California became the latest state to enact the 2010 Amendments to UCC Article 9 when the governor signed Assembly Bill 502 on Friday, October 4, 2013. The new law does not include either Alternative A or Alternative B for individual debtor name sufficiency in § 9-503(a)(4). Instead, the bill provides a non-uniform safe harbor where the surname and first personal name of the debtor are sufficient in addition to whatever individual name is sufficient under current law. The bill sets forth images of the safe harbor forms in § 9-521 and will take effect on July 1, 2014. 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.