Oregon Introduces the 2010 Amendments to UCC Article 9

January 27, 2012 | Posted in: UCC News

The Oregon House introduced a bill on Thursday, January 26, 2012 to enact the 2010 Amendments to U.C.C. Article 9.  House Bill 4035 adopts the Alternative B safe harbor approach for individual debtor name sufficiency in Section 9-503(a)(4).  The bill also provides the uniform effective date of July 1, 2013.  Section 9-521, as introduced, does not provide images of the safe harbor forms.  Instead it incorporates by reference the form versions approved by the Uniform Law Commission and International Association of Commercial Administrators.  There are no significant non-uniform departures from the official text of the 2010 Amendments.

As with any proposed law, HB 4035 may be amended at any point during the legislative process.  CSC will continue to provide updates of any significant developments with all state Article 9 legislation.