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Louisiana Introduces the 2010 Amendments to UCC Article 9

The Louisiana House pre-filed a bill to enact the 2010 Amendments to UCC Article 9 on Tuesday, February 28, 2012.  House Bill 369 provides the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4) and adopts the uniform effective date of July 1, 2013. 

There are two non-uniform provisions in HB 369.  The first is that HB 369 omits the uniform text for Section 9-502(c)(3)(B) regarding sufficiency of an individual debtor name on a record of mortgage.  That text was intended for use by states that adopt individual name Alternative A.  However, there is a good reason for this omission. Louisiananever adopted the record of mortgage provisions of Section 9-502(c).

The other non-uniform departure from the official text is that the bill omits changes to the safe harbor forms in Section 9-521.  Instead,Louisianawill retain its current non-uniform version of Section 9-521 that requires filing offices to accept forms approved by the secretary of state.

Aside from the non-uniform provisions noted above, HB 369 does not appear to contain any substantive departures from the official text of the 2010 Amendments.  Of course, the bill may be amended throughout the legislative process.  CSC will provide updates for any significant developments with HB 369 and all other state Article 9 legislation.