The Pennsylvania House re-introduced a bill to enact the 2010 Amendments to UCC Article 9 on January 15, 2013. The text of House Bill 24 is not yet available. However, the introductory note indicates it is identical to HB 2159 from the last session, which failed to pass before the legislature adjourned in December. Assuming the new bill is identical to last year’s bill, it adopts the Alternative A “Only If” rule for sufficiency of individual names in Section 9-503(a)(4) and follows the uniform effective date of July 1, 2013. It is expected that HB 24 will omit any changes to the safe harbor form rules in Section 9-521 and retain the current provision. Current law prohibits a filing office that accepts written records from refusing a record in the form and format “set forth in the final official text of the 1999 revisions to Article 9…” Presumably that means the 1998 version forms will remain the safe harbor forms in PA. Of course, the filing office is free to adopt the new forms by administrative rule.
CSC will continue to track all UCC Article 9 legislation and 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.