California has finally introduced a bill on February 20, 2013 to enact the 2010 Amendments to UCC Article 9. California was one of only five states that had not yet introduced the legislation and there was growing concern that there might not be enough time to get enact the 2010 Amendments before the effective date.
Assembly Bill 502 adopts the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4), appears to provide images of the safe harbor forms in § 9-521 and will take effect on the uniform effective date of July 1, 2013.
As with any legislation, AB 502 may be amended at any point during the legislative process. CSC will continue to track all UCC Article 9 legislation and provide update 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.