The Mississippi Senate introduced a bill on January 21, 2013 to enact the 2010 Amendments to UCC Article 9. Senate Bill 2609 adopts the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4), incorporates by reference the new forms in Section 9-521 and follows the uniform effective date of July 1, 2013.
The bill includes one significant non-uniform provision. It omits the new definition for “registered organization” in Section 9-102(a)(71), which could create ambiguity for sufficiency of registered organization debtor names. The revised definition, together with the new definition of “public organic record” in Section 9-102(a)(70), form the basis of the new registered organization debtor name sufficiency rules in Section 9-503(a)(1).
CSC will continue to track all UCC Article 9 legislation and provide update of any significant developments. Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available at http://csctransactionwatch.com/amendments/.
If you have questions or need more information on Article 9 legislation, please contact Paul Hodnefield, Associate General Counsel, at phodnefi@cscinfo.com or 800-927-9801, ext. 62375.