Page:United States Statutes at Large Volume 77.djvu/804

 772

Recorder of Deeds. Financing statements.

Void instruments. Disposal.

PUBLIC LAW 88-243-DEC. 30, 1963

[77 STAT.

buyer's obligations. The term includes a security a^eement, chattel mortgage, conditional sale contract and a contract m the form of a bailment or a lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the value of the motor vehicle sold and it is agreed that the bailee or lessee is bound to become, or, for no further or a merely nominal consideration, has the option of becoming, the owner of the motor vehicle upon full compliance with the terms of the bailment or lease." (b) Section 1 of the Act approved April 22, 1960 (Pub. L. 86-431, 74 Stat. 69; D.C. Code, 1961 ed., sec. 40-901), is further amended by adding at the end thereof the following paragraph: " (11) 'Security interest' and 'secured party' have the same meanings as those given to the terms in sections 28:1-201 and 28:9-105(1) of the District of Columbia Code.". SEC. 10. Section 546-C of the code of law for the District of Columbia, approved March 3, 1901 (chapter 854, 31 Stat. 1275; D.C. Code, 1961 ed., sec. 42-102), as so renumbered and amended by section 2 of the Act approved June 5, 1952 (chapter 370, 66 Stat. 126), is amended to read as follows: " SEC. 5 4 6 - C. I t is not necessary for the Recorder of Deeds to spread upon the records of his office the financing statements or other papers filed pursuant to Part 4 of Article 9 of Subtitle I of Title 28 of the District of Columbia Code, but they shall be indexed and, except as hereinafter provided, shall be kept on file and shall be open to inspection by the public, and shall have the same force and legal effect as if they were actually recorded in the books of his office.". SEC. 11. Section 546-D of the code of law for the District of Columbia, approved March 3, 1901 (chapter 854, 31 Stat. 1189), as added by section 3 of the Act approved June 5, 1952 (chapter 370, 66 Stat. 126; D.C. Code, 1961 ed., sec. 42-104), and amended by section 1 of the Act approved June 18, 1953 (chapter 126, 67 Stat. 64), is amended to read as follows: " SEC. 5 4 6 - D. (a) Unless the Recorder of Deeds has notice of an action pending relative thereto, he may remove from the files and destroy: " (1) an instrument filed in his office pursuant to sections 546-A and 546-B, as amended, of the code of law for the District of Columbia approved March 3, 1901 (chapter 854, 31 Stat. 1275), as so renumoered by the Act approved June 5, 1952, chapter 370, sec. 1, 66 Stat. 126 (D.C. Code, 1961 ed., secs. 42-101 and 42-103) or pursuant to the Act approved July 2, 1940 (chapter 527, 54 Stat. 736; D.C. Code, 1961 ed., secs. 40-701 to 40-712, 40-713 to 40-715), as amended, which has become void or lapsed, and which has been void or lapsed for one year or more, together with any affidavit, release, assignment, or continuation or termination statement relating thereto; "(2) a lapsed financing statement, a lapsed continuation statement, a statement of assignment or release relating to either, filed pursuant to Part 4 of Article 9 of Subtitle I of Title 28 of the District of Columbia Code, and any index of any of them, one year or more after lapse of the financing statement and every continuation statement relating thereto; and "(3) a termination statement filed pursuant to section 28:9— 404 of the District of Columbia Code, and the index on which it is noted, one year or more after the filing of the termination statement. " (b) Subsection (a) of this section does not apply to a bill of sale, mortgage, deed of trust, conditional sale of, financing statement or security agreement covering, railroad rolling stock.".

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