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AL HB12
Bill
Status
1/14/2014
Primary Sponsor
Mike Jones
Click for details
AI Summary
HB12 Summary
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Amends Alabama's adoption of Article 9 (Uniform Commercial Code-Secured Transactions) to incorporate updates to the UCC, effective July 1, 2014.
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Provides greater guidance on debtor naming requirements for financing statements, including specific rules for registered organizations (use state-filed name), individuals with valid driver's licenses (use name on license), and other individuals (use surname and first personal name).
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Expands secured party protections for after-acquired property when debtors relocate to other states or merge with other entities through extended perfection periods and clearer priority rules.
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Establishes safe harbor provisions for electronic chattel paper transfers in conformance with the Uniform Electronic Transaction Act and modernizes financing statement requirements.
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Includes comprehensive transitional provisions (Sections 7-9A-801 through 7-9A-809) governing the treatment of security interests and financing statements filed before the July 1, 2014 effective date.
Legislative Description
Secured Transactions, Uniform Commercial Code, Secs. 7-9A-102, 7-9A-105, 7-9A-307, 7-9A-311, 7-9A-316, 7-9A-317, 7-9A-326, 7-9A-406, 7-9A-408, 7-9A-502, 7-9A-503, 7-9A-507, 7-9A-515, 7-9A-516, 7-9A-518, 7-9A-521, 7-9A-607 am'd; Secs. 7-9A-801 to 7-9A-809, inclusive, added
Uniform Commercial Code
Last Action
Read for the first time and referred to the House of Representatives committee on Judiciary
1/14/2014