SECTIONS 15101-15104 - California Statutes

COMMERCIAL CODE

SECTION 15101-15104

15101. The repeal and addition of Division 8 (commencing with
Section 8101) made at the 1984 portion of the 1983-84 Regular Session
shall become effective on January 1, 1985.

15102. The provisions of Division 13 (commencing with Section
13101) and Division 14 (commencing with Section 14101) shall continue
to apply to this code, as revised by the Legislature at the 1983-84
Regular Session, and for this purpose, this code as it existed prior
to January 1, 1985, and this code, as revised by the Legislature at
the 1984 portion of the 1983-84 Regular Session, shall be considered
one continuous statute.

15103. The owner of an interest (other than a security interest) in
an uncertificated security (paragraph (b) of subdivision (1) of
Section 8102) whose interest was acquired prior to January 1, 1985,
or was acquired after January 1, 1985, in an uncertificated security
issued in respect of a security in which the owner had such an
interest, shall not be required to take any action under Section 8313
or otherwise to preserve or protect that ownership interest, which
shall remain effective and enforceable to the same extent it was
prior to January 1, 1985, in the absence of that action. However, if
a security interest first attaches to the security or any other
interest in the security first becomes effective after that date, the
provisions of Division 8 (commencing with Section 8101) as revised
shall govern the rights and obligations of all persons with respect
to those interests. Except as otherwise provided in this division,
the rights and obligations of all persons with respect to
uncertificated securities issued prior to January 1, 1985, shall be
governed by Division 8 (commencing with Section 8101) as revised by
Chapter 927 of the Statutes of 1984. All references in this section
to Division 8 (commencing with Section 8101) or a section thereof are
references to Division 8 (commencing with Section 8101) as revised
by Chapter 927 of the Statutes of 1984.

15104. A secured party who has a security interest in an
uncertificated security (paragraph (b) of subdivision (1) of Section
8102), which security interest attached to that uncertificated
security (a) prior to January 1, 1985, or (b) after that date in an
uncertificated security issued in respect of a security in which the
secured party had the pre-January 1, 1985, security interest, shall
not be required to take any action under Division 8 (commencing with
Section 8101) to protect, preserve, or perfect that security
interest, which shall remain attached and perfected to the same
extent it was prior to that date in the absence of any such action.
The priority and perfection of those security interests shall
continue to be governed by Division 9 (commencing with Section 9101)
as it existed prior to that date. However, on or before the last date
on which any action is required under Division 9 (commencing with
Section 9101) (as it existed prior to that date) to continue the
perfection of the security interest, in order to continue the
perfection of the security interest the secured party, rather than
complying with Division 9 (commencing with Section 9101), shall
furnish to a party described in subparagraph (i), (iii), or (iv) of
paragraph (h) of subdivision (1) of Section 8313, or if none of those
is applicable, then to the issuer of the uncertificated security,
either (x) a copy of either the financing statement previously filed
to perfect the security interest or the security agreement that
created the security interest, in either case bearing a copy or an
original of the debtor's signature, or (y) a written notification
from the registered owner under paragraph (b) of subdivision (7) of
Section 8403. Any such notice to an issuer shall be deemed a written
notification under paragraph (b) of subdivision (7) of Section 8403,
subject to the limitation that there can be no more than one
registered pledge of an uncertificated security at any time (Section
8108). Except as otherwise provided in this division, the provisions
of Division 8 (commencing with Section 8101) as revised shall govern
the rights and obligations of all persons with respect to a security
interest in an uncertificated security that first attaches after
January 1, 1985. All references in this section to Division 8
(commencing with Section 8101) or a section thereof are references to
Division 8 (commencing with Section 8101) as revised by Chapter 927
of the Statutes of 1984.