CT Lien Solutions has been committed to educating the industry on the proposed revisions to the UCC Article 9. As a comprehensive guide from another source, we point to Norman Powell's article published in the Young Conway Stargatt & Taylor, LLP "Delaware Transactional & Corporate Law Update" of summer 2010.
Norman Powell is one of the country's leading authorities on Article 9. A prominent member of the NCCUSL and ABA Commercial Law committees, Mr. Powell is among the closest in the industry to the new amendments.
Mr. Powell's article describes the substance of and rationalization behind each of the revisions, including those involving:
- Introduction of the term "public organic record"
- New definition of "registered organization" classification
- Perfection in security interest following a change in debtor location
- Newly named "information statement" and related changes
- New requirements for filings against collateral of transmitting utilities
- Other important revisions
Finally, the article addresses what Mr. Powell deems (and we agree) "perhaps the greatest and most significant of the 2010 Amendments", those amending Section 9-503 of the Uniform Commercial Code--Name of Debtor and Secured Party. As Mr. Powell writes, "these changes are relevant to filings against registered organizations, filings where collateral is being administered by the personal representative of a decedent, filings where collateral is held in a trust that is not a registered organization, and, most significant of all, filings against individual debtors."
Click here to read the full text of Norman Powell's article.
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