Over the past several years, states’ filing offices have been busy gaining legislative approval for implementing the amendments to Article 9 (Secured Transactions) of the Uniform Commercial Code. The changes are to go into affect July 1, 2013. Approx. 80% of the states have passed laws to date.
On March 20, 2013, Montana’s governor signed HB212 to enact the 2010 amendments to Article 9. Legislation in Mississippi (SB2609) and New Mexico (SB146) have also recently been passed and bills been sent to their governors for signature.
The transition to the 2010 Amendments means many states will need to change their UCC Forms. An excellent array of sample new forms is provided by the Texas Secretary of State at www.sos.state.tx.us/ucc/new-forms-alert.shtml .
Source: BRB Publications