Risk Management Blog

The 2010 Amendments to Revised Article 9 of the Uniform Commercial Code are set to go into effect later this year. Complete this short quiz to test your knowledge of the upcoming changes!

1. The amendments are set to go into effect on what date?

a. December 31, 2013
b. April 15, 2013
c. July 01, 2013

2. When 2010 the amendments go into effect, individual debtor names must be entered as the person’s name appears on their driver’s license.

a. True
b. False

3. After the launch date, which of the following documents will be sufficient for determining the legal name of a business debtor?

a. A certificate of status from their domicile state
b. The articles of incorporation /organization along with any amending documents
c. Either A or B

4. Under the new rules, all state filing offices will require the type of organization, jurisdiction of organization, and organizational ID to be listed for business debtors.

a. True
b. False

5. What party or parties will have the authority to file a UCC5 Information Statement?

a. Debtors Only
b. Secured Parties Only
c. Debtor or Secured Parties

Feel free to leave your answers as a comment!

Answers:

1. C
Drafters of the Amendments are seeking a uniform adoption date of July 01, 2013, however individual states can implement the changes on a date of their choosing.

2. B
States are given a choice between two alternatives for naming individual debtors – either Alternative (The Only If Alternative) or Options B (The Safe Harbor Alternative)

Read our blog post on Alternatives A & B here  for more information

3. B
Under the new rules, business debtor names should be taken from the public organic document, namely the articles of incorporation/organization from the entity’s home state.

Read our blog post on legal names for business debtors here  for more information.

4. B
The 2010 Amendments advocate the removal of these fields from the national form – organizational details will no longer be required for filing a UCC on a business debtor.

Read our blog post on the new UCC forms here  for more information.

5. C
When the changes go into effect, both debtor and secured parties will be authorized to file a UCC5 Information statement.

Read our blog post on UCC5 Information Statement here  for more information.

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