Summary of the 2010 Amendments to Chapter 9 of the Texas Uniform Commercial Code: Effective July 1, 2013


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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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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