[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4351 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4351

 To amend title 17, United States Code, to preserve efficient low-cost 
 commercial financing of enterprises based upon the security of their 
   copyrights and copyrightable assets by confirming that a security 
    interest perfected therein through traditional, practical, and 
          appropriate means will prevail over lien creditors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 2, 2000

Mr. Gekas (for himself and Mr. Boucher) introduced the following bill; 
          which was referred to the Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
 To amend title 17, United States Code, to preserve efficient low-cost 
 commercial financing of enterprises based upon the security of their 
   copyrights and copyrightable assets by confirming that a security 
    interest perfected therein through traditional, practical, and 
          appropriate means will prevail over lien creditors.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Security Interests in Copyrights 
Financing Preservation Act''.

SEC. 2. AMENDMENTS TO TITLE 17, UNITED STATES CODE.

    (a) Definition of Lien Creditor.--Section 101 of title 17, United 
States Code, is amended by inserting after the definition of ``joint 
works'' the following:
            ``A `lien creditor' is a creditor who has acquired a lien 
        on a copyright or the proceeds of a copyright by attachment, 
        levy, or similar means, and include an assignee for benefit of 
        creditors from the time of assignment, a trustee in bankruptcy 
        from the date of the filing of the petition, and a receiver in 
        equity from the time of appointment.''.
    (b) Relationship to Other Law of Security Interests.--Section 205 
of title 17, United States Code, is amended by adding at the end the 
following new subsection:
    ``(f) Alternate Security Interest Perfection as Against Competing 
Lien Creditors.--(1) This title is not intended to preempt the Uniform 
Commercial Code with respect to the perfection of a security interest 
in a copyright or the proceeds of a copyright. A security interest in a 
copyright or the proceeds of a copyright may be perfected under either 
the Uniform Commercial Code or this title.
    ``(2) The priority of a security interest in a copyright or the 
proceeds of a copyright as against a competing lien obtained by a lien 
creditor upon the same copyright or proceeds, and the rights of such 
security interest holder as against such competing lien creditor are 
determined by applicable law other than this title.
    ``(3) The rights of a transferee of an interest in a copyright or 
the proceeds of a copyright, other than a lien creditor, shall prevail 
over the conflicting rights of the transferee of a security interest in 
such copyright, unless the security interest is perfected under this 
title.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall take effect on the date of 
the enactment of this Act.
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