Online Store

Originally Aired April 5, 2012. In 2010, the Uniform Law Commission and American Law Institute approved the first significant changes to Article 9 of the Uniform Commercial Code since the last revision more than a decade ago.  Many of the 2010 Amendments to Article 9 merely clarify existing law.  Several changes, however, will have a significant impact on the process for perfection and priority of security interests.  For example, new rules will apply for the already strict standards for sufficiency of debtor names on UCC financing statements.  In addition, the 2010 Amendments replace the current national safe harbor UCC forms with new versions that contain subtle, but important differences.  Secured lenders must ensure that their due diligence procedures comply with the new requirements and have their loan documentation teams trained before the 2010 Amendments take effect on July 1, 2013.  This presentation focuses on the specific changes that will have the largest impact on commercial lenders and offers recommendations for compliance with the 2010 Amendments.   

What you will learn:

• The new standards for sufficiency of registered organization debtor names.
• How to provide the correct debtor name when collateral is held in trust or administered as part of a decedent’s estate.
• Best practices for extracting individual debtor names from the new statutory source documents.   
• Correctly completing new forms.
• Successfully navigating the transition rules.
• Current state-by-state enactment status of 2010 Amendments, including effective dates and selection of individual debtor name sufficiency requirements.

Presented by:

Paul Hodnefield, Associate General Counsel, Corporation Service Company