New Jersey Introduces the 2010 Amendments to UCC Article 9
July 30, 2012
The New Jersey Legislature introduced a bill to enact the 2010 Amendments to UCC Article 9 on Thursday, July 26, 2012. Senate Bill 2144 will enact Revised Articles 1 and 7 in addition to the Article 9 provisions. The bill adopts the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4). The Article 9 changes in the bill will take effect on the uniform effective date of July 1, 2013.
The New Jersey bill omitted any changes to Section 9-521. The current version of Section 9-521 in New Jersey incorporates images of the 1998 form versions set forth in the official text of Revised Article 9. If SB 2144 is enacted as currently drafted, then the 1998 versions would remain the safe harbor forms. However, filing offices would still be free to adopt other form versions, including those approved for the 2010 Amendments.
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