Chapter 12-195

Chapter 195

2012 -- S 2607 SUBSTITUTE A

Enacted 06/11/12

A N A C T

RELATING TO THE UNIFORM COMMERCIAL CODE - SECURED TRANSACTIONS

Introduced By: Senator Joshua Miller

Date Introduced: March 01, 2012

It is enacted by the General Assembly as follows:

SECTION 1. Sections 6A-9-503, 6A-9-518, 6A-9-521 and 6A-9-805 of the General

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

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

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

debtor:

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

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

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

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

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

organization's name;

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

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

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

collateral is being administered by a personal representative;

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

financing statement:

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

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

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

the settler or testator; and

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

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

collateral is held in a trust; or

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

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

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

information so indicates;

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

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

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

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

personal identification card;

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

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

name of the debtor; and

(6) In other cases:

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

name of the debtor; and

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

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

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

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

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

of:

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

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

or other persons comprising the debtor.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

record.

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

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

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

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

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

~~subsection~~ ~~(a) must:~~

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

~~financing~~ ~~statement to which the record relates; and~~

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

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

under subsection (a) must:

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

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

and

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

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

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

page references of the filing;

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

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

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

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

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

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

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

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

subsection (c) must:

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

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

and

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

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

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

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

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

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

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

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

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

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

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

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

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

UCC FINANCING STATEMENT

FOLLOW INSTRUCTIONS

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

__________________________________________________

B. E-MAIL CONTACT AT FILER (optional)

__________________________________________________

C. SEND ACKNOWLEDGMENT TO: (Name and Address)

__________________________________________________

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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

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

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

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

1a. ORGANIZATION'S NAME_________________________________________________

1b. INDIVIDUAL'S SURNAME _________________________________________________

FIRST PERSONAL NAME_____________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

1c. MAILING ADDRESS_______________________________________________________

CITY_____________________ STATE_____ POSTAL CODE_______ COUNTRY________

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

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

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

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

2a. ORGANIZATION'S NAME_________________________________________________

2b. INDIVIDUAL'S SURNAME _________________________________________________

FIRST PERSONAL NAME_____________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

2c. MAILING ADDRESS_______________________________________________________

CITY_____________________ STATE_____ POSTAL CODE_______ COUNTRY________

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

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

3a. ORGANIZATION'S NAME_________________________________________________

3b. INDIVIDUAL'S SURNAME _________________________________________________

FIRST PERSONAL NAME_____________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

3c. MAILING ADDRESS_______________________________________________________

CITY_____________________ STATE_____ POSTAL CODE_______ COUNTRY________

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

___________________________________________________________________________

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

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

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

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

Transmitting Utility

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

( ) Agricultural Lien ( ) Non-UCC Filing

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

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

8. OPTIONAL FILER REFERENCE DATA:

_____________________________________________________________________________

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

UCC FINANCING STATEMENT ADDENDUM

FOLLOW INSTRUCTIONS

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

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

9a. ORGANIZATION'S NAME____________________________________________________

9b. INDIVIDUAL'S SURNAME ___________________________________________________

FIRST PERSONAL NAME_______________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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

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

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

line 10 c

10a. ORGANIZATION'S NAME___________________________________________________

10b. INDIVIDUAL'S SURNAME ________________________________________________

INDIVIDUAL’S FIRST PERSONAL NAME________________________________________

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

SUFFIX__________

10c. MAILING ADDRESS__________________________________________________

CITY____________________ STATE_____ POSTAL CODE______ COUNTRY_____

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

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

11a. ORGANIZATION'S NAME___________________________________________________

11b. INDIVIDUAL'S SURNAME ________________________________________________

FIRST PERSONAL NAME________________________________________

ADDITIONAL NAME(S)/INITIAL(S)________________________________

SUFFIX__________

11c. MAILING ADDRESS__________________________________________________

CITY____________________ STATE_____ POSTAL CODE______ COUNTRY_____

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

___________________________________________________________________________

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

ESTATE RECORDS (if applicable).

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

collateral ( ) is filed as a fixture filing

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

not have a record interest):

___________________________________________________________________________

16. Description of real estate:

___________________________________________________________________________

17. MISCELLANEOUS:

___________________________________________________________________________

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

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

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

6A-9-516(b).

UCC FINANCING STATEMENT AMENDMENT

FOLLOW INSTRUCTIONS

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

__________________________________________________

B. E-MAIL CONTACT AT FILER (optional)

__________________________________________________

C. SEND ACKNOWLEDGMENT TO: (Name and Address)

__________________________________________________

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

1a. INITIAL FINANCING STATEMENT FILE NUMBER ______________________________

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

in the REAL ESTATE RECORDS.

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

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

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

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

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

items 7 and 9 and also indicate affected collateral in item 8.

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

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

the additional period provided by applicable law.

5. ( ) PARTY INFORMATION CHANGE:

Check one of these two boxes:

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

AND check one of these three boxes to:

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

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

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

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

only one name (6a or 6b)

6a. ORGANIZATION'S NAME_____________________________________________

6b. INDIVIDUAL'S SURNAME __________________________________________

FIRST PERSONAL NAME________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________

SUFFIX__________

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

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

abbreviate any part of the Debtor’s name)

7a. ORGANIZATION'S NAME_____________________________________________

7b. INDIVIDUAL'S SURNAME ____________________________________________

INDIVIDUAL’S FIRST PERSONAL NAME__________________________________

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

SUFFIX__________

7c. MAILING ADDRESS__________________________________________________

CITY____________________ STATE_____ POSTAL CODE______ COUNTRY_____

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

( ) ADD collateral ( ) DELETE collateral ( ) RESTATE covered collateral ( ) ~~ASSIGNED~~

ASSIGN collateral.

Indicate collateral:

______________________________________________________________________________

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

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

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

DEBTOR.

9a. ORGANIZATION'S NAME____________________________________________________

9b. INDIVIDUAL'S SURNAME ___________________________________________________

FIRST PERSONAL NAME_______________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

10. OPTIONAL FILER REFERENCE DATA:

______________________________________________________________________________

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

UCC FINANCING STATEMENT AMENDMENT ADDENDUM

FOLLOW INSTRUCTIONS

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

form ______________________________

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

Form

12a. ORGANIZATION'S NAME_________________________________________________

12b. INDIVIDUAL'S SURNAME __________________________________________________

FIRST PERSONAL NAME_______________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

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

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

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

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

13a. ORGANIZATION'S NAME_________________________________________________

13b. INDIVIDUAL'S SURNAME __________________________________________________

FIRST PERSONAL NAME_______________________________________________________

ADDITIONAL NAME(S)/INITIAL(S)______________________________________________

SUFFIX__________

14. ADDITIONAL SPACE FOR ITEM 8 (Collateral):

______________________________________________________________________________

15. This FINANCING STATEMENT AMENDMENT:

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

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

not have a record interest):

______________________________________________________________________________

17. Description of real estate:

______________________________________________________________________________

18. MISCELLANEOUS:

______________________________________________________________________________

UCC FINANCING STATEMENT AMENDMENT ADDENDUM

(Form UCC 3Ad) (Rev. 04/20/11)

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

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

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

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

amendatory act.

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

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

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

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

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

the financing statement ceases to be effective:

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

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

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

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

that jurisdiction; or

(ii) June 30, 2018.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

in collateral covered by the financing statement.

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

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

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

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

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

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

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

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

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

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

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LC01893/SUB A/2

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