Pub. 7 2012-2013 Issue 6

March | April 2013 25 Extraordinary Service for Extraordinary Members. Matthew J. Kivett and Andrew R. Biehl are attorneys in the banking division of Walentine, O’Toole, McQuillan & Gordon, LLP. Walentine, O’Toole provides legal representation on a diverse range of banking and other matters. For more information, call (402) 330-6300. Additionally, for non-registered trusts, secured credi- tors should review the document that establishes the trust to determine whether the trust specifies a name (e.g., “The John Doe Family Trust”). If it does, the debtor’s name should be the name set forth in the organic trust document. If not, the debtor’s name should be the name of the person who established the trust. In the latter case, the fact that the collateral is held in trust must also be denoted in the appropriate section of the financing statement. Finally, in other cases (e.g., joint ventures and other non- registered associations), Amended Article 9 provides that, if the debtor-entity has a name, the organizational name of the debtor should be set forth on the financing statement. If the debtor-entity does not have a name, the names of the partners, members, associates, or other persons compris- ing the debtor-entity should be set forth in such a manner that the filing would be effective if the person named were the debtor. In addition to clarifying what constitutes the proper name of the debtor, the Amendments cover other topics that are germane to secured creditors. For instance, the Amendments address gaps in un-amended Article 9 regarding the effective- ness of a filing against new collateral acquired by debtors who have changed their state of location, as well as new collateral acquired by newdebtors who are bound by a previous debtor’s secured obligation. The Amendments also officially recognize electronic chattel paper as a form of collateral, and provide a “safe harbor” test that secured creditors can use to ensure perfection in electronic chattel paper. The Amendments take effect on July 1, 2013, and se- cured creditors should take note of the consequences of the Amendments becoming effective. A security interest per- fected before July 1, 2013 will remain perfected thereafter, but any defects in the filing that result from the application of Amended Article 9 must be remedied on or before July 1, 2014. Defects can be remedied either by (a) filing a new financing statement that conforms to Amended Article 9, or (b) amending the non-conforming financing statement to bring the financing statement into conformance. Secured creditors are urged to examine their business practices under un-amended Article 9 to evaluate the risk that some or many of their existing financing statements may be inef- fective under Amended Article 9. Z ÆÏ Ï&ISERV Ï)NC ÏORÏITSÏAFlLIATES We’re lighting the digital path to more valuable customer connections. With Fiserv, you have the power to illuminate. The power within. getsolutions@fiserv.com 800-872-7882 www.fiserv.com