HB 904 -- BULK TRANSFERS

SPONSOR:  Luetkemeyer

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Services by a vote of 17 to 0.

This bill repeals Article 6 of the Uniform Commercial Code,
regarding bulk transfers, as recommended by the National
Conference of Commissioners on Uniform State Laws.

FISCAL NOTE:  No impact on state funds in FY 2005, FY 2006, and
FY 2007.

PROPONENTS:  Supporters say that there is already strict
liability if you don't notify creditors of loans against
inventory.  The protection afforded by the bulk transfers laws
enacted 100 years ago is no longer needed, and the law is
obsolete.  Because it still requires some unnecessary paperwork,
41 states have already repealed it.

Testifying for the bill were Representative Luetkemeyer; and
Missouri Bankers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Senior Legislative Analyst

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am