As we’ve often discussed in previous blog posts, Article 9 of the UCC is once again undergoing some significant changes. Throughout 2011, and likely into 2012, legislatures across the United States will be proposing, reviewing, debating, amending, and, in most cases, passing legislation adopting the revisions proposed by NCCUSL in July 2010. In this and later posts, we will refer to this new legislation as RRA9.
The good news is that there should be plenty of time to prepare for any changes to Article 9! The proposed legislation has a uniform effective date of July 1, 2013, and it appears that most states will adopt this date.
In today’s and tomorrow’s posts, we will go into more detail about what action specific states are taking, and how potential non-uniformity amongst states could create risk for lenders.
State Legislation – UCC Re-Revised Article 9 (RRA9)
Across the United States, there are currently 12 bills pending that relate to the Article 9 revisions. Follow the links below to read the text of the bills or track a particular bill’s status.
- Connecticut House Bill 6274
- Connecticut House Bill 5456
- Indiana House Bill 1321
- Indiana Senate Bill 341
- Massachusetts House Bill 25 (no text available)
- Minnesota Senate Bill 194
- North Dakota House Bill 1137
- Nebraska Legislative Bill 90
- Nevada Assembly Bill 109
- Oklahoma House Bill 1833
- Oklahoma Senate Bill 609
- Washington House Bill 1492
CT Corporation’s Government Relations department is actively tracking this and future legislation. We’ll keep you informed as major developments occur.
Check in tomorrow for more detail on some of the specific provisions being considered by the individual states, as well as some of the risk factors stemming from non-uniformity across jurisdictions.
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