Bill Information
Senate Bill 122
An Act relating to recording statues
Sponsor: Tom Buford
Date Introduced: 1/25/2016
Final Resolutions: Signed by Governor on 4/1/2016
What Does It Do?
This bill extends the initial length of time on a lien from seven years to ten, it also reduces time length for filing a continuation statement from seven years to five. A grantee would also have to file a deed within five days from receiving from commissioner.
What are the Politics?
There is not much controversy about this bill. On one hand it lengthens the initial time period on a lien, but lowers the continuation period.
Amendments
SFA1- Tom Buford- Clarified the continued effectiveness of security interest financing statements, also clarify what constitutes a "typographical error."
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