Our readers are reminded about important changes on deck affecting UCC searchers and filers:
- New Jersey: As of July 1, 2015, the State of New Jersey central filing office requires all UCC financing statements and amendments to be filed electronically. Filers are also reminded of the State’s recent changes to 9-502 containing additional non-uniform requirements for secured party names and collateral descriptions. Financing statements must "indicate that the collateral is within the scope of this chapter, pursuant to 12A:9-102 and 12A:9-109.”
- Oklahoma: The State’s adoption of the 2010 amendments to Article 9, including enactment of Alternative A for individual debtor names, will take effect Nov. 1, 2015.
- Oregon: Effective Jan. 1, 2016, Oregon will replace Alternative B (“safe harbor”) with Alternative A (“only if”) to govern the name of individual debtors as listed on a financing statement.”
In addition to the changes listed above, a “technical corrections” bill to Article 9, Senate Bill 5502 has passed the New York Senate and is expected to be considered by the Assembly this fall. The bill includes several of the 2010 amendments not contained in New York’s previous UCC revisions approved in 2014. These incorporate replacement of the UCC-5 Correction Statement with the Information Statement, as well as language that would allow the New York Secretary of State to accept the current IACA-approved UCC forms (Rev. date 4/20/2011) in use in all other states. Like the 2014 bill, these changes would become effective immediately upon signature of Governor Andrew Cuomo.