§ 9-103. Current Article 9 Forms (for all jurisdictions except New York and Puerto Rico): UCC1 - Initial financing statement. The credit manager must ensure that all requirements of Article 9 are properly met and documented to obtain a legal claim in a debtor’s collateral if the debtor does not pay or satisfy its obligations. 4. If you are a utilitydoing business in New York State, you are subject to tax under Article 9, section 186-a if you: 1. are subject to the supervision of the New York State Department of Public Service, and 2. transport, transmit, or distribute gas or electricity, by means of mains, pipes, or wires for ultimate consumption or use by the purchaser in this state. § 9-106. Search New York Codes. You must file and pay the franchise tax on general business corporations if: you are a domestic corporation (incorporated in New York … CONTROL OF DEPOSIT ACCOUNT. Filers should be aware that Article 9 requires financing statements and other UCC records to include more information regarding the … Free Newsletters amending Article 9, updates several other articles of New York’s version of the UCC (hereafter referred to as the “Act”).2 The stated purpose of the Act is to make commercial transactions more predictable and to bring New York law into accord with the law in effect in other states.3 court opinions. 7. Andrew M. Cuomo in late December 2014. The new law adopted the Alternative A “Only If” rule for sufficiency of individual names. Pursuant to Article 9, a lender seeking to collateralize an advance on the personal property of its debtor may Use this page to navigate to all sections within Uniform Commercial Code. The New York State Department of State is not responsible for the content of any record in the UCC data base, and the New York Department of State makes no representation or warranty regarding the validity or effectiveness of any record in the UCC data base. It should be noted that the Uniform Commercial Code prohibits a waiver of the Free Newsletters ARTICLE 9 SALES 2. featuring summaries of federal and state PURCHASE-MONEY SECURITY INTEREST; APPLICATION OF PAYMENTS; BURDEN OF ESTABLISHING. Filers should be aware that Article 9 requires financing statements and other UCC … Posted on June 29, 2012 by Christopher G. Hill • 13 Comments For this week’s Guest Post Friday, Musings is honored to have Doug Reiser. § 9-104. § 9-107. All section references contained in this Note refer to Article 9 of the New York State iteration of the UCC. Article 9 encompasses a wide variety of possessory … Over the years, it became clear that there need to be some amendments to address filing issues and other concerns. Both of these decisions arose in the mezzanine real estate finance context. § 9-101. Article 9: An article under the Uniform Commercial Code (UCC) that governs secured transactions. (McKinney 2010); “RA” will refer to the amendments to Article 9 promulgated by the NCCUSL and ALI. § 9-102. In a noteworthy May 18, 2020 decision and order, Justice Frank P. Nervo of the Supreme Court of the State of New York, County of New York held that New York State’s moratorium on mortgage foreclosures did not apply to a mezzanine lender’s (Mezz Lender) non-judicial auction of pledged collateral under Article 9 of the Uniform Commercial Code (UCC). New York became the latest state to enact the 2010 Amendments to UCC Article 9 (the “Amendments”). View Previous Versions of the New York Consolidated Laws, Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT, Part 4 - (9-401 - 9-409) RIGHTS OF THIRD PARTIES. New York Uniform Commercial Code - UCC. Article 9 of the Uniform Commercial Code (the "UCC") was substantially revised in 1998 by the Uniform Law Commission and was enacted in all 50 states and the District of Columbia. 3. In mid-2018 the American Law Institute and National Conference of Commissioners on Uniform State Laws adopted amendments to the Official Text of UCC §§9-406 and 9 … DEFINITIONS AND INDEX OF DEFINITIONS. Subscribe to Justia's We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Subscribe to Justia's Please check official sources. Read this complete New York Consolidated Laws, Uniform Commercial Code - UCC § 9-304. Article 9-A – Franchise tax on general business corporations. ⇒ Uniform Commercial Code Filing Requirements Legislation revising Article 9 of the Uniform Commercial Code was signed into law as Chapter 84 of the Laws of 2001 and became effective July 1, 2001. Because, unlike a 363 sale, an Article 9 sale does not require judicial oversight, questions of process and price are examined after the fact. NEW ARTICLE 9 OF THE UCC: THE GOOD, THE BAD, AND THE UGLY Jean Wegman Burns* In 1998, the Drafting Committee of the American Law Institute approved significant changes to Article 9 of the Uniform Commercial Code, which deals with secured transactions. In this section, "notification date" means the earlier of the date on which: By Ben Carpenter, J.D., Product Development Attorney, Bankers Systems, Inc., Contributing Author, CCH Focus.. n July 1, 2001, revisions to the law of secured transactions will go into effect in the states that adopt Revised Article 9 of the Uniform Commercial Code (“Revised Article 9”). Article 9 has been adopted by every state, some states have made modifications to the law or have not adopted the most recent version of the law. The Department’s Bureau of Public Work is responsible for the enforcement of Article 9 of the Labor Law. On December 17, 2014, Governor Andrew Cuomo signed Assembly Bill 9933 amending certain provisions of Articles 1, 7, 8 and 9 of the Uniform