CT Lien Solutions recently hosted a webinar on the July 2013 amendments to the UCC Article 9. With more than 1,500 attendees, our expert Tim Hall fielded a wealth of questions from the audience. Over the coming weeks, we will address some of those questions here on our blog. Keep coming back for more answers.
Q: Where do UCCs against Native American tribes get filed?
A: That depends upon the agreements between the tribe and the state, or whether there’s a reference in the security agreement. Tribes are considered to be insular possessions and fall within the definition of a state. But they do not necessarily all agree to abide by the law in that state. A lot of tribes in Minnesota have an agreement with the state of Minnesota to apply Article 9. Most lenders require it in the security agreement.
Tim Hall, Director of Government Relations, has been with CT Corporation for 15 years. He spent his first three years as a Team Leader for a UCC Service team, and has been with the Government Relations team for the remainder of his tenure. He is a graduate of The Ohio State University and the Northern Illinois University College of Law, and is a frequent speaker on Article 9 of the UCC.
CT Lien Solutions recently hosted a webinar on the July 2013 amendments to the UCC Article 9. With more than 1,500 attendees, our expert Tim Hall fielded a wealth of questions from the audience. Over the coming weeks, we will address some of those questions here on our blog. Keep coming back for more answers.
Q: For pre-filing, can you have a verbal agreement, or do you need something in writing?
A: It just has to be authorized. Having something in writing is helpful any time you’re talking about authorization of filing a financing statement, but there’s nothing in the code that requires it in writing.
Tim Hall, Director of Government Relations, has been with CT Corporation for 15 years. He spent his first three years as a Team Leader for a UCC Service team, and has been with the Government Relations team for the remainder of his tenure. He is a graduate of The Ohio State University and the Northern Illinois University College of Law, and is a frequent speaker on Article 9 of the UCC.
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. Changes since our last matrix include:
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
Set forth below is the State Holiday List for the month of May 2013. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.
|
State |
Holiday |
Date |
|
MO |
Truman Day |
May 8 |
|
SC |
Confederate Memorial Day |
May 10 |
|
MD |
Service Reduction Day |
May 24 |
|
ALL |
National Memorial Day (observed) |
May 27 |
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. Changes since our last matrix include:
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
Set forth below is the State Holiday List for the month of April 2013. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.
|
State |
Holiday |
Date |
|
CA |
Cesar Chavez Day |
April 1 |
|
DC |
Offsite Training Day |
April 11 |
|
ME, MA |
Patriot’s Day |
April 15 |
|
DC |
DC Emancipation Day |
April 16 |
|
AL, GA |
Confederate Memorial Day |
April 22 |
|
NE |
Arbor Day |
April 26 |
|
MS |
Confederate Memorial Day |
April 29 |
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. Changes since our last matrix include:
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
Set forth below is the State Holiday List for the month of March 2013. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.
|
State |
Holiday |
Date |
|
VT |
Town Meeting Day |
March 5 |
|
MA (Suffolk County only) |
Evacuation Day |
March 18 |
|
AK |
Seward’s Day |
March 25 |
|
HI |
Kuhio Day |
March 26 |
|
CT, DE, HI, IN, LA, NJ, NC, ND, TN |
Good Friday |
March 29 |
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. This new matrix reflects the recent enactments by Arkansas, the District of Columbia and Wyoming, and the introduction of legislation by California.
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
On February 14, 2013, Governor Matt Mead signed House Bill 3 into law, which will extend the effectiveness period of UCC financing statements from the current 5-year duration to 10 years. The change will be effective on July 1, 2013, which coincides with the date the 2010 Amendments to Revised Article 9 will also become effective in that state.
The new law states that financing statements filed after July 1, 2013 will be effective for 10 years, not 5 years as current law provides. The filing of a UCC-3 continuation statement after July 1, 2013 will extend the effectiveness of the financing statement for an additional 10-year period. There is no change to the effectiveness period of currently active financing statements filed before July 1, 2013 if a continuation is not filed after the new law takes effect.
The bill was authored by the Joint Committee on Corporations, Elections, and Political Subdivisions, which considered the issue in 2012. In testimony before the Committee, Jeri Melsness of the Secretary of State’s Office noted that the Wyoming Bankers Association approached her office to see if they would be open to extending the 5-year timeframe. They explained that because the costs of equipment covered by these UCC financing statements has gone up, the result has been longer duration periods for loans secured by such equipment.
With this change, as of July 1st, Wyoming will be the only state with a non-uniform effectiveness period of 10 years. Other states that previously had non-uniform effectiveness periods (Maryland and Arizona, for example) restored the 5-year rule with the adoption of the 1998 amendments to old Article 9.