REVISED ARTICLE 9 AMENDMENTS WILL TAKE EFFECT ON JULY 1, 2013
UCC Revised Article 9 Amendments will take effect in most states on July 1, 2013. The predominant reason for the revision is to define “What is a debtor name?”
The Uniform Law Commission attempts to clarify this issue with this most recent amendment, posing Alternatives A and B. The majority of states have enacted Alternative A. A handful of states have not yet enacted the amendment and a few states do not have any plans to enact.
While most states offer a grace period of 30 days, there is no grace period in the states of Illinois and
Colorado, however, online filing is the only option in Colorado and therefore no grace period is necessary.
Changes to the revised forms include:
• More room for lengthy Debtor names.
• The Debtor box for middle initials has been renamed to “ADDITIONAL NAMES(S)/INITIAL(S)”.
• The requirement for Organizational information (boxes 1 e, f, & g on the obsolete form) has been eliminated.
• What used to be box 18 (Public Finance, Manufactured Home, & Transmitting Utility Transactions) on the old form will now be box 6a on the new form.
South Dakota continues to require SSN and EIN on their forms, and North Dakota will re-enact the requirement.
One other noteworthy change relates to the adoption of a 10-year effective period for the standard UCC-1 financing statement in Wyoming rather than the 5-year effective period in all other states.
You can be assured to have the correct UCC form for each state through our File ‘n Track
online filing system available at www.recordsearch.com.
For more information, see: https://www.NPRRA.org and refer to Government Affairs discussions or check the link below.