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Using Our Revised Article 9 Resource Center
by BOL Guru Sam Ott
July 1, 2001 was the date the Revised Article 9 (RA9) provisions took effect in 46 states plus the District of Columbia. The four remaining states. (Alabama, Mississippi, Florida and Connecticut) have delayed effective dates.
For those hard-working lenders, auditors, and compliance professionals who want to keep informed regarding the significant changes made by the Revision, BankersOnline has created the Revised Article 9 Resource Center. The purpose of this article is to acquaint you with the Resource Center and ways to utilize the information.
We start with features you'll only find on BankersOnline. Our RA9 Quiz is perfect for use in in-house training. There are also several short Q&As about the revision, plus links to two popular 60 Second Solution online videos on the subject.
The Articles Section contains information from various experts and covers such RA9 topics as acquiring collateral, changes to security agreements, electronic signatures and real estate law.
You can obtain copies of the new uniform forms in the Forms Section, and the Resources Section includes a transition flow chart. The text of RA9 and old Article 9 are found in the respective sections. If you want to find out what is happening in a specific state, check out the State by State Section. You will find links to attorney opinions and the text of the legislation adopted by the state.
In the Summaries Section you can find summaries, introductions, overviews and comments about the impact of RA9. Many provide condensed outlines of the major provisions of the Revision.
In order to facilitate the filing of and searching for RA9 documents electronically, we have included links to all state central filing offices Web pages in the Online State UCC Searches Section. You may be surprised to learn the agency or office designated by a particular state. It may not be one you are familiar with. Each state may have different policies and procedures in order to utilize their systems. The Where to File Section also provides a listing of the addresses and telephone numbers of the central filing offices. The General Information Section has a link to basic information regarding RA9.
We hope this explanation will make it easier for you to locate and utilize the online information that is available regarding RA9. We welcome your comments on the Resource Center and RA9 issues on the Article 9 Section of Banker' Threads. If you have links to add to the list, send them to us. If you have a question or opinion regarding a RA9 issue, post it and see what others think.
Don't forget to check out our new Revised Article 9 Training Video that features the crucial changes you must understand to comply with the provisions of RA9.
First published on BankersOnline.com 7/2/01
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