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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