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Idaho Introduces the 2010 Amendments to UCC Article 9

The Idaho Senate introduced a bill to enact the 2010 Amendments to UCC Article 9 on Friday, February 10, 2012.  Senate Bill 1307 provides the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4), incorporates image of the approved forms in Section 9-521, and adopts the uniform effective date of July 1, 2013. 

There is one significant non-uniform provision in SB 1307.  CurrentIdaholaw includes a non-uniform addition that addresses fraudulent financing statements.  Section 28-9-516A requires the filing office to refuse UCC records for several reasons in addition to those set forth in the uniform text provided in Idaho Code Section 28-9-516(b).  The non-uniform addition to Section 28-9-516A in SB 1307 requires the filing office to refuse a financing statement that provides an assumed name of the debtor, if the name is so designated and the financing statement does not include the true name of the debtor.

CSC will provide updates for any significant developments with SB 1307 and all other state Article 9 legislation.