On Friday, March 2, 2012, the Illinois Senate introduced the 2010 Amendments to UCC Article 9. The 2010 Amendments are set forth in Senate Bill 3764, which was originally introduced on February 10, 2012, to make a technical change to the short title of the UCC documents of title article. The Senate amended the bill to replace the contents with the 2010 Amendments.
Senate Bill 3764 provides the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4) and adopts the uniform effective date of July 1, 2013. The bill 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. The bill does not contain any significant non-uniform departures from the official text.
As with any proposed law, SB 3764 may be amended throughout the legislative process. CSC will provide updates for any significant developments with SB 3764 and all other state Article 9 legislation.