Summary of the 2010 Amendments to Chapter 9 of the Texas Uniform Commercial Code: Effective July 1, 2013,
Allen Dickey, Esq.
Jonathan Ursprung, Esq.
New secured lending rules in Texas will change a number of the filing procedures, searching methods and due diligence practices for lenders.
Key areas covered include (i) clarification of an individual debtor’s name, (ii) a revised definition of “registered organization,” (iii) enhanced protection for after-acquired assets if the debtor changes location or merges, and (iv) modification of the national form of financing statement in other states (but not Texas, as of 02/07/13).
Differences between the statutes enacted by Texas and the 2010 Uniform Law amendments adopted in other states will be discussed.
Those who might want to review this article:
1. Finance/corporate/real estate attorneys & paralegals
2. Attorneys preparing legal opinions on real estate / corporate loans
3. Any other attorneys/paralegals reviewing UCC filings for statutory conformance and/or perfection
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