CORPORATE TRANSACTIONS & COMPLIANCE BLOG

Arizona Enacts the 2010 Article 9 Amendments

By: Despina Shields, COGENCY GLOBAL INC. on Mon, Apr 28, 2014

UCC Article 9 AmendmentsArizona recently joined the majority of states/jurisdictions by enacting the 2010 Article 9 Amendments. Senate Bill 1046 was signed by the Governor of Arizona on April 22, 2014 and became effective immediately.

The Arizona Secretary of State’s office is now accepting the new forms and will continue to accept the old forms until May 23, 2014. Note that during this transition period, if the collateral involved is held in a trust or is being administered by a decedent’s personal representative, it may be advisable to submit your filing on the new form since the language in the associated checkboxes has changed substantially. (To obtain our chart outlining which forms are being accepted in each central filing office, visit the Article 9 Forms page of the COGENCY GLOBAL INC. website.)

Article 9 Amendments Recap
At this point in time, all but three states have enacted the Article 9 Amendments so we thought our readers might appreciate a brief recap of some key points.

States with Non-Uniform Effective Dates

  • Alabama - 7/1/2014
  • Arizona - 4/22/2014
  • California - 7/1/2014
  • Missouri - 8/28/2013
  • Puerto Rico - 1/17/2013

States That Have Not Yet Enacted the 2010 Amendments

  • New York
  • Oklahoma
  • Vermont

Other Notable/Interesting Non-Uniform Provisions

  • Montana’s 9-503(a)(4) adds a tribal identification card as a source of an individual debtor’s name
  • North Dakota added back the requirement for UCC financing statements to include the debtor’s tax ID number (Social Security number or FEIN) with the enactment of ND 2013 HB 1136 effective August 1, 2015 (or sooner if the Secretary of State indicates the technology to implement is ready.)
  • South Dakota  still requires UCC filings to provide the taxpayer ID number (Social Security number or FEIN) of debtors even though the new AA9 forms do not provide a field for this information
  • Wyoming changed the effective life of a financing statement from 5 years to 10 years for filings made or continued on or after July 1, 2013

To stay tuned in to the Article 9 Amendments and other UCC issues, subscribe to our UCC e-mail updates and visit the UCC Article 9 Filing and Searching Info page of our website.

 

This article is provided for informational purposes only and should not be considered, or relied upon, as legal advice.

Topics: UCC, Article 9 Filing, Searching and Due Diligence