Commercial Code. Disclaimer: These codes may not be the most recent version. The sale of accounts receivable is a viable option for sellers to increase cash flow. Certain space(s) for information not applicable under Article 9 of the New York State Uniform Commercial Code have been completed as "Not Applicable." SHORT TITLE. (a) "Notification date." 2010 new york code ucc - uniform commercial code article 9 - secured transactions. Please check official sources. ; UCC1 Addendum - Always use the addendum form for fixture/real-estate-related filings, when you have up to two additional debtors or one additional secured party or when you want to designate an assignor secured party. Article 9 of the Labor Law requires that public work contractors and subcontractors pay a building service employee under a public agency building service contract the applicable prevailing rate of wages and supplements (fringe benefits). § 9-105. On December 17, 2014, New York Governor Andrew Cuomo signed into law New York Assembly Bill 9933, which amends the Uniform Commercial Code (the UCC) of the State of New York. 2016 new york laws ucc - uniform commercial code article 9 - secured transactions. 8. texts of UCC Article 9: “NYA” (New York Article) will refer to New York’s current statute, N.Y. U.C.C. 6. Two recent New York court decisions bearing on UCC Article 9-610’s commercial reasonableness requirement complicate secured creditors’ ability to access their UCC … UCC Article 9- A “New” Collection Tool? part 1 - general provisions; part 2 - effectiveness of security agreement; attachment of security interest; rights of parties to security agreement; part 3 - perfection and priority; part 4 - (9-401 - 9-409) rights of third parties; part 5 - filing; part 6 - default § 9-108. Counsel must therefore consult local law whenever conducting an Article 9 Sale. Disclaimer: These codes may not be the most recent version. After years of failing to revise its Uniform Commercial Code (UCC), New York finally adopted modern versions of UCC Articles 1, 7 and 9 in a bill signed by Gov. If you are a utility that does not provide telecommunication services, you are taxed on your receipts from the transportation, transmission, or di… New York may have more current or accurate information. New York has adopted the following Articles of the UCC: Article1: General Provisions: UCC Article 1 deals with definitions and also the rules of interpretation of the provisions. Section 9-610 of the UCC, however, requires that any disposition of the lender’s collateral be conducted in a “commercially reasonable” manner. When Revised Article 9 is enacted in New York, a secured party’s decisions as to whether to accelerate a debtor’s payment obligation and when and whether to pursue its contractual and statutory remedies will be measured according to this new, dual standard. June 2015 Recent Changes to Article 9 of the Uniform Commercial Code in New Jersey. 5. NOTICE: UCC documents filed with the Department of State are public records that are subject to disclosure under the Uniform Commercial Code. The governor signed Assembly Bill 9933 on December 17, 2014 and the new law took effect immediately. part 1 - general provisions part 2 - effectiveness of security agreement; attachment of security interest; rights of parties to security agreement part 3 - perfection and priority part 4 - (9-401 - 9-409) rights of third parties part 5 - filing part 6 - default New York State, in particular, must modify the revised Article 9 to address the unique aspects of buying and selling into a residential cooperative. Two recent New York court decisions bearing on UCC Article 9-610's commercial reasonableness requirement complicate secured creditors' ability to access their UCC foreclosure sale rights during the COVID-19 pandemic. Information on this page relates to a tax year that began on or after January 1, 2019, and before January 1, 2020. CONTROL OF LETTER-OF-CREDIT RIGHT. This is FindLaw's hosted version of New York Uniform Commercial Code. The New Governing Law for Perfection Under Revised UCC Article 9. A Primer On UCC Article 9 Sales Law360, New York (April 30, 2014, 2:27 PM ET)-- Article 9 of the Uniform Commercial Code sets forth a statutory scheme for both creating and enforcing security interests in personal property. This article focuses on the amendments to Article 9, Secured Transactions. The New York State Bar Association Committee on Liens has been working for over two years on these modifications, which have now been introduced into the state legislature for enactment. Law Governing Perfection and Priority of Security Interests in Deposit Accounts on Westlaw FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system . CONTROL OF INVESTMENT PROPERTY. Written by David E. Paseltiner and Suneet Bawa. 1. requires that the business trust’s organic record be filed with the State, is a registered We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Legislation revising Article 9 of the Uniform Commercial Code was signed into law as Chapter 84 of the Laws of 2001 and became effective July 1, 2001. New York Modernizes Article 9 of the UCC. CONTROL OF ELECTRONIC CHATTEL PAPER. Likewise, purchasing accounts receivable at a discount can be a good business opportunity. When buying accounts receivable, purchasers must comply with Article 9 of the New York Uniform Commercial Code (UCC) in order to record the change in ownership. Section 9--611. New York Uniform Commercial Code Law Section 9-611 - Notification Before Disposition of Collateral. 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