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Indicates Matter Stricken
Indicates New Matter
AMENDED
February 20, 2002
H. 4682
S. Printed 2/20/02--H.
Read the first time February 7, 2002.
TO AMEND SECTION 36-9-109, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SCOPE OF THE UNIFORM COMMERCIAL CODE PROVISIONS GOVERNING SECURED TRANSACTIONS, SO AS TO MAKE PROVISIONS INAPPLICABLE TO A TRANSFER BY A GOVERNMENTAL UNIT AFTER JUNE 30, 2001, AND TO DELETE THE PREEMPTION OF THESE PROVISIONS GOVERNING SECURED TRANSACTIONS BY A STATUTE OF THIS STATE OR ANOTHER STATE OR FOREIGN COUNTRY.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 36-9-109(c) and (d) of the 1976 Code, as last amended by Act 67 of 2001, is further amended by adding:
"(c) This chapter does not apply to the extent that:
(1) a statute, regulation, or treaty of the United States preempts this chapter; or
(2) another statute of this State expressly governs the creation, perfection, priority, or enforcement of a security interest created by this State or a governmental unit of this State;
(3) a statute of another State, a foreign country, or a governmental unit of another State or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the State, country, or governmental unit; or
(4) the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under Section 36-5-114.
(d) This chapter does not apply to:
(1) a landlord's lien, other than an agricultural lien, but Section 36-9-317 applies as to the priority of the landlord's lien;
(2) a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but Section 36-9-333 applies with respect to priority of the lien;
(3) an assignment of a claim for wages, salary, or other compensation of an employee;
(4) a sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;
(5) an assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;
(6) an assignment of a right to payment under a contract to an assignee that is also is obligated to perform under the contract;
(7) an assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;
(8) a transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but Sections 36-9-315 and 36-9-322 apply with respect to proceeds and priorities in proceeds;
(9) an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;
(10) a right of recoupment or set-off, but:
(A) Section 36-9-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and
(B) Section 36-9-404 applies with respect to defenses or claims of an account debtor;
(11) the creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:
(A) liens on real property in Sections 36-9-203 and 36-9-308;
(B) fixtures in Section 36-9-334;
(C) fixture filings in Sections 36-9-501, 36-9-502, 36-9-512, 36-9-516, and 36-9-519; and
(D) security agreements covering personal and real property in Section 36-9-604;
(12) an assignment of a claim arising in tort, other than a commercial tort claim, but Sections 36-9-315 and 36-9-322 apply with respect to proceeds and priorities in proceeds; or
(13) an assignment of a deposit account in a consumer transaction, but Sections 36-9-315 and 36-9-322 apply with respect to proceeds and priorities in proceeds; or
(14) a transfer by a government or governmental unit."
SECTION 2. This act takes effect upon approval by the Governor.
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