On Wednesday, October 2, 2012, the Alabama House pre-filed a new bill for the 2014 legislative session to enact the 2010 Amendments to UCC Article 9. Similar bills in both the Alabama House and Senate failed to pass before the legislature adjourned in each of the last two sessions. House Bill 12 (2014) is similar to the bill passed, but not enacted in the 2013 session. It provides the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4), sets forth the form field text in § 9-521 and, if enacted, will take effect on July 1, 2014. Any bill can be amended throughout the legislative process. CSC will monitor HB 12, along with other state Article 9 legislation and provide updates of any significant developments.
Additional resources on the 2010 Amendments to UCC Article 9 are available at http://csctransactionwatch.com/amendments/. If you have questions or need more information on Article 9 legislation, please contact Paul Hodnefield, Associate General Counsel, at email@example.com or 800-927-9801, ext. 62375.