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Maryland Introduces the 2010 Amendments to UCC Article 9

The Maryland Legislature introduced bills to enact the 2010 Amendments to UCC Article 9 on Tuesday, February 7, 2012.  Senate Bill 748 provides the Alternative B “Safe Harbor” approach for individual debtor name sufficiency in Section 9-503(a)(4) and adopts the uniform effective date of July 1, 2013.  The bill includes a non-uniform version of Section 9-521 that requires a filing office to accept written records in the form and format set forth in the 2010 Amendments to Article 9 promulgated by the American Law Institute and Uniform Law Commission.

A cross-filed bill to introduce the 2010 Amendments was also introduced in the Maryland House.  However, the text of House Bill 713 is not yet available.

CSC will provide updates for any significant developments with both Maryland bills and all other state Article 9 legislation.