We have revised our reference matrix of the state-by-state breakdown of the new Article 9 legislation, to account for the enactments of Texas Senate Bill 782 and Minnesota Senate Bill 194.
The newly enacted legislation in both Texas and Minnesota closely mirrors the language of the model act, with a few minor exceptions.
In relation to individual debtor names under section 9-503, Texas has adopted a slightly amended version of Alternative A. However, the practical effect is the same despite the slightly amended statutory language. In addition, Texas did not adopt the proposed changes to section 9-516, which provides that a financing statement may be rejected if the organizational information is missing. So, when filing financing statements in Texas, a secured party filing on a debtor organization must still include information on an organization’s type and jurisdiction of organization, or the organizational ID number of the debtor.
Minnesota’s enacted legislation is simpler. The legislation is uniform to the new model act in all instances, with “Alternative A” adopted for 9-503.
Download the revised matrix here. To view the status of each bill on the state legislature website, click on the hyperlink embedded in the Bill #. To get a better understanding of what is addressed in each section of the code, click on the hyperlinks in the code section titles in the matrix header row. (For example, clicking on "9-503: Name of Debtor and Secured Party" in the header row of the matrix will take you to a previous blog post which describes the difference between Alt A and Alt B).
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
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