Iowa Enacts the 2010 Amendments to UCC Article 9

April 6, 2012

Iowabecame the latest jurisdiction to enact the 2010 Amendments to UCC Article 9 when the governor signed House File 2321 on Wednesday, April 4, 2012.  The new law provides the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4) and adopts the uniform effective date of July 1, 2013.  The bill omits the amendments to the safe harbor forms in Section 9-521 in favor of the non-uniform version currently in effect that requires filing offices to accept forms approved by the secretary of state. 

One curious non-uniform provision is that the new law repeals the Revised Article 9 transition provisions in Part 7 of Article 9.  It is unclear how this may affect records originally filed before July 1, 2001 and any financing statements filed “In Lieu” during the Revised Article 9 transition period.