Illinois became the latest state to enact the 2010 Amendments to UCC Article 9 when the governor signed Senate Bill 3764 on Friday, August 17, 2012. The new law adopts the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4). It will take effect on the uniform effective date of July 1, 2013.
The legislation does not include text or images of the safe harbor forms in Section 9-521. Instead, the bill incorporates by reference the form and format set forth in the official text of the 2010 Amendments to Article 9.
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