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ARTICLE · 27 APRIL 2001

Impact Of Revised Article 9 On Asset Securitizations

Mayer Brown
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United StatesFinance and Banking
Susan Irmscher
Susan Irmscher
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1. General Comments

After nearly a decade of drafting, revised Article 9 1 of the UCC has been given final approval by the National Conference of Commissioners on Uniform State Laws. The final OK came during the Conference’s 1998 Annual Meeting in Cleveland at the end of July. During fall 1998, the Reporters put together the Official Comments, and the final version of the both text and Official Comments are being submitted to state legislatures for adoption during 1999. The Rev. UCC will take effect July 1, 2001 subject to certain transition rules outlined in Rev. UCC 9- 701, 702, 703, 704, 705, 707 and 708.


2. Scope

Revised Article Nine makes a number of important changes to the UCC which, in theory at least, will simplify process of asset securitization.

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