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Most of what’s new in Article 9 is technical and addresses shortcomings perceived in the more comprehensive set of UCC amendments approved in 2001 and subsequently enacted across the country. Nevertheless, the changes are significant given the importance of perfecting security interests, particularly in commercial lending, and the enormous amount of litigation that occurs in matters relating to incorrect information included in UCC financing statements.
More precisely, the 2010 Amendments include provisions designed to remove potential ambiguities in naming individuals and organizations (such as corporations, limited partnerships and limited liability corporations) as debtors. Other aspects relate to perfection arising on after-acquired property when a debtor moves to another jurisdiction or is a successor entity resulting from a merger.
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