The 2010 Amendments to Article 9 of the Uniform Commercial Code are effective in Kentucky, and most other states, July 1, 2013. M&P’s John McGarvey was a member of the national Drafting Committee for the 2010 Amendments to Article 9 and was named co-chair of the American Bar Association’s enactment committee for the 2010 Amendments.
Please contact us if you are interested in having McGarvey, or another M&P attorney, present our customized seminar on the 2010 Amendments to Article 9, “Playing the Name Game,” at your bank.
The focus of the amendments is on providing certainty in the area of debtor names, particularly individuals, and guidance on the perfection of security interests when debtors relocate to another jurisdiction. The biggest changes are new standards for the form of name that must be used on financing statements for both registered organizations and individuals.
The Official Comments are also being amended to cover significant items not considered in the last revision. For example, the 2010 Amendments include the creation of information statements that can be filed by secured parties, provisions relating to control of collateral in electronic form, and the use of online auctions for disposition of collateral.
The drafting committee offered its product to the American Law Institute and the Uniform Law Commission for approval in 2010. The amendments were submitted to the state legislatures for adoption in fall 2010; however, the effective date was delayed until 2013 to assure uniformity.
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