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Assembly committee advances bill allowing mortgages to serve as fixture filings
Summary
The Assembly Banking and Finance Committee voted to pass AB 771, a technical change to California's Uniform Commercial Code that would allow a mortgage or deed of trust to serve as a fixture filing without an exact match to a debtor's state ID name, aligning California with most other states.
The California State Assembly Banking and Finance Committee on a voice vote approved AB 771, a technical change to the state's Uniform Commercial Code that would let a mortgage or deed of trust serve as a fixture filing even when the debtor's name does not exactly match their California identification.
AB 771 is authored by Assemblymember Macedo. Committee Chair Valencia opened the hearing and members voted to advance the measure after testimony from industry and housing-sector witnesses.
The bill addresses a perceived mismatch between how California implements the UCC and the version adopted in most other states. Assemblymember Macedo told the committee the current rule requires an exact match to a California ID for a mortgage or…
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