2012 -- S 2607 SUBSTITUTE A

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LC01893/SUB A/2

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

____________

A N A C T

RELATING TO THE UNIFORM COMMERCIAL CODE - SECURED TRANSACTIONS

     Introduced By: Senator Joshua Miller

     Date Introduced: March 01, 2012

     Referred To: Senate Corporations

It is enacted by the General Assembly as follows:

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     SECTION 1. Sections 6A-9-503, 6A-9-518 and 6A-9-805 of the General Laws in

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Chapter 6A-9 entitled "Secured Transactions" are hereby amended to read as follows:

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     6A-9-503. Name of debtor and secured party. [Effective July 1, 2013.] -- (a)

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Sufficiency of debtor's name. - A financing statement sufficiently provides the name of the

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debtor:

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      (1) Except as otherwise provided in subdivision (3), if the debtor is a registered

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organization or the collateral is held in a trust that is a registered organization, and only if the

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financing statement provides the name that is stated to be the registered organization's name on

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the public organic record most recently filed with or issued or enacted by the registered

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organization's jurisdiction of organization which purports to state, amend, or restate the registered

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organization's name;

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      (2) Subject to subsection (f) if, the collateral is being administered by the personal

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representative of a decedent, only if the financing statement provides, as the name of the debtor,

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the name of the decedent and, in a separate part of the financing statement, indicates that the

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collateral is being administered by a personal representative;

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      (3) If the collateral is held in a trust that is not a registered organization, only if the

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financing statement:

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      (i) Provides, as the name of the debtor:

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      (A) If the organic record of the trust specifies a name for the trust, the name specified; or

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      (B) If the organic record of the trust does not specify a name for the trust, the name of

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the settler or testator; and

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      (ii) In a separate part of the financing statement:

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      (A) If the name is provided in accordance with subparagraph (i)(A), indicates that the

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collateral is held in a trust; or

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      (B) If the name is provided in accordance with subparagraph (ii)(A), provides additional

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information sufficient to distinguish the trust from other trusts having one or more the same

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settlors or the same testator and indicates that the collateral is held in a trust, unless the additional

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information so indicates;

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      (4) Subject to subsection (g), if the debtor is an individual to whom this state has issued a

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driver's license, or in lieu of such a driver's license a personal identification card issued by the

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same office of this state that issues driver's licenses, that has not expired, only if the financing

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statement provides the name of the individual which is indicated on the driver's license or

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personal identification card;

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      (5) If the debtor is an individual to whom paragraph (4) does not apply, only if the

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financing statement provides the individual name of the debtor or the surname and first personal

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name of the debtor; and

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      (6) In other cases:

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      (i) If the debtor has a name, only if the financing statement provides the organizational

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name of the debtor; and

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      (ii) If the debtor does not have a name, only if it provides the names of the partners,

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members, associates, or other persons comprising the debtor, in a manner that each name

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provided would be sufficient if the person named were the debtor.

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      (b) Additional debtor-related information. - A financing statement that provides the

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name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence

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of:

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      (1) A trade name or other name of the debtor; or

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      (2) Unless required under subsection (a)(6)(ii), names of partners, members, associates,

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or other persons comprising the debtor.

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      (c) Debtor's trade name insufficient. - A financing statement that provides only the

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debtor's trade name does not sufficiently provide the name of the debtor.

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      (d) Representative capacity. - Failure to indicate the representative capacity of a secured

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party or representative of a secured party does not affect the sufficiency of a financing statement.

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      (e) Multiple debtors and secured parties. - A financing statement may provide the name

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of more than one debtor and the name of more than one secured party.

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      (f) Name of decedent. - The name of the decedent indicated on the order appointing the

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personal representative of the decedent issued by the court having jurisdiction over the collateral

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is sufficient as the "name of the decedent" under subdivision (a)(2).

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      (g) Multiple drivers' licenses. - If this state has issued to an individual more than one

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driver's license or personal identification card of a kind described in paragraph (a)(4), the one that

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was issued most recently is the one to which paragraph (a)(4) refers.

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      (h) Definition. - In this section, the "name of the settlor or testator" means:

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      (1) If the settlor is a registered organization, the name that is stated to be the settlor's

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name on the public organic record most recently filed with or issued or enacted by the settlor's

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jurisdiction of organization which purports to state, amend, or restate the settlor's name; or

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      (2) In other cases, the name of the settlor or testator indicated in the trust's organic

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record.

