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State Legislatures Consider UCC Article 9 Amendments
In early 2009 we reported about the formation by the Uniform Law Commission (also known as the National Conference of Commissions on Uniform State Laws) and the American Law Institute of a drafting committee to consider the first comprehensive set of changes to Article 9 of the Uniform Commercial Code since the amendments approved in July 1998 (which generally became effective in 2001). See LJN's Equipment Leasing Newsletter, March and April 2009. That proposed package of changes was finalized in July 2010, and in January of this year formally presented to the states for consideration and adoption. Given that approximately six months have elapsed since the launch of the legislative approval process for the 2010 amendments, we thought it an opportune time to review the progress of adoption of these amendments.
Introduction
The 1998 revisions were, in effect, a substantial overhaul of Article 9 and, accordingly, much more comprehensive than the 2010 revisions (66 new sections were added pursuant to the 1998 amendments, as compared with approximately 10 new sections in the 2010 amendments, and the entire article was reorganized). Since the 1998 revisions were so significant, they also presented worrisome conflict of laws issues were they not to be uniformly adopted by the proposed effective date. To address that concern, the drafters incorporated a delayed effective date of July 1, 2001, three years after finalization of the amendments. Nevertheless, although the sponsors were hopeful of nationwide effectiveness by the 2001 target date and allowed what they believed to be a sufficiently lengthy period of time for adoption by the states, four states still had not adopted the 1998 revisions by the 2001 effective date. (Alabama, Connecticut, Florida and Mississippi were the last holdouts. Revised Article 9 became effective in Connecticut on Oct. 1, 2001, and in Alabama, Florida and Mississippi on Jan. 1, 2002.) It took until January 2002 for the 1998 revisions to be effective in all 50 states plus the District of Columbia.
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