On Tuesday, October 23, 2012, the Alabama Senate pre-filed a new bill for the 2013 legislative session to enact the 2010 Amendments to UCC Article 9. Earlier this year, similar bills in both the Alabama House and Senate failed to make it out of committee before the legislature adjourned.
Senate Bill 23 is substantially the same as the previous Alabama bills. It provides the Alternative B “Safe Harbor” approach for individual debtor name sufficiency in Section 9-503(a)(4) and adopts the uniform effective date of July 1, 2013.
One significant departure from the official text of the 2010 Amendments is that SB 23 omitted any changes to the forms in Ala. Code Section 7-9A-521. Current Alabama law provides text versions of the forms approved in 1998 for use in UCC Section 9-521. Unless SB 23 is later amended, filing offices in Alabama will only be required to accept the 1998 form versions. However, there is no indication that filing offices intend to refuse the forms set forth in the official text of the 2010 Amendments.
Any bill can be amended throughout the legislative process. CSC will provide updates for any significant developments with SB 23 and all other state Article 9 legislation.
Additional resources on the 2010 Amendments to UCC Article 9 are available at http://csctransactionwatch.com/amendments/.