Page:United States Statutes at Large Volume 114 Part 5.djvu/86

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114 STAT. 2763A-46 PUBLIC LAW 106-554—APPENDIX A 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b).". SEC. 310. Section 117(i) of the Carl D. Perkins Vocational and Technical Education Act of 1998 (20 U.S.C. 2327(i)) is amended by inserting "such sums as may be necessary for" before "each of the 4 succeeding fiscal years.". SEC. 311. Section 432(m)(l) of the Higher Education Act of 1965 (20 U.S.C. 1082(m)(l)) is amended— (1) by striking clause (iv) of subparagraph (D); and (2) by adding at the end the following new subparagraph: "(E) PERFECTION OF SECURITY INTERESTS IN STUDENT LOANS.— "(i) IN GENERAL.— Notwithstanding the provisions of any State law to the contrary, including the Uniform Commercial Code as in effect in any State, a security interest in loans made under this part, on behalf of any eligible lender (as defined in section 435(d)) shall attach, be perfected, and be assigned priority in the manner provided by the applicable State's law for perfection of security interests in accounts, as such law may be amended from time to time (including applicable transition provisions). If any such State's law provides for a statutory lien to be created in such loans, such statutory lien may be created by the entity or entities governed by such State law in accordance with the applicable statutory provisions that created such a statutory lien. "(ii) COLLATERAL DESCRIPTION.—In addition to any other method for describing collateral in a legally sufficient manner permitted under the laws of the State, the description of collateral in any financing statement filed pursuant to this subparagraph shall be deemed legally sufficient if it lists such loans, or refers to records (identifying such loans) retained by the secured party or any designee of the secured party identified in such financing statement, including the debtor or any loan servicer. "(iii) SALES. — Notwithstanding clauses (i) and (ii) and any provisions of any State law to the contrary, other than any such State's law providing for creation of a statutory lien, an outright sale of loans made under this part shall be effective and perfected automatically upon attachment as defined in the Uniform Commercial Code of such State.". SEC. 312. Section 435(a)(5) of the Higher Education Act of 1965 (20 U.S.C. 1085(a)(5)) is amended— (1) in subparagraph (A)(i), by striking "July 1, 2002," and inserting "July 1, 2004,"; and (2) in subparagraph (B), by striking "1999, 2000, and 2001" and inserting "1999 through 2003". SEC. 313. From the amounts made available for the "Fund for the Improvement of Education" under the heading "Education Research, Statistics, and Improvement", $10,000,000, to remain available until expended, shall be available to the Secretary of Education to be transferred to the Secretary of the Interior for