The Arizona Senate introduced a bill to enact the 2010 Amendments to UCC Article 9 on Monday, January 14, 2013. Senate Bill 1039 would enact the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4). There is a significant non-uniform provision in the bill. The bill provides a September 1, 2013 effective date instead of the July 1, 2013 uniform effective date. If enacted as written, SB 1039 would make Arizona the first state to enact the 2010 Amendments with a delayed effective date. The bill also departs from the official text of the 2010 Amendments with respect to the safe harbor forms in Section 9-521. The bill omits any changes to Arizona’s current section 9-521, which incorporates images of forms similar, but not identical to the forms set forth in the 1998 official text of Revised Article 9. However, the filing office is free to adopt the new forms from the official text of the 2010 Amendments by administrative rule.
CSC will continue to monitor SB 1039 and other UCC Article 9 legislation and will provide updates of any significant developments. Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available at http://csctransactionwatch.com/amendments/.
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.