New York Assembly Bill 9933, amending Articles 1, 7 and 9 of the Uniform Commercial Code was delivered on Friday, December 5 to Governor Andrew Cuomo. He has until Wednesday, December 17 to either sign, veto or allow the bill to become law without his signature. What makes this date so important is that the bill contains a provision making the changes to New York’s Article 9 statute effective immediately upon the Governor’s signature.
UCC filers are reminded that New York’s legislation adopted Alternative A (“Only If”) regarding debtor names, requiring a financing statement to provide the name indicated on the individual debtor’s unexpired driver’s license or other state-issued photo identification card. Otherwise, the financing statement must provide the individual name of the debtor or the last and first personal name of the debtor.
In addition, the bill does not contain the 2010 amendment to 9-516 eliminating the requirement to provide entity type and the state of formation for organizational debtors. The bill also does not change New York’s current non-uniform version of Section 9-521, which leaves it to the Secretary of State to decide which forms a filing office will accept. Speculation is that the Department of State will continue to require use of UCC forms containing a 2002 revision date (the “old “form) because the newer 2011 version (in use in all the remaining states) does not have fields to capture an organizational debtor’s state of formation and entity type.
We will follow this issue closely in the coming days and continue to share analysis and new details as they become available.