From the Archives: July 2013

2013 Uniform Commercial Code Changes 

Uniform Commercial Code Article 9 governs any transaction (other than a finance lease) that couples a debit with a creditor’s interest in a debtor’s personal property. The debtor can be an individual or any business entity, ranging from a registered corporation to a single proprietorship.

Article 9 was substantially revised in 1998. Since the adoption of those revisions, there have been court case decisions dealing with the question of what name needs to be provided on a financing statement for an individual debtor. The 2010 amendments, which have an effective date of July 1, provide increased certainty that the debtor name on the financing statement is the correct name for purposes of UCC Article 9. The 2010 amendments also deal with perfection issues arising on after-acquired property when a debtor moves to a new jurisdiction, along with technical revisions. The revised Michigan UCC Article 9 can be found here.

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