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Session: State Capitol, Room 406 Juneau, AK 99801-1182 Phone: (907) 465-3783 Fax: (907) 465-2293 Send E-Mail |
First Revision to UCC Article 9 in 28 Years
For Immediate Release: March 28, 2000
Contact: Representative Lisa Murkowski's office at (907) 465-3783
Juneau -- The Alaska House of Representatives Tuesday overwhelmingly passed House Bill 239, sponsored by Representative Lisa Murkowski. HB 239 makes changes to Alaska Statutes to update the Uniform Commercial Code regarding secured transactions.
HB 239 is a 140-page revision of Article 9 of the Uniform Commercial Code (UCC), which provides the statutory framework that governs transactions in which debt is secured by the property of the borrower. Article 9 is in effect in every state. These revisions have already been adopted by 7 states and are under consideration in at least 20 others.
"Revised Article 9 represents the first comprehensive revision in over 25 years and brings secured transactions into the 21st Century by recognizing that times and technology have changed," Murkowski said. "This review is long overdue and will simplify how secured transactions are handled in Alaska and throughout the country."
HB 239 now moves to the Senate for consideration.