Wyoming became the first state to enact the 2010 Amendments to UCC Article 9 during the 2013 legislative session. The governor signed Senate Bill 13 on Monday, February 11, 2013.
Senate Bill 13 provides the Alternative B “Safe Harbor” approach for individual debtor name sufficiency in § 9-503(a)(4). It includes a non-uniform version of § 9-521 that requires filing offices to accept forms approved by the secretary of state. The new law will take effect on July 1, 2013.
A separate piece of legislation in Wyoming could affect one important provision of Article 9. House Bill 3, which has passed both the House and Senate, will extend the effective period in § 9-515(a) for financing statements filed after July 1, 2013 to 10 years instead of the uniform 5 years. The bill is currently awaiting action by the governor.
Additional resources on the 2010 Amendments to UCC Article 9 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.