HB16-1270
Security Interest Owner's Interest In Business Entity
| Type | Bill |
|---|---|
| Session | 2016 Regular Session |
| Subjects |
Concerning the limitation of laws governing security interests to an owner's interest in a business entity.
Bill Summary:
Under current law, the 'Uniform Commercial Code' (Code) invalidates contractual limits on the transferability of some assets that can be subject to a security interest. In 2006, the 'Colorado Corporations and Associations Act' (Act) was amended to clearly and broadly exempt an owner's interest in a business entity from these Code provisions to effectuate the 'pick your partner' principle that allows small businesses to control their ownership. Section 3 of the act narrows the exemption in the Act to that necessary for 'pick your partner', and sections 1 and 2 codify this narrowed exemption in the Code.
(Note: This summary applies to this bill as enacted.)
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 03/04/2016 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 16-1270 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 9-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment G). | The motion passed without objection. | Vote summary |
| Refer House Bill 16-1270, as amended, to the Committee of the Whole. | The motion passed on a vote of 13-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/28/2016 | Third Reading | BILL |
35
AYE
0
NO
0
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/08/2016 | Third Reading | BILL |
65
AYE
0
NO
0
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 04/21/2016 | Governor | Governor Signed |
| 04/11/2016 | Governor | Sent to the Governor |
| 04/11/2016 | Senate | Signed by the President of the Senate |
| 04/07/2016 | House | Signed by the Speaker of the House |
| 03/28/2016 | Senate | Senate Third Reading Passed - No Amendments |
| 03/24/2016 | Senate | Senate Second Reading Passed - No Amendments |
| 03/21/2016 | Senate | Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 03/09/2016 | Senate | Introduced In Senate - Assigned to Business, Labor, & Technology |
| 03/08/2016 | House | House Third Reading Passed - No Amendments |
| 03/07/2016 | House | House Second Reading Passed with Amendments - Committee |
| 03/03/2016 | House | House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole |
| 02/17/2016 | House | Introduced In House - Assigned to Business Affairs and Labor |
Prime Sponsor
Sponsor
(None)
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 08/10/2016 | 119 | Security Interest Owner's Interest In Bus Entity |