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House Amendment 5410

Amendment Text

PAG LIN
  1  1    Amend House File 2475 as follows:
  1  2    #1.  Page 1, by inserting before line 1, the
  1  3 following:
  1  4    "Section 1.  Section 511.8, subsection 21,
  1  5 paragraph a, subparagraph (1), Code 1995, is amended
  1  6 to read as follows:
  1  7    (1)  "Clearing corporation" means a corporation as
  1  8 defined in section 554.8102, subsection 3.
  1  9    Sec.    .  Section 515.35, subsection 2, paragraphs
  1 10 b and c, Code 1995, are amended to read as follows:
  1 11    b.  "Clearing corporation" means as defined in
  1 12 section 554.8102, subsection 3.
  1 13    c.  "Custodian bank" means as defined in section
  1 14 554.8102, subsection 4 a bank or trust company that is
  1 15 supervised and examined by state or federal authority
  1 16 having supervision over banks and is acting as
  1 17 custodian for a clearing corporation.
  1 18    Sec.    .  Section 518.14, subsection 2, paragraph
  1 19 c, Code Supplement 1995, is amended to read as
  1 20 follows:
  1 21    c.  "Custodian bank" means as defined in section
  1 22 554.8102 515.35.
  1 23    Sec.    .  Section 518A.12, subsection 2, paragraph
  1 24 c, Code Supplement 1995, is amended to read as
  1 25 follows:
  1 26    c.  "Custodian bank" means as defined in section
  1 27 554.8102 515.35."
  1 28    #2.  Page 2, by inserting after line 6 the
  1 29 following:
  1 30    "Sec.    .  Section 554.5114, subsection 2,
  1 31 paragraph a, Code 1995, is amended to read as follows:
  1 32    a.  the issuer must honor the draft or demand for
  1 33 payment if honor is demanded by a negotiating bank or
  1 34 other holder of the draft or demand which has taken
  1 35 the draft or demand under the credit and under
  1 36 circumstances which would make it a holder in due
  1 37 course (section 554.3302) and in an appropriate case
  1 38 would make it a person to whom a document of title has
  1 39 been duly negotiated (section 554.7502) or a bona fide
  1 40 purchaser of a certificated or uncertificated security
  1 41 who acquires rights in a security (section 554.8302);
  1 42 and".
  1 43    #3.  Page 11, line 11, by striking the word "State"
  1 44 and inserting the following:  "state".
  1 45    #4.  Page 17, line 25, by striking the figure "4"
  1 46 and inserting the following:  "4."
  1 47    #5.  Page 20, line 3, by inserting before the word
  1 48 "security" the following:  "a".
  1 49    #6.  Page 20, line 9, by striking the words "its
  1 50 guaranty, whether or not".
  2  1    #7.  Page 22, line 21, by striking the word
  2  2 "director" and inserting the following:  "directly".
  2  3    #8.  Page 24, line 2, by striking the words "if the
  2  4 purchaser" and inserting the following:  "purchaser".
  2  5    #9.  Page 24, line 4, by striking the word "sent,"
  2  6 and inserting the following:  "sent,".
  2  7    #10.  Page 24, line 12, by striking the words
  2  8 "paragraph "a"" and inserting the following:
  2  9 "subsection 1".
  2 10    #11.  Page 33, line 18, by striking the word "by".
  2 11    #12.  Page 33, lines 26 and 27, by striking the
  2 12 figures "554.8402 554.8403" and inserting the
  2 13 following:  "554.8402".
  2 14    #13.  Page 34, line 29, by striking the word
  2 15 "endorsement" and inserting the following:
  2 16 "endorsement indorsement".
  2 17    #14.  Page 34, line 32, by striking the word
  2 18 "endorsement" and inserting the following:
  2 19 "endorsement indorsement".
  2 20    #15.  Page 34, line 33, by striking the word
  2 21 "fiduciary," and inserting the following:
  2 22 "fiduciary,".
