Virginia Introduces 2010 Amendments to UCC Article 9
January 27, 2012
The Virginia legislature introduced Senate Bill 51 to enact the 2010 Amendments to UCC Article 9 on January 4, 2012. The bill provides the Alternative A “Only If” approach for individual debtor names in Section 8.9A-304(a)(4) and adopts the uniform effective date of July 1, 2013.
Senate Bill 51 appears to have only one significant departure from the official text. It repeals the form safe harbor in current Section 8.9A-521 and replaces it with new 8.9A-521.1. The new provision requires the filing office to accept records in a form and format promulgated by the State Corporations Commission. In all likelihood, the filing office will continue to accept forms approved by the International Association of Commercial Administrators. CSC will monitor the situation and provide updates of which forms will be sufficient for filing inVirginiaafter July 1, 2013.
As with any bill, Senate Bill 51 may undergo changes at any point during the legislative process. CSC will continue to provide updates of any significant developments.