Bill > SB0544

This bill amends Tennessee's Uniform Commercial Code (UCC) financing statement filing procedures by modifying three key aspects of the existing law. First, when a secured party files a petition contesting a public official's affidavit about a financing statement, the filing office must now forward not just the petition, but also the actual UCC financing statement and the notarized affidavit to the administrative procedures division of the secretary of state's office within three business days. Second, if an administrative law judge makes a determination in such a case, the secured party is now required to provide a copy of that determination to the filing office. Third, if a public official files an affidavit or if a secured party seeks judicial review of an administrative law judge's determination, they must also provide a copy of the respective determination or petition for judicial review to the filing office within seven days. These changes aim to improve transparency and documentation in the process of challenging UCC financing statement filings by ensuring more comprehensive information sharing between involved parties and the filing office.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0544&ga=114