UCC Article 9 Changes May Impact Businesses WorldwideMarch 16, 2012 — 1,252 views
The Uniform Commercial Code (UCC) provides laws suggesting methods of handling commercial transactions. UCC updates are completed annually to help people stay up to date with the latest trends and technology, and you may need assistance to keep up with the revisions, especially to UCC Article 9.
This amendment delivers information about managing secured transactions, and helps businesses maintain safety for their operations and clients. Any Article 9 revisions will cover security interests in real property, giving you the opportunity to receive the payment of a debt on a partial or total claim to a property.
Changes to Article 9 are completed when a secured interest may exist, providing you the right to foreclose on a property if a debtor fails to meet his obligation. In addition, the regulation offers guidelines for lenders to collect funds before foreclosure.
The most recent Article 9 revisions have enhanced the validity of electronic signatures, allowing you to create authenticated records. Many businesses use electronic screens for customers to provide their signature when processing sales. Article 9 recognizes these transactions, and emphasizes that consumers can sign a paper receipt or an electronic screen to complete a sale.
New technology may lead to future Article 9 changes, and businesses will continue to seek ways to ensure secured transactions across the globe.