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Illinois Enacts the 2010 Amendments to UCC Article 9

2010 UCC Article 9 Amendments enacted in IllinoisIllinois became the latest state to enact the 2010 Amendments to UCC Article 9 when the governor signed Senate Bill 3764 on Friday, August 17, 2012.  The new law adopts the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4).  It will take effect on the uniform effective date of July 1, 2013.

The legislation does not include text or images of the safe harbor forms in Section 9-521.  Instead, the bill incorporates by reference the form and format set forth in the official text of the 2010 Amendments to Article 9.

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