NV first state to initiate new UCC "RRA9" bill!

We recently learned that Nevada has become the first state to officially begin the process of passing the new NCCUSL amendments to the UCC Article 9.

What does this mean? Nevada is on its way to a formal adoption of new Article 9 amendments with implications on lien management and securing perfection, particularly regarding searching and filing.

Nevada is still months away from official adoption. A recent bill was drafted, scheduled to be submitted to the State's Legislative Counsel Bureau for review. The bill may be introduced during the next session of the Nevada Legislature convening in February 2011, at which time it may work its way through the legislative system.

It is possible that the bill will diverge from the uniform text adopted by the NCCUSL Article 9 Review Committee. (Reference our Article 9 amendment series for complete details on this uniform text). We are staying on top of this matter, and will relay to the market any and all developments as they occur.

In the meantime, be sure to review our previous blog posts concerning legislation and judgments affecting the UCC Article 9! If you have any questions, please let us know; we’ll try to address them in future posts.