HB284 Summary

• Amends Alabama's Uniform Commercial Code Article 9 (Secured Transactions) to incorporate changes to the UCC, effective July 1, 2013.

• Updates debtor name requirements on financing statements: for individuals, allows use of driver's license name, actual name, or surname and first personal name; for registered organizations, requires the name stated on public organic records filed with the state.

• Provides greater protection for secured parties with after-acquired property interests when debtors relocate to another state or merge with other entities through revised transition rules.

• Clarifies treatment of electronic chattel paper, certificate of title requirements, and financing statement sufficiency standards; establishes safe harbor for chattel paper transfers conforming to the Uniform Electronic Transaction Act.

• Includes transition provisions (Sections 7-9A-801 through 7-9A-809) governing continuation of pre-effective date security interests and financing statements, with compliance deadlines through July 1, 2014.