The Arizona Legislation passed Senate Bill 1046 this week to enact the 2010 Amendments to UCC Article 9.  The bill was sent to the governor on Thursday, April 17, 2014 for approval. 

The bill does not state an effective date for the 2010 Amendments.  Instead, it declares an emergency and will take effect immediately when the governor signs the bill.  That could happen at any time after April 18, 2014.  This situation is bound to take many filers by surprise and CSC will kep you apprised of the developments as they occur. Currently:

  • CSC is monitoring the status of the bill on almost an hourly basis.  
  • CSC’s systems are ready for implementation and are compatible with the Arizona Secretary of State’s current UCC capabilities.
  • The Arizona Secretary of State may need time to upgrade its computer system to be fully compatible with the new form requirements.
  • Filers should use the new forms beginning immediately on the effective date when possible.  However, the Arizona Secretary of State will continue to accept the old versions of the forms for at least 30 days after the new law takes effect. 
  • Filers must be especially careful to use the appropriate form if they are dealing with Estate or Trust related transactions.  The required indications have changed.  Only the old forms should be used until the 2010 Amendments take effect.  Immediately thereafter, filers need to use the new forms for these transactions.
  • Materials on the transition and new debtor name sufficiency rules are available at http://csctransactionwatch.com/amendments/.

 

Arizona – 2010 Amendments to Article 9 to Take Effect with Little or No Notice