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     6A-9-518. Claim concerning inaccurate or wrongfully filed record. [Effective July 1,

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2013.] -- (a) Statement with respect to record indexed under person's name. - A person may file in

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the filing office an information statement with respect to a record indexed there under the person's

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name if the person believes that the record is inaccurate or was wrongfully filed.

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      (b) Contents of statement under subsection (a). - An information statement under

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subsection (a) must:

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      (1) Identify the record to which it relates by the file number assigned to the initial

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financing statement to which the record relates; and

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      (2) Indicate that it is an information statement; and

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     (b) Sufficiency of contents of statement under subsection (a). An information statement

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under subsection (a) must:

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     (1) Identify the record to which it relates by:

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     (i) The file number assigned to the initial financing statement to which the record relates;

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and

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     (ii) If the correction information statement relates to a record filed or recorded in a filing

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office described in subdivision 6A-9-501(a)(1), the information specified in section 6A-9-502(b);

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and: (A) The date and time that the initial financing statement was filed; or (B) The book and

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page references of the filing;

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     (2) Indicate that it is an information statement; and

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      (3) Provide the basis for the person's belief that the record is inaccurate and indicate the

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manner in which the person believes the record should be amended to cure any inaccuracy or

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provide the basis for the person's belief that the record was wrongfully filed.

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      (c) Statement by secured party of record. - A person may file in the filing office an

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information statement with respect to a record filed there if the person is a secured party of record

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with respect to the financing statement to which the record relates and believes that the person

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that filed the record was not entitled to do so under subsection 6A-9-509(d).

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      (d) Contents of statement under subsection (c). - An information statement under

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subsection (c) must:

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      (1) Identify the record to which it relates by:

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      (i) The file number assigned to the initial financing statement to which the record relates;

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and

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      (ii) If the information statement relates to a record filed or recorded in a filing office

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described in subdivision 6A-9-501(a)(1), the information specified in section 6A-9-502(b); and:

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(A) The the date and time that the initial financing statement was filed and the information

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specified in subsection 6A-9-502(b); or (B) The book and page references of the filing;

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      (2) Indicate that it is an information statement; and

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      (3) Provide the basis for the person's belief that the person who filed the record was not

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entitled to do so under subsection 6A-9-509(d).

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      (e) Record not affected by information statement. - The filing of an information

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statement does not affect the effectiveness of an initial financing statement or other filed record.

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     6A-9-521. Uniform form of written financing statement and amendment. [Effective

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July 1, 2013.] – (a) Initial financing statement form. A filing office that accepts written records

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may not refuse to accept a written initial financing statement in the following form and format

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except for a reason set forth in section 6A-9-516(b).

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     UCC FINANCING STATEMENT

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     FOLLOW INSTRUCTIONS

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     A. NAME & PHONE OF CONTACT AT FILER (optional)

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     __________________________________________________

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     B. E-MAIL CONTACT AT FILER (optional)

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     __________________________________________________

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     C. SEND ACKNOWLEDGMENT TO: (Name and Address)

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     __________________________________________________

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     __________________________________________________

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     __________________________________________________

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     THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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     1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not

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omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s

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name will not fit in line 1b, leave all of item 1 blank, check here ( and provide the Individual

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Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad)

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     1a. ORGANIZATION'S NAME_________________________________________________

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     or

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     1b. INDIVIDUAL'S SURNAME _________________________________________________

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     FIRST PERSONAL NAME_____________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     1c. MAILING ADDRESS_______________________________________________________

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     CITY_____________________ STATE_____ POSTAL CODE_______ COUNTRY________

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     2. DEBTOR’S NAME: Provide only one Debtor name (1a 2a or 1b 2b) (use exact, full name; do

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not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual

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Debtor’s name will not fit in line 1b 2b, leave all of item 1 2 blank, check here ( and provide the

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Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad)

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     2a. ORGANIZATION'S NAME_________________________________________________

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     or

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     2b. INDIVIDUAL'S SURNAME _________________________________________________

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     FIRST PERSONAL NAME_____________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     2c. MAILING ADDRESS_______________________________________________________

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     CITY_____________________ STATE_____ POSTAL CODE_______ COUNTRY________

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     3. SECURED PARTY’S NAME: (or NAME of ASSIGNEE of ASSIGNOR SECURED

