Montana recently enacted the 2010 Amendments to UCC Article 9. The governor signed House Bill 212 on March 20, 2013. The new law adopts the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4), incorporates the safe harbor forms from the official text of the 2010 Amendments in § 9-521 and will take effect on July 1, 2013.
The new law has one slightly non-uniform provision for individual debtor name sufficiency. The new § 9-503(a)(4) provides that the source of an individual debtor name is the driver’s license, state identification card or tribal identification card (emphasis added). This makes Montana the only state to extend the source documents for an individual name in § 9-503(a)(4) beyond just the driver’s license or state identification card.
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.