In the first regular session of 2011, the Indiana General Assembly made certain amendments to Article 9 of the Uniform Commercial Code (“UCC”), as enacted in Indiana under Ind. Code § 26-1-9.1-105 et seq. (all subsequent references to “§” numbers refer to the Indiana Code). These changes, which will take effect on July 1, 2013, were recommended to states generally by the Uniform Law Commission and the American Law Institute in the summer of 2010. Though the full text document reflecting the changes to Indiana law is available free of charge from the State of Indiana’s website, and we have provided a chart tracking each of the changes made, this article serves as a summary analysis of the changes to the UCC that will likely have the most wide-ranging impact on Indiana businesses.
By way of a brief preamble, Article 9 of the UCC addresses the law relating to the creation, perfection, and modification of security interests in collateral, as well as numerous other issues relating thereto. Although there were over sixty individual changes to the UCC as result of the 2011 Amendments, the most significant changes relate to the following areas: (i) definitional changes, including what it means to be a registered organization for purposes of the UCC; (ii) changes to how a debtor’s ‘name’ must be stated on a financing statement; and (iii), amendments relating to the way a debtor’s change in location is addressed.
Joseph Mulvey, Owner and Attorney.