The Official Text Uniform Commercial Code (UCC), the compilation of commercial laws that underlie complex commercial financings, particularly those involving secured credit, has undergone rapid transformation in the past 20 years, beginning with Articles 3 and 4 in 1990 and followed by Articles 1, 5, 7, 8 and 9 among others. Now Article 9 has undergone a further revision. The revised statute and comments will be considered by state legislatures throughout the country beginning with 2011 legislative sessions, with the expectation that all states will have adopted the revisions by the uniform effective date of July 1, 2013.
The Official Text of the UCC is the combined product of the Uniform Law Commission (ULC, formerly the National Conference of Commissioners on Uniform State Laws, or NCCUSL) and the American Law Institute (ALI). After promulgation by the ULC and the ALI it is up to individual state legislatures to enact the revisions as the law of their states. New York has fallen notably behind its sister states in this regard. New York is the only state that has not enacted the 1990 revisions to Articles 3 and 4 of the Uniform Commercial Code and one of a small number of states that have not yet enacted Revised Article 1 and Revised Article 7 of the Uniform Commercial Code.
Article 9 Revisions
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