SB 308 Summary

• Amends Alabama's Uniform Commercial Code Article 9 (Secured Transactions) to incorporate 2012 updates to the UCC regarding security interests in personal property and fixtures.

• Clarifies requirements for debtor names on financing statements: for registered organizations, uses the state-filed name; for individuals, allows use of driver's license name, actual name, or surname and first personal name.

• Provides greater protection for secured parties with security interests in after-acquired property when debtors relocate to another state or merge with another entity.

• Establishes a safe harbor for transfers of chattel paper in compliance with the Uniform Electronic Transaction Act and updates information requirements for financing statements.

• Adds transitional provisions (Part 8, Sections 7-9A-801 through 7-9A-809) to govern the application of amendments to pre-existing security interests and financing statements, effective July 1, 2013.