With July 1 upon us we wanted to update you on the developments with the 2010 Amendments to Revised Article 9.

 Alabama:  The 2010 Amendments take effect on July 1st.  The new law provides Alternative A for individual debtor name sufficiency. The Secretary of State’s filing office will continued to accept the old forms after the effective date and has no plans to limit filings to the new forms in the foreseeable future.  Nevertheless, filers should use the 4/20/11 revision forms for any record filed on or after July 1st

California:  The 2010 Amendments take effect on July 1st.  The Secretary of State’s filing office will not offer a grace period for accepting the old forms.  Any record submitted using a version of the forms dated earlier than 4/20/11 will be rejected if received by the filing office on or after July 1st.  You must use only the 4/20/11 revision forms if submitting a record to the filing office after the new law takes effect.  Filers should be aware that California enacted a non-uniform version of § 9-503(a)(4) for the sufficiency of individual debtor names.  The driver’s license and state ID card are not necessarily sufficient sources of an individual debtor name under the law. Only the “individual name of the debtor” or the “surname and first personal name” of the debtor will be sufficient on July 1, 2014.

 Vermont:  The 2010 Amendments take effect on July 1st.   The new law provides Alternative A for individual debtor name sufficiency in § 9-503(a)(4).  The Secretary of State’s filing office will offer a 30-day grace period for accepting the old forms.  Beginning on 8/1/14, the filing office will accept only forms with the 4/20/11 revision date.

 New York:  Recently there was a flurry of activity for AB 9933 to enact the 2010 Amendments to UCC Article 9.  On Tuesday, 6/17/14, the bill passed the Rules Committee and then passed the full Assembly on Wednesday, 6/18/14 and was transmitted to the Senate.  Finally, on, 6/19/14, the Senate passed the AB 9933 and returned it to the Assembly.  The bill has not been communicated to the governor but will take effect immediately when signed by the governor, so filers should keep an eye on the bill status and be prepared to comply with the new law on short notice. 

Arizona:  Will only accept the 4/20/11 revision forms for any record filed.

July 1 Update to the 2010 Amendments to Article 9 of the Uniform Commercial Code