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COMMITTEE REPORT
February 9, 2000
H. 4311
S. Printed 2/9/00--H.
Read the first time January 11, 2000.
To whom was referred a Bill (H. 4311), to amend Sections 36-9-301 and 36-9-312, both as amended, Code of Laws of South Carolina, 1976, both relating to establishing priority of a purchase money security interest in collateral other than inventory, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
HARRY F. CATO, for Committee.
TO AMEND SECTIONS 36-9-301 AND 36-9-312, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, BOTH RELATING TO ESTABLISHING PRIORITY OF A PURCHASE MONEY SECURITY INTEREST IN COLLATERAL OTHER THAN INVENTORY, 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. This act takes effect upon approval by the Governor.
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