On February 20, 2013, the Georgia Senate introduced Senate Bill 185 to enact the 2010 Amendments to UCC Article 9. The bill adopts the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4), incorporates by reference the safe harbor forms set forth in the official text of § 9-521 and will take effect on the uniform effective date of July 1, 2013.
Aside from enacting the 2010 Amendments, SB 185 makes one other significant change. Georgia law currently does not allow a record of mortgage to be effective as a financing statement filed as a fixture filing. That will change if SB 185 is enacted as introduced. The bill amends the Georgia versions of § 9-502 and § 9-515 to provide that a record of mortgage can be effective as a financing statement filed as a fixture filing.
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.