Mississippi has now enacted the 2010 Amendments to UCC Article 9. The governor signed Senate Bill 2609 on March 25, 2013. The new law enacts the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4), incorporates by reference the new forms in Section 9-521 and will take effect on July 1, 2013.
When originally introduced, the bill accidentally omitted the new definition for “registered organization” in § 9-102(a)(71). That could have created some ambiguity for sufficiency of registered organization debtor names in light of the new definition of “public organic record” added as § 9-102(a)(70). Fortunately, the bill was amended before enactment to correct the drafting oversight.
CSC will continue to track all UCC Article 9 legislation and provide update of any significant developments. Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, 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.