  2 23    #16.  Page 35, line 11, by striking the word
  2 24 "Guarantee" and inserting the following:  "Guaranty".
  2 25    #17.  Page 35, line 12, by striking the word
  2 26 "guarantee" and inserting the following:  "guarantee
  2 27 guaranty".
  2 28    #18.  Page 36, line 24, by striking the figure
  2 29 "(1)" and inserting the following:  "(i)".
  2 30    #19.  Page 36, line 26, by striking the figure
  2 31 "(2)" and inserting the following:  "(ii)".
  2 32    #20.  Page 37, line 3, by inserting after the
  2 33 letter ""c"," the following:  "may".
  2 34    #21.  Page 45, line 1, by inserting after the words
  2 35 "to the" the following:  "entitlement holder for
  2 36 damages."
  2 37    #22.  Page 50, by inserting after line 7 the
  2 38 following:  
  2 39 ""Control"                            Section 554.9115".
  2 40    #23.  Page 53, line 35, by striking the letter and
  2 41 word "e.  priority" and inserting the following:  "5.
  2 42 Priority"
  2 43    #24.  Page 54, line 2, by striking the figure "(1)"
  2 44 and inserting the following:  "a."
  2 45    #25.  Page 54, line 6, by striking the figure "(2)"
  2 46 and inserting the following:  "b."
  2 47    #26.  Page 54, line 9, by striking the figure "(3)"
  2 48 and inserting the following:  "c."
  2 49    #27.  Page 54, line 14, by striking the figure
  2 50 "(4)" and inserting the following:  "d."
  3  1    #28.  Page 54, line 19, by striking the figure
  3  2 "(5)" and inserting the following:  "e."
  3  3    #29.  Page 54, line 22, by striking the figure
  3  4 "(6)" and inserting the following:  "f."
  3  5    #30.  Page 54, line 26, by striking the letter and
  3  6 word "f.  if" and inserting the following:  "6.  If"
  3  7    #31.  Page 55, line 30, by striking the word
  3  8 "interest" and inserting the following:  "interests".
  3  9    #32.  Page 56, line 11, by striking the word "and"
  3 10 and inserting the following:  "and".
  3 11    #33.  Page 57, line 16, by striking the word "a".
  3 12    #34.  Page 60, by inserting after line 10 the
  3 13 following:
  3 14    "Sec.    .  Section 633.89, unnumbered paragraph 1,
  3 15 Code 1995, is amended to read as follows:
  3 16    A fiduciary as defined in section 633.3, subsection
  3 17 17, holding securities, and a bank as defined in
  3 18 section 524.103, subsection 7, which is holding
  3 19 securities as a managing agent or as a custodian,
  3 20 including a custodian for a fiduciary, may deposit
  3 21 securities in a clearing corporation, as defined in
  3 22 section 554.8102, subsection 3, which is located
  3 23 within or without the state of Iowa, if the clearing
  3 24 corporation is federally regulated.  A depositing bank
  3 25 is subject to rules adopted by the superintendent of
  3 26 banking, with respect to state banks, and by the
  3 27 comptroller of the currency, with respect to national
  3 28 banking associations."
  3 29    #35.  Page 60, by inserting after line 34 the
  3 30 following:
  3 31    "Sec.    .  Sections 633.130 through 633.138, Code
  3 32 1995, are repealed.
  3 33    Sec.    .  PREVAILING STATUTE.  If 1996 Iowa Acts,
  3 34 Senate File 2270, or 1996 Iowa Acts, House File 2402,
  3 35 is enacted, either of those Acts prevails over the
  3 36 amendments to section 554.5114 in this Act."
  3 37    #36.  By renumbering as necessary.  
  3 38 
  3 39 
  3 40                              
  3 41 NUTT of Woodbury
  3 42 HF 2475.701 76
  3 43 da/sc
     
Text: H05409                            Text: H05411
Text: H05400 - H05499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index
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