Missouri has now enacted the 2010 Amendments to UCC Article 9. The governor signed House Bill 212 on June 25, 2013. The new law enacts the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4). However, it omits any changes to the safe harbor forms provisions in § 9-521. Instead, the non-uniform version of § 9-521 will continue to provide that a filing office must accept forms approved by IACA or adopted by rule promulgated by the secretary of state.
This law had a drafting ambiguity regarding the effective date. Although the transition rules in Part 8 refer to the bill applying to transactions entered into after July 1, 2013, the effective date is not expressly stated. The legislature’s web site indicates the bill will not take effect until August 28, 2013 and the filing office is planning to implement the new law on that date.
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.