The governor signed House Bill 231 (LD 337) on 6/16/2015. This bill requires a lienholder to remove a lien no later than 60 days after a lien has been satisfied.
On May 11, 2015 NJ Bill 2481 was signed amending certain rules affecting UCC filings. The most significant change is the elimination of the acceptance of paper filings.
Filers must now use New Jersey's electronic filing system DORES to submit financing statements and must also make a statement on the form that the collateral described falls within the scope of Article 9.
Also included in the legislation is that financing statements are only effective if they state a name for the Secured Party or representative of the Secured Party. This rule prevents Secured Parties from "masking" their identity on UCC filings.
Unisearch can help with any New Jersey UCC filing needs or questions. Give us a call!
Oklahoma House Bill 1773 was signed on June 4 enacting the UCC Article 9 2010 Amendments. The new law will go into effect on November 1, 2015.
Oklahoma's law adopts the Alternative A "Only If" option for determining what is the correct name to use for individuals. The only sufficient source of an individual debtor name is the person's unexpired Oklahoma driver's license.
Effective October 5, business names may be reserved for a non-renewable reservation period of 120 days. For more information, continue reading
Effective October 1, new legislation makes changes to reinstatements for LLCs and LPs. For more information see below
Effective October 1, a tax compliance certificate will be used in place of a certificate of good standing. The tax certificate is issued by the Department of Revenue and can be obtained for $10.
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