Amends TCA Title 47.
Tennessee SB0544 amends provisions related to the filing and contesting of financing statements under the Uniform Commercial Code, specifically addressing situations involving public officials identified as debtors. The bill requires that when a public official files a notarized affidavit contesting a financing statement, the filing office must forward the affidavit and the original financing statement to the administrative procedures division for review. Key changes include the requirement for both the secured party and the public official to provide copies of administrative determinations to the filing office, and the stipulation that a secured party must notify the filing office if they seek judicial review of an administrative judge's decision.
Tennessee SB0544 amends provisions related to the filing and contesting of financing statements under the Uniform Commercial Code, specifically addressing situations involving public officials identified as debtors. The bill requires that when a public official files a notarized affidavit contesting a financing statement, the filing office must forward the affidavit and the original financing statement to the administrative procedures division for review. Key changes include the requirement for both the secured party and the public official to provide copies of administrative determinations to the filing office, and the stipulation that a secured party must notify the filing office if they seek judicial review of an administrative judge's decision.
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