Senate Bill S5502

2015-2016 Legislative Session

Relates to making certain technical corrections

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

2015-S5502 - Details

Current Committee:
Assembly Judiciary
Law Section:
Uniform Commercial Code
Laws Affected:
Amd §§4-A-105, 4-A-106, 4-A-204, 5--103, 9--406, 9--408, 9--516, 9--518 & 9--521, UCC; amd §4518, CPLR L; amd §200, Lien L; amd §§5-1401 & 7-101, Gen Ob L; amd §§138 & 204-a, Bank L; amd §11.01, Arts & Cul L; amd §331 & 500, Pers Prop L; amd §399-w, Gen Bus L; amd §51, Chap 505 of 2014

2015-S5502 - Summary

Relates to making certain technical corrections relating to the UCC revisions.

2015-S5502 - Sponsor Memo

2015-S5502 - Bill Text download pdf

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

                                  5502

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 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, the civil practice law  and
  rules, the lien law, the general obligations law, the banking law, the
  general  business  law,  the  arts  and  cultural  affairs law and the
  personal property law, in relation to making technical corrections  to
  conform  with  revisions  to the uniform commercial code; and to amend
  chapter 505 of the laws of 2014 amending the uniform  commercial  code
  relating  to modernizing commercial law in New York state, in relation
  to making technical amendments thereto

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

  Section  1.  Paragraph  (g)  of subsection 1 of section 4-A-105 of the
uniform commercial code, as added by chapter 208 of the laws of 1990, is
amended to read as follows:
(g) "Prove" with respect to a fact means to meet the  burden  of  estab-
       lishing the fact (subsection (B)(8) of section [1-201] 1--201).
  S  2.  Subsection 1 of section 4-A-106 of the uniform commercial code,
as added by chapter 208 of the laws of  1990,  is  amended  to  read  as
follows:
  (1) The time of receipt of a payment order or communication cancelling
or  amending  a  payment  order is determined by the rules applicable to
receipt of a notice stated  in  [subsection  (27)  of]  Section  [1-201]
1--202.    A  receiving bank may fix a cut-off time or times on a funds-
transfer business day for the receipt and processing of  payment  orders
and  communications  cancelling  or  amending  payment orders. Different
cut-off times may apply to payment orders, cancellations, or amendments,
or to different categories of payment orders, cancellations,  or  amend-
ments.  A  cut-off time may apply to senders generally or different cut-
off times may apply  to  different  senders  or  categories  of  payment
orders.  If  a  payment  order or communication cancelling or amending a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07881-04-5
              

2015-S5502A (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Uniform Commercial Code
Laws Affected:
Amd §§4-A-105, 4-A-106, 4-A-204, 5--103, 9--406, 9--408, 9--516, 9--518 & 9--521, UCC; amd §4518, CPLR L; amd §200, Lien L; amd §§5-1401 & 7-101, Gen Ob L; amd §§138 & 204-a, Bank L; amd §11.01, Arts & Cul L; amd §331 & 500, Pers Prop L; amd §399-w, Gen Bus L; amd §51, Chap 505 of 2014

2015-S5502A (ACTIVE) - Summary

Relates to making certain technical corrections relating to the UCC revisions.

2015-S5502A (ACTIVE) - Sponsor Memo

2015-S5502A (ACTIVE) - Bill Text download pdf

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

                                 5502--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Judiciary  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT to amend the uniform commercial code, the civil practice law and
  rules, the lien law, the general obligations law, the banking law, the
  general business law, the  arts  and  cultural  affairs  law  and  the
  personal  property law, in relation to making technical corrections to
  conform with revisions to the uniform commercial code;  and  to  amend
  chapter  505  of the laws of 2014 amending the uniform commercial code
  relating to modernizing commercial law in New York state, in  relation
  to making technical amendments thereto

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

  Section 1. Paragraph (g) of subsection 1 of  section  4-A-105  of  the
uniform commercial code, as added by chapter 208 of the laws of 1990, is
amended to read as follows:
(g) "Prove"  with  respect  to a fact means to meet the burden of estab-
       lishing the fact (subsection (B)(8) of section [1-201] 1--201).
  S 2. Subsection 1 of section 4-A-106 of the uniform  commercial  code,
as  added  by  chapter  208  of  the laws of 1990, is amended to read as
follows:
  (1) The time of receipt of a payment order or communication cancelling
or amending a payment order is determined by  the  rules  applicable  to
receipt  of  a  notice  stated  in  [subsection (27) of] Section [1-201]
1--202.  A receiving bank may fix a cut-off time or times  on  a  funds-
transfer  business  day for the receipt and processing of payment orders
and communications cancelling  or  amending  payment  orders.  Different
cut-off times may apply to payment orders, cancellations, or amendments,
or  to  different categories of payment orders, cancellations, or amend-
ments. A cut-off time may apply to senders generally or  different  cut-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07881-05-5
              

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