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PARTY): Provide only one Secured Party name (3a or 3b)

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     3a. ORGANIZATION'S NAME_________________________________________________

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     or

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     3b. INDIVIDUAL'S SURNAME _________________________________________________

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     FIRST PERSONAL NAME_____________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     3c. MAILING ADDRESS_______________________________________________________

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     CITY_____________________ STATE_____ POSTAL CODE_______ COUNTRY________

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     4. COLLATERAL: The financing statement covers the following collateral:

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     5. Check only if applicable and check only one box: Collateral is ( held in a Trust (see UCC1Ad,

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item 17 and Instructions) ( being administered by a Decedent’s Personal Representative

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     6a. Check only if applicable and check only one box:

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     ( Public-Finance Transaction ( Manufactured-Home Transaction ( A Debtor is a

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Transmitting Utility

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     6b. Check only if applicable and check only one box:

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     ( Agricultural Lien (Non-UCC Filing

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     7. ALTERNATIVE DESIGNATION (if applicable): ( Lessee/Lessor ( Consignee/Consignor

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( Seller/Buyer ( Bailee/Bailor ( Licensee/Licensor

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     8. OPTIONAL FILER REFERENCE DATA:

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     _____________________________________________________________________________

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     UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11)

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     UCC FINANCING STATEMENT ADDENDUM

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     FOLLOW INSTRUCTIONS

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     9. NAME OF FIRST DEBTOR: Same as 1a or 1b on Financing Statement; if line 1b was left

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blank because Individual Debtor name did not fit, check here (

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     9a. ORGANIZATION'S NAME____________________________________________________

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     or

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     9b. INDIVIDUAL'S SURNAME ___________________________________________________

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     FIRST PERSONAL NAME_______________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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     10. DEBTOR’S NAME: Provide (10a or 10b) only one additional Debtor name or Debtor name

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that did not fit in line 1b or 2b of the Financing Statement (Form UCC1) (use exact, full name; do

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not omit, modify, or abbreviate any part of the Debtor’s name) and enter the mailing address in

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line 10 c.

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     10a. ORGANIZATION'S NAME___________________________________________________

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     or

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     10b. INDIVIDUAL'S SURNAME ________________________________________________

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     INDIVIDUAL’S FIRST PERSONAL NAME________________________________________

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     INDIVIDUAL’S ADDITIONAL NAME(S)/INITIAL(S)________________________________

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     SUFFIX__________

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     10c. MAILING ADDRESS__________________________________________________

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     CITY____________________ STATE_____ POSTAL CODE______ COUNTRY_____

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     11. ( ADDITIONAL SECURED PARTY’S NAME or ( ASSIGNOR SECURED PARTY’S

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NAME: Provide only one name (11a or 11b).

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     11a. ORGANIZATION'S NAME___________________________________________________

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     or

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     11b. INDIVIDUAL'S SURNAME ________________________________________________

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     FIRST PERSONAL NAME________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)________________________________

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     SUFFIX__________

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     11c. MAILING ADDRESS__________________________________________________

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     CITY____________________ STATE_____ POSTAL CODE______ COUNTRY_____

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     12. ADDITIONAL SPACE FOR ITEM 14 4 (Collateral):

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     13. ( This FINANCING STATEMENT is to be filed [for record] (or recorded) in the REAL

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ESTATE RECORDS (if applicable).

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     14. ( This FINANCING STATEMENT: ( covers timber to be cut ( covers as-extracted

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collateral ( is filed as a fixture filing

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     15. Name and address of a RECORD OWNER of real estate described in item 16 (if Debtor does

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not have a record interest):

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     16. Description of real estate:

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     17. MISCELLANEOUS:

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     ___________________________________________________________________________

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     ___________________________________________________________________________

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     UCC FINANCING STATEMENT ADDENDUM (Form UCC1Ad) (Rev. 04/20/11)

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     (b) Amendment form. A filing office that accepts written records may not refuse to

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accept a written record in the following form and format except for a reason set forth in section

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6A-9-516(b).

