The New York Senate introduced a long anticipated bill to enact the 2010 Amendments to UCC Article 9 on Thursday, June 20, 2013. Senate Bill 5901 is an omnibus UCC bill that includes not just the Article 9 changes, but also Revised Articles 1 and 7, as well as amendments to Articles 3 and 4. As introduced, SB 5901 would enact the Alternative A “Only If” approach for individual debtor name sufficiency in § 9-503(a)(4). It follows the uniform effective date of July 1, 2013, although it may be very difficult for the bill to complete the legislative process in time to take effect on that date.
CSC will continue to monitor SB 5901 and other UCC Article 9 legislation and will provide updates 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.