Senate Bill S4608

2015-2016 Legislative Session

Relates to the revision of articles 3 and 4 of the uniform commercial code; repealer

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Archive: Last Bill Status - In Senate Committee Judiciary Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S4608 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Uniform Commercial Code
Laws Affected:
Rpld & add Art 3 Parts 1 - 6, Art 4 Parts 1 - 5, UCC

2015-S4608 (ACTIVE) - Summary

Relates to the revision of articles 3 and 4 of the uniform commercial code relating to negotiable instruments and bank deposits.

2015-S4608 (ACTIVE) - Sponsor Memo

2015-S4608 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4608

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 30, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the uniform commercial code, in relation to  modernizing
  commercial  law in New York state; and to repeal certain provisions of
  such code relating thereto

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Article 3 of the uniform commercial code is REPEALED and a
new article 3 is added to read as follows:
                                ARTICLE 3
                         NEGOTIABLE INSTRUMENTS
                                 PART 1
                   GENERAL PROVISIONS AND DEFINITIONS
SECTION 3--101. SHORT TITLE.
  THIS ARTICLE MAY  BE  CITED  AS  UNIFORM  COMMERCIAL  CODE--NEGOTIABLE
INSTRUMENTS.
SECTION 3--102. SUBJECT MATTER.
  (A)  THIS ARTICLE APPLIES TO NEGOTIABLE INSTRUMENTS. IT DOES NOT APPLY
TO MONEY, TO PAYMENT ORDERS GOVERNED BY ARTICLE  4A,  OR  TO  SECURITIES
GOVERNED BY ARTICLE 8.
  (B)  IF  THERE  IS  CONFLICT  BETWEEN THIS ARTICLE AND ARTICLE 4 OR 9,
ARTICLES 4 AND 9 GOVERN.
  (C) REGULATIONS OF THE BOARD  OF  GOVERNORS  OF  THE  FEDERAL  RESERVE
SYSTEM  AND  OPERATING  CIRCULARS OF THE FEDERAL RESERVE BANKS SUPERSEDE
ANY INCONSISTENT PROVISION OF THIS ARTICLE TO THE EXTENT OF  THE  INCON-
SISTENCY.
SECTION 3--103. DEFINITIONS.
  (A) IN THIS ARTICLE:
  (1) "ACCEPTOR" MEANS A DRAWEE WHO HAS ACCEPTED A DRAFT.
  (2)  "CONSUMER  ACCOUNT" MEANS AN ACCOUNT ESTABLISHED BY AN INDIVIDUAL
PRIMARILY FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10173-01-5
              

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