Attention Secured Lenders: The 2010 Amendments to Article 9 are Beginning to Take Effect

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Article 9 of the Uniform Commercial Code, which governs security interests in transactions secured by personal property, is currently undergoing its first revision since 1998. The 2010 Amendments to Article 9 (the “2010 Amendments”), which are the result of a joint effort by the Uniform Law Commission and the American Law Institute, were drafted to address filing issues and other matters that have arisen since the substantial overhaul of Article 9 in 1998. The following is a summary of a few of the key provisions of the 2010 Amendments.

1. Individual Debtor’s Name -

Perhaps the most important change brought about by the 2010 Amendments relates to the method of identifying an individual debtor’s name on a UCC financing statement. Pursuant to the pre 2010 Amendments version of Section 9-503(a), a financing statement sufficiently identifies an individual debtor’s name if it provides the “individual” name of the debtor.

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Topics:  Article 9, Debtors, Personally Identifiable Information, Secured Lenders, UCC

Published In: General Business Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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