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Virginia Enacts the 2010 Amendments to UCC Article 9

Virginia joined the growing list of states that have enacted the 2010 Amendments to UCC Article 9.  The governor signed Senate Bill 51 on Wednesday, March 7, 2012.  The law will take effect on July 1, 2013.

The new law enacts the Alternative A “Only If” approach for individual debtor names in Section 8.9A-304(a)(4).  The only significant departure from the official text of the 2010 Amendments affects the safe harbor forms Section 9-521.  The new law repeals the form safe harbor in current Section 8.9A-521 and replaces it with new 8.9A-521.1.  The new provision requires the filing office to accept records in a form and format promulgated by the State Corporations Commission. 

CSC will provide further updates when the State Corporations Commission approves new forms for the 2010 Amendments.