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     UCC FINANCING STATEMENT AMENDMENT

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     FOLLOW INSTRUCTIONS

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     A. NAME & PHONE OF CONTACT AT FILER (optional)

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     __________________________________________________

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     B. E-MAIL CONTACT AT FILER (optional)

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     __________________________________________________

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     C. SEND ACKNOWLEDGMENT TO: (Name and Address)

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     __________________________________________________

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     __________________________________________________

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     __________________________________________________

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     THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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     1a. INITIAL FINANCING STATEMENT FILE NUMBER ______________________________

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     1b. ( This FINANCING STATEMENT AMENDMENT is to be filed [for record] (or recorded)

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     in the REAL ESTATE RECORDS.

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     Filer: attach Amendment Addendum (Form UCC3Ad) and provide Debtor’s name in item 13.

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     2. ( TERMINATION: Effectiveness of the Financing Statement identified above is terminated

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with respect to the security interest(s) of Secured Party authorizing this Termination Statement.

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     3. ( ASSIGNMENT (full or partial): Provide name of Assignee in item 7a or 7b, and address of

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Assignee in item 7c and name of Assignor in item 9. For partial assignment, complete items 7 and

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9 and also indicate affected collateral in item 8.

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     4. ( CONTINUATION: Effectiveness of the Financing Statement identified above with respect

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to security interest(s) of Secured Party authorizing this Continuation Statement is continued for

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the additional period provided by applicable law.

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     5. ( PARTY INFORMATION CHANGE:

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     Check one of these two boxes:

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     This Change affects ( Debtor or ( Secured Party of record.

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     AND check one of these three boxes to:

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     ( CHANGE name and/or address: Complete item 6a or 6b; and item 7a or 7b and item 7c.

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     ( ADD name: Complete item 7a or 7b, and item 7c.

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     ( DELETE name: Give record name to be deleted in item 6a or 6b.

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     6. CURRENT RECORD INFORMATION: Complete for Party Information Change – provide

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only one name (6a or 6b)

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     6a. ORGANIZATION'S NAME_____________________________________________

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     or

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     6b. INDIVIDUAL'S SURNAME __________________________________________

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     FIRST PERSONAL NAME________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________

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     SUFFIX__________

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     7. CHANGED OR ADDED INFORMATION: Complete for Assignment or Party Information

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Change – provide only one name (7a or 7b) (use exact, full name; do not omit, modify, or

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abbreviate any part of the Debtor’s name)

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     7a. ORGANIZATION'S NAME_____________________________________________

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     or

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     7b. INDIVIDUAL'S SURNAME ____________________________________________

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     INDIVIDUAL’S FIRST PERSONAL NAME__________________________________

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     INDIVIDUAL’S ADDITIONAL NAME(S)/INITIAL(S)_________________________

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     SUFFIX__________

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     7c. MAILING ADDRESS__________________________________________________

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     CITY____________________ STATE_____ POSTAL CODE______ COUNTRY_____

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     8. ( COLLATERAL CHANGE: Also check one of these four boxes:

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     ( ADD collateral ( DELETE collateral ( RESTATE covered collateral ( ASSIGNED

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ASSIGN collateral.

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     Indicate collateral:

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     ______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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     9. NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT:

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Provide only one name (9a or 9b) (name of Assignor, if this is an Assignment). If this is an

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Amendment authorized by a DEBTOR, check here ( and provide name of authorizing

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DEBTOR.

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     9a. ORGANIZATION'S NAME____________________________________________________

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     or

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     9b. INDIVIDUAL'S SURNAME ___________________________________________________

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     FIRST PERSONAL NAME_______________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     10. OPTIONAL FILER REFERENCE DATA:

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     ______________________________________________________________________________

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     UCC FINANCING STATEMENT AMENDMENT (Form UCC3) (Rev. 04/20/11)

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     UCC FINANCING STATEMENT AMENDMENT ADDENDUM

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     FOLLOW INSTRUCTIONS

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     11. INITIAL FINANCING STATEMENT FILE NUMBER: Same as item 1a on Amendment

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form ______________________________

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     12. NAME OF PARTY AUTHORIZING THIS AMENDMENT: Same as item 9 on Amendment

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form

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     12a. ORGANIZATION'S NAME_________________________________________________

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     or

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     12b. INDIVIDUAL'S SURNAME __________________________________________________

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     FIRST PERSONAL NAME_______________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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     13. Name of DEBTOR on related financing statement (Name of a current Debtor of record

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required for indexing purposes only in some filing offices – see Instruction form item 13):

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Provide only one Debtor name (13a or 13b) (use exact, full name; do not omit, modify, or

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abbreviate any part of the Debtor’s name); see Instructions if name does not fit. 12a.

