Utah – Utah Introduces the 2010 Amendments to UCC Article 9

January 7, 2013

On January 3, 2013, the Utah Legislature pre-filed a bill to enact the 2010 Amendments to UCC Article 9.  Senate Bill 41 adopts the Alternative B safe harbor for sufficiency of individual names in Section 9-503(a)(4) and  provides the uniform effective date of July 1, 2013.  The bill does not provide images of the safe harbor forms in Section 9-521.  Instead, it incorporates by reference the safe harbor forms set forth in the official text of the 2010 Amendments to Article 9.

There is one significant non-uniform provision.  The proposed new Utah Code Ann. Section 70A-9a-516(4) would allow the filing office to reject a UCC record submitted for filing if an individual debtor’s name contains “unusually placed and apparently unnecessary punctuation, symbols, or other non-alphabetic characters,” the record discloses personally identifying information or the record indicates an individual debtor is a transmitting utility.  Otherwise, SB 41 follows the uniform text of the 2010 Amendments.  The bill has not yet been assigned to a committee.  The Utah Legislature does not convene until January 28th.

Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available here

If you have questions or need more information on Article 9 legislation, please contact Paul Hodnefield, Associate General Counsel, at phodnefi@cscinfo.com or 800-927-9801, ext. 62375.

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