What You Need to Know About the New 2023 UCC Forms
By Paul Hodnefield, Associate General Counsel, CSC
The first revisions to the national Uniform Commercial Code (UCC) forms in more than twelve years became available on July 1, 2023. In 2021, the International Association of Commercial Administrators (IACA), the professional association for state-level filing offices, formed a working group consisting of several filing officers, service providers, and other stakeholders to review and update the existing forms set forth in the official text of UCC § 9-521. While IACA cannot change statutory requirements, many states enacted non-uniform versions of § 9-521 that require filing offices to accept forms approved by IACA. Other states are free to accept IACA-approved forms by administrative rule or filing office policy. The IACA membership approved the revised forms for use after July 1, 2023, at the organization’s 2022 annual conference. This article provides a high-level overview of what has changed for those who work with UCC records.
The majority of the changes to the UCC forms were simply clarifications to the instructions, which have now been moved to the first page where filers are more likely to see them. Revisions to the “Name & Phone of Contact at Filer,” “Email Contact at Filer,” and “Send Acknowledgement To” fields clarify that those are for filing office use, not inquiries into the financing statement. The new forms now use “Submitter” rather than “Filer” in those fields. In addition, Section C now directs interested parties to “SEE BELOW FOR SECURED PARTY CONTACT INFORMATION.”
The UCC3 underwent additional, more significant changes. The new UCC3 no longer includes checkboxes for “Party Information Change” in Section 5 and “COLLATERAL CHANGE” in Section 8. IACA decided to eliminate these checkboxes as redundant to the other information boxes in those sections. In addition, checkboxes were added to Section 14 of the UCC3AD Addendum form to indicate the type of information to be included, whether it is related to collateral, or other information.
All the UCC forms have a new revision date of 7/1/2023. Some state-level filing offices are accepting only the new forms after 8/1/2023 (Arizona, Florida, Georgia, Idaho, Illinois, Texas, and Wyoming). Other state-level filing offices will accept only the new forms on 9/1/2023 (Alaska), 9/30/2023 (Virginia), and 10/1/2023 (the District of Columbia). More states are expected to announce updated form acceptance policies, so be sure to check with the filing office before using earlier versions of the forms.