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     13a. ORGANIZATION'S NAME_________________________________________________

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     or

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     13b. INDIVIDUAL'S SURNAME __________________________________________________

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     FIRST PERSONAL NAME_______________________________________________________

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     ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

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     SUFFIX__________

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     14. ADDITIONAL SPACE FOR ITEM 8 (Collateral):

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     ______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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     15. This FINANCING STATEMENT AMENDMENT:

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     ( covers timber to be cut ( covers as-extracted collateral ( is filed as a fixture filing

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     16. Name and address of a RECORD OWNER of real estate described in item 17 (if Debtor does

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not have a record interest):

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     ______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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     17. Description of real estate:

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     ______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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______________________________________________________________________________

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     18. MISCELLANEOUS:

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     ______________________________________________________________________________

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______________________________________________________________________________

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     UCC FINANCING STATEMENT AMENDMENT ADDENDUM

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     (Form UCC 3Ad) (Rev. 04/20/11)

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     6A-9-805. Effectiveness of action taken before effective date. [Effective July 1, 2013.]

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-- (a) Pre-effective-date filing effective. - The filing of a financing statement before the

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amendatory act takes effect is effective to perfect a security interest to the extent the filing would

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satisfy the applicable requirements for perfection under this chapter as amended by the

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amendatory act.

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      (b) When pre-effective-date filing becomes ineffective. - The amendatory act does not

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render ineffective an effective financing statement that, before the amendatory act takes effect, is

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filed and satisfies the applicable requirements for perfection under the law of the jurisdiction

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governing perfection as provided in this chapter as it existed before the amendatory act took

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effect. However, except as otherwise provided in subsections (c) and (d) and section 6A-9-806,

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the financing statement ceases to be effective:

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      (1) If the financing statement is filed in this state, at the time the financing statement

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would have ceased to be effective had the amendatory act not taken effect; or

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      (2) If the financing statement is filed in another jurisdiction, at the earlier of:

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      (i) The time the financing statement would have ceased to be effective under the law of

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that jurisdiction; or

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      (ii) June 30, 2018.

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      (c) Continuation statement. - The filing of a continuation statement after the amendatory

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act takes effect does not continue the effectiveness of a financing statement filed before the

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amendatory act takes effect. However, upon the timely filing of a continuation statement after the

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amendatory act takes effect and in accordance with the law of the jurisdiction governing

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perfection as provided in this chapter as amended by the amendatory act, the effectiveness of a

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financing statement filed in the same office in that jurisdiction before the amendatory act takes

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effect continues for the period provided by the law of that jurisdiction.

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      (d) Application of subparagraph 6A-9-804(b)(2)(B) to transmitting utility financing

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statement. Application of subparagraph (b)(2)(ii) to transmitting utility financing statement -

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Subparagraph 6A-9-804(b)(2)(B) Subparagraph (b)(2)(ii) applies to a financing statement that,

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before the amendatory act takes effect, is filed against a transmitting utility and satisfies the

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applicable requirements for perfection under the law of the jurisdiction governing perfection as

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provided in this chapter as it existed before the amendatory act took effect, only to the extent that

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this chapter as amended by the amendatory act provides that the law of a jurisdiction other than

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the jurisdiction in which the financing statement is filed governs perfection of a security interest

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in collateral covered by the financing statement.

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      (e) Application of Part 5. - A financing statement that includes a financing statement

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filed before the amendatory act takes effect and a continuation statement filed after the

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amendatory act takes effect is effective only to the extent that it satisfies the requirements of Part

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5 of this chapter as amended by the amendatory act for an initial financing statement. A financing

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statement that indicates that the debtor is a decedent's estate indicates that the collateral is being

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administered by a personal representative within the meaning of subdivision 6A-9-503(a)(2) as

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amended by the amendatory act. A financing statement that indicates that the debtor is a trust or is

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a trustee acting with respect to property held in trust indicates that the collateral is held in a trust

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within the meaning of subdivision 6A-9-503(a)(3) as amended by the amendatory act.

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     SECTION 2. This act shall take effect on July 1, 2013.

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LC01893/SUB A/2

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO THE UNIFORM COMMERCIAL CODE - SECURED TRANSACTIONS

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     This act would make certain amendments to the uniform commercial code to conform to

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the model act.

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     This act would take effect on July 1, 2013.

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LC01893/SUB A/2

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