Delaware Adopts the 2010 Article 9 Amendments

Requirements for financing statements to be filed in Delaware will change on July 1, 2013 with the adoption of the 2010 Amendments to Article 9 of the UCC.

On May 3, 2013, with the signing of HB8 by Governor Jack Markell, Delaware enacted the 2010 Amendments to Article 9 of the Uniform Commercial Code. The changes will take effect on July 1, 2013.

Article 9 provides the rules by which a creditor may take an interest in a debtor’s personal property in connection with a secured transaction. This “security interest” allows a creditor to repossess and sell the property of a debtor should the debtor default on the transaction

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Topics:  Creditors, Debtors, Default, New Legislation, Safe Harbors, 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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