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Kentucky Enacts the 2010 Amendments to UCC Article 9

Kentucky has enacted the 2010 Amendments to UCC Article 9.  The governor signed Senate Bill 97 on April 11, 2012.  The new law adopts the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4), incorporates the safe harbor forms from the official text in Section 9-521 and takes effect on  July 1, 2013. 

The new law includes some additions designed to address the problem of fraudulent financing statements.  New Section 9-513A provides remedies for a current and former public official who is named as a debtor on a financing statement filed to harass, hinder or defraud the person.  New Section 9-516A grants the filing office discretion to reject a UCC record if it appears that the filer was not authorized under Section 9-509 and other conditions are met.  Both Section 9-513A and Section 9-516A provide the secured party with expedited administrative and judicial review of adverse filing office decisions.

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