Uniform Commercial Code

News & Analysis as of

UCC Amendments Pass Both Houses of the Arizona Legislature

SB 1046, which is Arizona’s version of the 2010 amendments to Article 9 of the Uniform Commercial Code (Secured Transactions) (UCC), has passed both Houses of the Arizona Legislature and may be signed by the Governor in the...more

Unauthorized UCC Termination Filings No Longer Effective — Commentary on Recent Bankruptcy Decision

Article 9 and the Life of a UCC Financing Statement - Article 9 of the Uniform Commercial Code (UCC) provides the process by which a secured lender obtains, perfects and enforces a security interest in a debtor’s...more

The Cross-Border Perspective: Name Changes and Other Post-Filing or Registration Events Under the UCC and the PPSA

We are U.S. lawyers and don’t practice Canadian law. But we seize every occasion that we have to deepen our understanding of the differences between U.S. and Canadian law. Why? Because understanding the differences allows us...more

Overstock Under Scrutiny: Does This Recent Decision Represent a New Wave of California Litigation for Sellers of Consumer Products...

It is not often that a decision from a California trial court receives or deserves as much attention as the recent tentative decision issued by Alameda County Superior Court Judge Wynne Carvill in the State’s case against...more

IFLR Project Finance Report 2014: US

Section 1 – Collateral/security 1.1 What types of collateral/security are available? It is customary in a project financing of a project or portfolio of projects located within the US (a US project financing) that, on...more

Be Secure In Understanding Secured Interests

When a business borrows money, especially when it’s a new business, the lender wants to make sure it will be repaid even if the business fails. The lender often asks for additional security that it will be paid. Additional...more

EU Customs Practice Group - October 2013

In This Issue: *EU POLICY: - UCC developments *TARIFFS: - Duty Suspensions and Tariff Quotas - GSP- GSP+ Country List - GSP – Temporary Withdrawal - e-Commerce moratorium - WTO waiver...more

Fraud Responsibility: Revamp the Rules?

One key provision of Article 4A of the Uniform Commercial Code, which deals with reasonable security measures for banks, needs to be dropped, contends attorney Dan Mitchell, who represented PATCO Construction in a...more

New Amendments to UCC Article 9 Now Effective in Most Jurisdictions

On July 1, 2013, amendments to Article 9 of the Uniform Commercial Code, which governs using personal property as collateral, became effective in most jurisdictions. The changes to Article 9 a ect both existing and future...more

Capital Infusion: Case Spotlight: In re SemCrude, L.P.

Sudden interruptions in oil supplies caused by the 1973 Arab oil embargo, the Iranian revolution of 1979 and the outbreak of the war between Iran and Iraq in 1980 led to the energy crises of the 1970’s and 1980’s, forcing...more

How doing business in China without a master written contract in Chinese is like playing roulette in Macau (but playing roulette,...

A contract is a fundamental basis of commerce. In fact, it’s really a cornerstone of modern society (for example, think of the so-called “social contract” and the “contract with America”). Without going into what every law...more

Attention Secured Lenders: The 2010 Amendments to Article 9 are Beginning to Take Effect

Article 9 of the Uniform Commercial Code, which governs security interests in transactions secured by personal property, is currently undergoing its first revision since 1998. The 2010 Amendments to Article 9 (the “2010...more

UCC Termination Statement

Section 4-9-513 of the Colorado Uniform Commercial Code (UCC) provides that "a secured party shall cause the secured party of record for a financing statement to file a termination statement . . . within one month after there...more

Amendments to Article 9 of the Uniform Commerical Code Go Into Effect

A number of amendments to Article 9 of the Uniform Commercial Code (“UCC”) went into effect in many states on July 1, 2013. Similar amendments are pending in a number of other states....more

UCC-3 Termination Statements: Can They be Trusted?

The holdings of two recent decisions from the Bankruptcy Courts of the Western District of Pennsylvania and the Southern District of New York, handed down within three days of each other in March, both affect the amount of...more

Number One Priority – Understanding Changes that Impact Securing and Maintaining Priority as a Secured Creditor (Recent Amendments...

Florida joined with a majority of states in adopting the 2010 changes to Article 9 of the Uniform Commercial Code (Ch. 679, Fla. Stat.), which governs security interests in personal property. Consistent with the targeted...more

Court Finds Uniform Commercial Code Applies to Commoditized Software

We’ve all seen the ads on the Internet—computer-optimization software designed to make your old PC operate like it’s brand new. Many consumers see these advertisements and, frustrated with the performance of their computers,...more

Inside M&A - Summer 2013

A Closer Look at Leveraged Dividend Recapitalizations - With merger and acquisition activity down over the course of 2012 into 2013, and a weak market for initial public offerings (IPOs), many private equity firms have...more

Consumer Rights Bill - Bringing consumer rights into the digital age

Introduction - The draft Consumer Rights Bill was published on 12 June 2013 and will represent a major overhaul of consumer protection law in the UK. The Bill seeks to consolidate important parts of consumer law, make...more

Rogers Towers: Amendment to UCC Filing Requirements

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...more

Comment Deadline on Ban of Remotely Created Checks and Payment Orders under FTC Telemarketing Sales Rule Extended to August 8

In May, we highlighted the FTC’s notice of proposed rulemaking that proposed changes to the Telemarketing Sales Rule (TSR) (16 CFR 310). The NPRM included a proposed ban on the use of certain “novel” payment methods in all...more

Brief Summary of Key UCC Article 9 Amendments Effective July 1, 2013

Typically, from deal to deal, I don’t (and can’t imagine many of my colleagues do) get too worked up about Article 9 of the UCC…I know what it says, I know what to do, especially when it comes to creating and perfecting...more

EU Customs Practice Group - June 2013

In This Issue: *EU CUSTOMS POLICY - UCC developments *TARIFFS - Update on duty suspensions/tariff quotas - EU Market Access Regulation – exclusions - GSP – Burma/Myanmar - FTA...more

Article 9 of UCC revisions effective July 1, 2013

Article 9 of the Uniform Commercial Code (the “UCC”) governs secured transactions between lenders and borrowers covering personal property which is pledged as collateral. The provisions of Article 9 apply to borrowers who...more

Are Your Procedures in Compliance with the Updated UCC Article 9?

Despite the lack of fireworks and fanfare, July 1, 2013, ushered in new changes to the Uniform Commercial Code that are important to bankers, lenders and legal practitioners. The revisions to UCC Article 9 (“Article 9”)...more

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