Trillions of dollars of commercial and consumer credit are granted each year in secured transactions under Article 9 of the Uniform Commercial Code (UCC). UCC Article 9 - Secured Transactions, provides a statutory framework that governs transactions in which a creditor takes a security interest in specific property of a debtor, allowing the creditor to take the property in the event the debtor defaults on the debt. Article 9 of the UCC has been adopted in every state and was last revised in 1972. Major revisions to Article 9 by the Uniform Law Commissioners were completed in 1998. These revisions bring Article 9 into the 21st Century.

There are many reasons Revised Article 9 should be adopted in Alaska:

• Technology: Paper-based transactions are giving way to electronic transactions and revised Article 9 allows for this.
• Volume: Article 9 was first proposed in 1951 and was last updated in 1972. Since then, the volume of commerce and credit has increased exponentially. The filing system revisions are particularly necessary to meet the problem of increased volume.
• New Collateral: New kinds of property and transactions have been developed since Article 9 was last amended. The scope of Article 9 expands to keep up with these changes. Deposit accounts, health insurance receivables, and commercial tort claims are examples of new collateral.
• Certainty of Perfection: Uncertainties about where to perfect a security interest under the original Article 9 are overcome in the revisions making the location of the debtor the place where the creditor perfects the security interest.
• New Liens: Statutory, non-possessory liens have proliferated since Article 9 was originally approved. Such liens represent a risk for creditors, and a potential conflict with security interests in collateral if there is no public notice of their existence. Article 9 includes certain statutory, non-possessory liens for the purposes of providing public notice and setting priorities between creditors.
• Clarification of Rules: Historically, courts have interpreted provisions of Article 9 in conflicting ways. Some of their decisions have dealt with issues that were not explicitly addressed in the original Article 9. This has resulted in an ambiguous application of some rules. The revisions to Article 9 address and rectify the accrued ambiguities.
• Simplified Filing: A simplified and unified statewide filing system of finance statements to perfect security interests replaces the original filing system, which allowed only certain local filing.
• Consumer Impact: Revised Article 9 addresses consumer issues that were not considered in the original Article 9 such as a specific disclosure of creditor's deficiency rights and notice requirements upon repossession.
• Commitment to Uniformity: Amendments to Article 9 have varied from state to state and thus have created differences that have impaired interstate transactions. In an effort to reestablish uniformity of the laws governing these transactions, the revisions address specific types of secured transactions like oil and gas and agriculture.

States that have adopted Revised Article 9:

States that have introduced Revised Article 9: