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We are double checking our compliance with the new UCC Article 9 rules that went into effect at the beginning of the month. In regards to filings that were in place before the July 1, 2013 changes, can we amend them as they expire or do we need to amend all of prior our filings now? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We are double checking our compliance with the new UCC Article 9 rules that went into effect at the beginning of the month. In regards to filings that were in place before the July 1, 2013 changes, can we amend them as they expire or do we need to amend all of prior our filings now?

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A good general rule is to shoot for updating your UCC-1 Financing Statements within one year to reflect the recent Article 9 revisions as to naming individual and business debtors. Under the recent Article 9 revisions, valid financing statements filed in Illinois will remain in effect until they would have lapsed under the previous version of Article 9. 810 ILCS 5/9-805(b). (Out-of-state filing statements remain in effect until they would have lapsed, or, if earlier, on June 30, 2018.) Generally, financing statements remain in effect for five years after they are filed. 810 ILCS 5/9-515.

However, because each financing statement could come up for renewal any time after the Article 9 revisions took effect (on July 1, 2013), we believe that it is a best practice to update your financing statements to comply with the revisions as soon as possible, and ideally within a year. Also, note that you will not be able to file continuation statements for financing statements that are invalid under the new rules. 810 ILCS 5/9-805(c).