Rogers Towers: Amendment to UCC Filing Requirements

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Florida’s Uniform Commercial Code was subject to some recent changes and revisions which became effective on July 1, 2013. One change in particular was to Florida Statute § 679.5 16 which governs the UCC filing requirements in order to have an effective financing statement. The statute’s amendment has changed the minimum requirements for the UCC financing statement form. Prior to this new revision, the financing statement form contained blanks to allow for the following debtor information to be included: (1) tax identification number (2) type of organization (3) state of organization and (4) organizational number. All of this previously required information has been removed from the new form and is no longer necessary for effective filings. The reasoning for this revision was due to frequent errors being made by creditors which resulted in ineffective filings. This information was found to be unnecessary when the debtor was in fact properly identified on the form.

Topics:  Financial Restatements, New Legislation, Proposed Amendments, UCC

Published In: Business Organization Updates, 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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