The Massachusetts Legislature re-introduced a bill to enact the 2010 Amendments to UCC Article 9 on January 7, 2013. A bill introduced in January 2011 failed to make it out of committee during the last session, despite a reporting deadline extension to December 31, 2013.
House Bill 28 includes revisions to UCC Articles 1 and 7, plus the 2010 Amendments to Article 9. The bill provides the Alternative A “Only If” rule for sufficiency of individual names in Section 9-503(a)(4) and adopts the uniform effective date of July 1, 2013.
Section 9-521 appears intended to set forth images of the safe harbor forms provided in the official text of the 2010 Amendments. However, versions of the bill in html and PDF format on the legislature’s web site do not currently include either form images or text of the form fields.
CSC will continue to track all UCC Article 9 legislation and provide updates of any significant developments.
Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available here
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.