UCC Article 9 Update

The Uniform Law Commission (ULC) has made changes to Article 9 of the Uniform Commercial Code (UCC), which governs secured transactions and how security interests may be obtained in personal property in order to secure a debt. The changes in the article affect secured parties' filing, searching and due diligence practice.

Hundreds of millions of dollars of commercial and consumer credit are granted every year in secured transactions under UCC Article 9. Changes to filing rules mean financing statements in progress need to be changed in order to avoid filing amendments. Are you prepared?

Be sure to be in compliance with all the updates to UCC Article 9. Don't miss out on key information that could make a big difference to you!

• Name of the individual to be provided on the financing statement
• The expanded definition of Registered Organization
• Filing rules when the collateral is held in trust or administered by a personal representative
• Information about debtor's change of location/new debtor
• Other filing and non-filing changes
• And much more!

Debt collection professionals, lending professionals, accountants, real estate professionals and commercial finance professionals will benefit from learning about the proposed changes to UCC Article 9.