Commercial Law and Bankruptcy Section

The Commercial Law and Bankruptcy Section is dedicated to providing first quality, affordable continuing legal education, legislative expertise, informative newsletters and publications, pro bono services, introductory education for young lawyers, liaison with the federal and state judiciary, and other services of value to commercial and bankruptcy lawyers and the community they serve. Section programs focus on the Uniform Commercial Code, the U. S. Bankruptcy Code, and other federal and state laws relating to financial transactions or insolvency matters.


CommLaw Update

February 2015

Los Angeles County Bar Commercial Law and Bankruptcy Section


Prepared by: Susan R. Goldfarb, Proskauer Rose LLP

 

This Update focuses on the recent adoptions of amendments to the Uniform Commercial Code in California and New York

California

Effective January 1, 2015, California adopted the uniform version of the 2010 Amendments to Article 9 of the Uniform Commercial Code with respect to determining an individual debtor's name for purposes of filing financing statements. For a discussion of the prior law and the amendments, see the Buchalter Nemer Lender Alert "California Amends Uniform Commercial Code Article 9 Regarding Name of Individual Debtor on Financing Statements" by Neil J. Rubenstein. 

 

New York

On December 17, 2014, New York adopted amendments to Article 1, Article 7, Article 8, and Article 9 of the Uniform Commercial Code. These include changes for individual debtor names on a financing statement. For a discussion of the amendments and New York's non uniform provisions, see the Morgan Lewis, Business and Finance Lawflash "2014 Changes to the New York Uniform Commercial Code" by Alan W. Beloff, Matthew F. Furlong, Marc R. Leduc, and Edwin E. Smith.