|Posted:||January 23, 2013 10:06 AM|
|From:||Senator John H. Eichelberger, Jr.|
|To:||All Senate members|
|Subject:||Eichelberger-Uniform Commercial Code/Secured Transactions|
|This week, I plan to introduce amendments to Pennsylvania’s Uniform Commercial Code (UCC), Article 9, which governs secured transactions. Article 9 has been in effect in Pennsylvania since 1953 when our Commonwealth became the first state to enact the UCC.
The proposed amendments were jointly recommended to the states by the American Law Institute (ALI) and the Uniform Law Commission (ULC) in 2010. Each time the Official Text has been revised, Pennsylvania has enacted the recommended updates. To date, 29 states have enacted the 2010 revisions to UCC Article 9. These amendments have a uniform effective date of July 1, 2013, so time is of the essence.
The amendments provide for better guidance as to the name of a debtor to be provided on a financing statement. For business entities and other registered organizations (including business trusts), the bill clarifies that the proper name for perfection purposes is the name filed with the state and provided on the organization’s charter or other constitutive documents. For individual debtors, the bill requires a filer to use the version of the debtor’s name on the debtor’s most recently issued and unexpired driver’s license, or non-driver’s license identification card issued by the Bureau of Motor Vehicles. If the debtor does not have a driver’s license, the filer must use either the individual’s name or the individual’s surname and first personal name. For non-business trusts, the bill requires financing statements to be filed using the name of the trust, or the name of the settler of testator and sufficient information to distinguish the trust from other trusts created by the same person.
The legislation also provides for:
Introduced as SB381