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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