Dispelling Recent UCC Forms Rumors

There are various rumors currently circulating regarding changes to the national UCC forms.  UCC filers are understandably concerned about the possibility of rejection for failure to use the current forms.  Happily, there are no urgent changes to the national forms.  The rumors have been fueled by both erroneous information provided by another UCC service provider and confusion with the new forms proposed for the upcoming changes to Article 9.  The following should clarify the current status of each UCC form:

UCC1 Financing Statement Form:  There have been no changes to the statutory UCC1 Financing Statement form.  IACA has not approved any changes to the UCC1 form since 2002.

UCC3 Amendment Form:  There have been no changes to the statutory UCC3 Amendment forms.  IACA has not approved any changes to the UCC3 form since 2002.

UCC1AD Financing Statement Addendum Form:  The UCC1AD is a statutory form.  IACA did adopt some minor revisions to the UCC1AD Addendum form at its 2009 Annual Conference in May, but that has no effect the statutory safe harbor.  The new IACA official version is dated 05/21/09.  However, contrary to some published reports, IACA did not recommend that states mandate the use of the new form.  Because the UCC1AD is a Section 9-521 safe harbor form, most states could only mandate use of the new form through a lengthy legislative process.  Consequently, all states continue to accept prior versions of the Addendum form. 

UCC3AD Amendment Addendum Form:  The UCC3AD has not changed.  The 07/29/98 version remains current.

UCC1AP and UCC3AP Additional Party Forms:  These forms are not included in the statutory safe harbor.  IACA has made no changes to either form.  The 05/22/02 versions remain current.

UCC5 Statement of Claim (f/k/a “Correction Statement”):  The UCC5 is not a statutory safe harbor form, so the states are free to accept any version designated by rule.  The UCC5 was designed to satisfy the requirements for a correction statement filed under Section 9-518.  IACA changed the form title to “Claim Concerning Inaccurate or Wrongfully File Record” in 2004 because the original title “Correction Statement” was misleading.  IACA made minor changes, including renaming the form “Statement of Claim,” at its 2009 Annual Conference this past May.  States have not yet mandated that filers use the new 05/21/09 version.  CSC recommends use of the 05/21/09 form.  However, states continue to accept prior versions of the UCC5.

Draft National Forms:  IACA created discussion drafts of new national forms that reflect proposed revisions to Article 9.  Coincidentally, these drafts are dated 05/21/09, the same as the new official IACA UCC1AD and UCC5 forms adopted this past May.  The draft national forms are still in development and are not intended to be used by filers.  In fact, most states are currently obligated to reject them under Section 9-516(b).  The proposed Article 9 revisions must still be approved by the Uniform Law Commission and American Law Institute.  The states will not be able to accept the final version of the new forms until they adopt the updates to Article 9.  That is unlikely to occur before 2012.

CSC continually monitors all UCC filing developments, especially with regard to the national forms.  Rest assured that we will stay well ahead of any significant changes.  For additional information please contact Paul Hodnefield, Associate General Counsel, at 800-927-9801, ext. 2375, or communications@cscinfo.com.