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First Modifications Since 2001 Considered for UCC Article 9

By Alan M. Christenfeld and Shephard W. Melzer

Part One of a Two-Part Article

I Love You, You're Perfect, Now Change” is the name of a long-running off-Broadway musical. It also describes what may be on the horizon for Article 9 of the Uniform Commercial Code, which was last revised in 2001. The experiences and case law since then, as well as an increase in non-uniform provisions, prompted the UCC's permanent editorial board to establish an Article 9 Review Committee that highlighted issues of concern in a June 2008 report (see, Article 9 Review Committee, Statutory Modification Issues List (June 24, 2008), http://extranet.ali.org/directory/files/UCC9_IssuesList.pdf). Notably, Nebraska, Tennessee and Texas recently enacted legislation with significant non-uniform amendments to Article 9's debtor name provisions. Several other states have either proposed or already enacted other non-uniform amendments that would impair Article 9's uniformity.

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