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.
Montana Now Allowing Benefit Corporation Filings
House Bill 258 (Chapter 306) signed by the Governor April 27, 2015 and effective October 1, 2015 authorizes benefit corporation filings.
California - Changes to Revised Uniform LLC Act
Assembly Bill 506 (Chapter 775) signed by the governor October 11 and effective January 1, 2016 makes changes to the Revised Uniform Limited Liability Company Act (RULLCA) which applies to LLCs formed after January 1, 2014 and to the Revised Uniform Limited Partnership Act (RULPA). A requirement for all LLC members to approve a merger or conversion or amendment of the LLC operating agreement is eliminated. A LLC is required to indemnify an agent to the extent the agent has been successful on the merits in defense or settlement of any claim, issue or matter if the agent acted in good faith and in a manner that the agent reasonably believed to be in the best interests of the LLC and its members . The bill also clarifies that a limited partnership is formed when partners enter into a partnership agreement before or after the filing of a Certificate of Limited Partnership.
New Jersey UCC Filings
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 UCC Article 9 Amendment
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.
Louisiana - Name Reservation
Effective October 5, business names may be reserved for a non-renewable reservation period of 120 days. For more information, continue reading
Connecticut - LLC and LP Legislation
Effective October 1, new legislation makes changes to reinstatements for LLCs and LPs. For more information see below
https://www.cga.ct.gov/2015/ACT/PA/2015PA-00048-R00SB-00967-PA.htm
Alabama Good Standing Certificates
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.
http://alisondb.legislature.state.al.us/ALISON/SearchableInstruments/2015RS/PrintFiles/SB243-enr.pdf
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