Senate Bill 341 Summary

• Amends Indiana's Uniform Commercial Code (IC 26-1-9.1) regarding secured transactions to conform to National Conference of Commissioners on Uniform State Laws recommendations, effective July 1, 2013.

• Clarifies debtor name requirements on financing statements for individuals (surname and first personal name), corporations, limited liability companies, limited partnerships, trusts, and decedent's estates.

• Expands perfection rules for secured parties with security interests in after-acquired property when debtors relocate to other states or merge with other entities, providing up to four months of continued perfection under certain conditions.

• Updates electronic chattel paper control standards and eliminates certain information requirements previously mandated on financing statements (such as type of organization, jurisdiction of organization, and organizational identification numbers).

• Repeals the statute containing UCC financing statement and amendment forms, while establishing new form requirements and renaming "correction statements" to "information statements."