{"id":31552,"date":"2008-03-26T16:35:41","date_gmt":"2008-03-26T21:35:41","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/uncategorized\/revised-ucc-article-9-on-its-way.html"},"modified":"2008-03-26T16:35:41","modified_gmt":"2008-03-26T21:35:41","slug":"revised-ucc-article-9-on-its-way","status":"publish","type":"corporate","link":"https:\/\/corporate.findlaw.com\/business-operations\/revised-ucc-article-9-on-its-way.html","title":{"rendered":"Revised UCC Article 9 On Its Way"},"content":{"rendered":"<section class=\"fl-gutenberg-byline\">\n    <div class=\"fl-gutenberg-byline-content\">\n                    <p><em>This article was edited and reviewed by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\" rel=\"noopener\">FindLaw Attorney Writers<\/a><\/em><\/p>\n\n                | Last reviewed\n        <time>\n                            May 07, 2026\n                    <\/time>\n    <\/div>\n\n    \n    <div class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-legally-reviewed\">\n        <h2>\n            <button tabindex=\"0\" aria-expanded=\"false\">\n                <i class=\"fl-gutenberg-byline-icon\"><\/i>\n                Legally Reviewed\n            <\/button>\n        <\/h2>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>This article has been written and reviewed for legal accuracy, clarity, and style by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\" rel=\"noopener\">FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with <a href=\"https:\/\/www.findlaw.com\/company\/company-history\/editorial-policy.html\" rel=\"noopener\">our editorial standards<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/div>\n\n    <div class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-fast-checked\">\n        <h2>\n            <button tabindex=\"0\" aria-expanded=\"false\">\n                <i class=\"fl-gutenberg-byline-icon\"><\/i>\n                Fact-Checked\n            <\/button>\n        <\/h2>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>The last updated date refers to the last time this article was reviewed by FindLaw or one of our <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/contributing-authors.html\" rel=\"noopener\">contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please <a href=\"https:\/\/lawyers.findlaw.com\/?fli=bylinelink\" rel=\"noopener\">contact an attorney in your area<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/div>\n<\/section>\n\n\n\n<div class=\"rxbodyfield\" xmlns:o=\"urn:www.microsoft.com\/office\" xmlns:st1=\"urn:www.microsoft.com\/smarttags\" xmlns:w=\"urn:www.microsoft.com\/word\" xmlns:x=\"urn:www.microsoft.com\/excel\"><p align=\"JUSTIFY\">The Y2K problem is only one hurdle which the secured credit industry will be facing in the new millennium. In July, 1998, the National Commission on Uniform Laws adopted a complete revision of Article 9 of the Uniform Commercial Code. Article 9 governs various aspects of secured transactions, including the respective priorities among secured creditors, the methodology for perfecting a security interest in a borrower&#39;s assets and the procedures which enable a secured creditor to take control of the collateral upon default. It is anticipated that by January, 2001, many if not all of the fifty states will have adopted revised Article 9. Among the highlights are the elimination of the requirement of a borrower&#39;s signature on a financing statement (a letter authorizing the lender to sign the financing statement is sufficient), a revision of the rules regarding where the UCC financing statement must be filed and the adequacy of the description of collateral to be contained on the financing statement and in the security agreement. These revisions may potentially cause greater upheaval in the &quot;space odyssey year&quot; than most anticipate. In future issues, we will provide further background on the proposed Article 9.<\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>The Y2K problem is only one hurdle which the secured credit industry will be facing in the new millennium. In July, 1998, the National Commission on Uniform Laws adopted a complete revision of Article 9 of the Uniform Commercial Code. Article 9 &#8230;<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_categories":[6467,6469],"class_list":["post-31552","corporate","type-corporate","status-publish","hentry","corporate_categories-business-operations","corporate_categories-business-operations__commercial-contracts"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate\/31552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=31552"}],"wp:term":[{"taxonomy":"corporate_categories","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_categories?post=31552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}