Pennsylvania has enacted the 2010 Amendments to UCC Article 9 with just days to spare before the effective date. The governor signed Senate Bill 381 on Thursday, June 27, 2013. The new law adopts the Alternative A “Only If” rule for sufficiency of individual names in § 9-503(a)(4) and follows the uniform effective date of July 1, 2013. The new law omits any changes to the safe harbor form rules in § 9-521. Instead, the current version of Pennsylvania’s § 9-521, which incorporates the forms “set forth in the final official text of the 1999 revisions to Article 9,” will remain in place. Of course, the filing office is free to adopt the new forms by administrative rule.
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 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.