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New York Passes 2010 UCC Amendments to Article 9
Practical Law Legal Update 6-572-0765 (Approx. 4 pages)
New York Passes 2010 UCC Amendments to Article 9
by Practical Law Finance
| Published on 18 Dec 2014 • USA (National/Federal) |
New York enacted the 2010 amendments to Article 9 of the Uniform Commercial Code (UCC), as well as revised Articles 1 and 7.
On December 17, 2014, New York enacted the 2010 amendments to Article 9 (2010 Amendments) of the Uniform Commercial Code (UCC), as well as revised Articles 1 and 7. The bill omitted the transition rules. The new law took effect immediately and applies to transactions entered into on or after the effective date.
The enacted version of UCC Article 9 (among others things):
- Provides for the Alternative A "Only If" approach for sufficiency of an individual debtor's name in § 9-503(a)(4).
- Does not affect the current version of § 9-521, which is not uniform and delegates form approval to the New York Department of State.
- Retains the requirement for a debtor that is an organization that a financing statement provide the type of organization and jurisdiction of organization for the debtor.
For more detailed information about each state's alternative elections and non-uniform provisions enacted regarding the 2010 Amendments, including for New York, see Practice Note, Proposed 2010 Amendments to UCC Article 9: State-by-state Adoption: New York contributed by Paul Hodnefield of Corporation Service Company. Practical Law Finance will provide additional coverage on New York's version of the 2010 Amendments in early 2015.
Nearly all states have now enacted the 2010 Amendments. The only state yet to enact the 2010 Amendments is Oklahoma. For more information on the 2010 Amendments, see Practice Notes, Proposed 2010 Amendments to UCC Article 9 and Effect of the 2010 UCC Amendments on Loan Documents.