The Tennessee Legislature introduced two bills on Wednesday, January 25, 2012 to enact the 2010 Amendments to U.C.C. Article 9. Identical bills were introduced in both the Senate and House. Senate Bill 2931 and House Bill 3150 selected the legislative Alternative A “Only If” approach for sufficiency of individual debtor names in Section 9-503(a)(4), provide images of the safe harbor forms in Section 9-521, and adopt the uniform effective date of July 1, 2013.
The Tennessee legislation does not appear to contain any significant departures from the official text of the 2010 Amendments. The text may be amended during the legislative process, so CSC will continue to provide updates of any significant developments with these bills and all state Article 9 legislation.