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Assembly committee votes to pass AB 771 to allow mortgages to serve as fixture filings without exact ID match
Summary
The Assembly Banking and Finance Committee voted to pass AB 771, a technical fix to California’s Uniform Commercial Code that would let a mortgage or deed of trust serve as a fixture filing without an exact California ID name match, aligning state law with the approach taken by most other states.
The Assembly Banking and Finance Committee on a voice and roll-call vote moved AB 771 out of committee with a do-pass recommendation. The bill, presented to the committee as a technical update to California’s Uniform Commercial Code, would allow a mortgage or deed of trust to serve as a fixture filing even if the debtor’s California identification does not exactly match the debtor name on the instrument.
AB 771’s author and supporters told the committee the change corrects a drafting omission when California adopted a 2014 version of the UCC and would bring California into alignment with 44 states, the District of Columbia and Puerto Rico. Under current California practice, witnesses said, a mortgage or…
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