HB 555 Summary

• Updates Alabama's Uniform Commercial Code Article 9 (Secured Transactions) to align with 2010 national amendments, effective July 1, 2013.

• Clarifies proper debtor naming requirements on financing statements: for business entities, the name filed with the state; for individuals, the driver's license name, actual name, or surname and first personal name.

• Extends security interest protection for after-acquired property when debtors relocate to another state or merge with other entities, providing grace periods for re-perfection.

• Modifies financing statement requirements and effectiveness periods, including changes to how names must be provided and when continuation statements are necessary.

• Includes transitional provisions (Part 8) governing how pre-July 1, 2013 financing statements remain effective and can be amended under the new rules.