New York – Legislature passes bill to enact the 2010 amendments to UCC Article 9

New York – Legislature passes bill to enact the 2010 amendments to UCC Article 9

June 20, 2014

The New York Legislature moved quickly this week to enact the 2010 Amendments to UCC Article 9. Assembly Bill 9933, which includes Revised Articles 1 and 7 in addition to the 2010 Amendments to Article 9, passed the Assembly on Wednesday, June 18, 2014 and the Senate on June 20, 2014.

The bill provides Alternative A for individual debtor name sufficiency in § 9-503(a)(4). The new law does not affect the current non-uniform version of § 9-521 that delegates the form approval to the Secretary of State. It is expected that the 04/20/11 revision forms from the official text will be accepted beginning on the effective date.

Unlike similar bills enacted in other states, AB 9933 does not provide a delayed effective date. It will take effect immediately when the governor signs it. The governor could act at any time on or after June 20, 2014. Those who file UCC records must be prepared to comply with the new law on little or no notice!

CSC will monitor this bill closely. Please visit the CSC Transaction Watch web site for urgent updates at http://csctransactionwatch.com/.

If you have questions or need additional information, please contact:

Paul Hodnefield

Associate General Counsel

Phone:(800) 927-9801, ext. 62375

Email:  phodnefi@cscinfo.com