUDY UNIFORM COMMERCIAL CODE REVISED ARTICLE 9 (SECURED TRANSACTIONS) AND TO REPORT TO THE 1999 GENERAL ASSEMBLY, REGULAR SESSION 2000, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.
Whereas, Uniform Commercial Code Article 9, which sets out a comprehensive statutory scheme for the regulation of security interests in personal property and fixtures, was enacted in North Carolina in 1965 as Article 9 of Chapter 25 of the General Statutes, effective July l, 1967; and
Whereas, The American Law Institute in May 1998 and the National Conference of Commissioners on Uniform State Laws in July 1998 approved a revision of Uniform Commercial Code Article 9 and are recommending that all states enact Uniform Commercial Code Revised Article 9 with a uniform effective date of July 1, 2001; and
Whereas, enactment of a uniform effective date will be beneficial to debtors and creditors and will eliminate problems and uncertainties during transition from Uniform Commercial Code Article 9 to Uniform Commercial Code Revised Article 9; and
Whereas, Uniform Commercial Code Revised Article 9 is complex and requires the study of other sections of the General Statutes for any necessary conforming amendments; and
Whereas, the final draft of Uniform Commercial Code Revised Article 9 was not available until mid-December 1998; and
Whereas, G.S. 164-13 authorizes the General Statutes Commission to receive and consider proposed changes in the law recommended by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; Now, therefore,
Be it resolved by the Senate, the House of Representatives concurring:
Section 1.  The General Statutes Commission shall study Uniform Commercial Code Revised Article 9 (Secured Transactions) and conforming amendments to other sections of the General Statutes and report any recommended legislation to the 1999 General Assembly, Regular Session 2000.
Section 2.  This resolution is effective upon ratification.