New Jersey has enacted the 2010 Amendments to UCC Article 9. The governor signed Senate Bill 2144 on Thursday, June 13, 2013. The bill adopts the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4), incorporates by reference the safe harbor forms set forth in the official text of § 9-521 and will take effect on the uniform effective date of July 1, 2013.
In addition to enacting the 2010 Amendments, SB 2144 makes other updates to the state’s UCC. The bill includes Revised Articles 1 and 7, plus amendments to § 4A-108 that clarify the relationship between the UCC and the federal Electronic Funds Transfer Act.
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 https://www.cscglobal.com/blog/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.