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UCC Article 9 Information

2010 Amendments to the Uniform Commercial Code
(Became effective in most jurisdictions on July 1, 2013. See variations contained in State Status and Details)
 
Highlights:
 
  • Clarifies and simplifies Article 9 following a decade of experience since RA9 enactment in 2001
  • Guidance for determining the correct name of a debtor that is an individual is based on the name identified on their driver's license
    • Most states are adopting alternative A which requires that an individual debtor name must be consistent with the name on the individual’s unexpired driver’s license
    • A minority of states are adopting alternative B which provides use of the driver's license as a safe harbor
  • Clarifies that organization names must be determined based on original articles and amendment filings and not records created or produced by the entity registrar
  • Financing statements related to organizations are no longer required to specify the type, jurisdiction of organization, and organizational ID
  • The financing statement and addendum were reorganized to increase frequency of single page filings
  • The financing statement amendment was revised to reduce error, rejection, and otherwise simplify user preparation