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As we noted in our October blog post, California governor Jerry Brown signed CA Assembly Bill 502, making California the latest state to enact the 2010 Amendments to Article 9 of the Uniform Commercial Code. The new filing rules will go into effect on July 1, 2014.
Only six states have not enacted the Revised Article 9 legislation with an effective date of July 1. 2013. The remaining six states are:
First Corporate Solutions is pleased to present our eBook entitled Purchase Money Security Interests: Purchase Money Rules in Equipment and Inventory. Authored by Attorney Bennett L. Cohen of Cohen, Salk & Huvard, P.C., this eBook provides answers to all of your PMSI related questions including:
How is a PMSI created?
What obligations qualify as a PMSI?
Does a PMSI in inventory prime a previosuly perfected interest in accounts?
The last few years have seen a dramatic rise in the number of states that allow electronic filing (eFiling) of UCC documents. In fact, nearly every state now accepts UCC filings that are transmitted electronically in some way. In most cases, eFiling represents an improvement over traditional paper filing since eFiled documents are generally acknowledged quicker than paper filings and often incur a lower filing fee. However, there are a few…READ MORE