Wyoming :: Bill Extends UCC Effectiveness

Earlier this year, House Bill 3 (HB 3) was introduced and subsequently passed in the state of Wyoming. Effective July 1, 2013, the bill extends the duration of effectiveness for filed UCC financing statements from five  to 10 years. All UCC financing statements filed prior to July 1 will receive a five-year term, while those filed on or after July 1 will receive the extended 10-year term. The same rules can also be applied to continuations. In other words, if a continuation is filed before the new law takes effect, the effectiveness of the initial financing statement continues for 5 years, whereas those filed on or after July 1 will receive the 10-year term.

Opponents of the bill are concerned that it creates a non-uniform effective period, ultimately undermining the goals of Revised Article 9 which was intended to create uniformity amongst the states.

To read HB 3 in its entirety, go here.

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