The 2010 Amendments to Revised Article 9 of the Uniform Commercial Code are set to go into effect later this year. Complete this short quiz to test your knowledge of the upcoming changes!
1. The amendments are set to go into effect on what date?
a. December 31, 2013
b. April 15, 2013
c. July 01, 2013
2. When 2010 the amendments go into effect, individual debtor names must be entered as the person’s name appears on their driver’s license.
3. After the launch date, which of the following documents will be sufficient for determining the legal name of a business debtor?
a. A certificate of status from their domicile state
b. The articles of incorporation /organization along with any amending documents
c. Either A or B
4. Under the new rules, all state filing offices will require the type of organization, jurisdiction of organization, and organizational ID to be listed for business debtors.
5. What party or parties will have the authority to file a UCC5 Information Statement?
a. Debtors Only
b. Secured Parties Only
c. Debtor or Secured Parties
Check back Monday for the answers to our 2010 UCC RA9 Quiz. Until then, feel free to leave your answers as a comment!