Senate Bill 1039 Summary

• Amends Arizona's Uniform Commercial Code Article 9 governing secured transactions to align with the 2010 amendments to the Uniform Commercial Code

• Updates the definition of "public organic record" and modifies rules for identifying debtors in financing statements, including special provisions for individuals with driver licenses, trusts, and decedents' estates

• Revises provisions on control of electronic chattel paper, location of debtors, perfection of security interests, and continuation of security interests following changes in governing law

• Establishes uniform written forms for financing statements and amendments that filing offices must accept

• Creates Article 8 (2013 Transition) establishing an effective date of September 1, 2013, with transition provisions protecting security interests perfected before the amendments take effect