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Arizona Adopts 2010 Amendments to Article 9 – Law Becomes Effective Immediately

The Arizona Governor signed SB 1046 to enact the 2010 Amendments last night, 4/22/2014.   The bill included an emergency clause, so it took effect immediately.  Consequently, the 2010 Amendments are already in effect for Arizona.  Starting immediately, UCC filers should use the new forms with a revision date of 4/20/11.  The Arizona Secretary of State’s filing office is still accepting prior versions of the forms, which will be sufficient for most common transactions.  However, if the transaction involves collateral held in a trust or collateral administered by a decedent’s personal representative, the filer should use only the new forms.