Filing Under Revised Article 9: The Law At A Glance
July 1, 2001
The Law in Alaska:
The new UCC statutes appear in AS 45.29
All new UCC filings will be centrally filed. Exception: filings pertaining to fixtures, timber to be cut and as extracted collateral will continue to be recorded in the local recording districts.
Alaska State Statutes require use of the national standard forms for all UCC filings after January 1, 2002.
No Signatures Required:
Signatures are no longer required on UCC filings in Alaska.
UCC filings must indicate whether the debtor is an individual or an organization. The burden is on the secured party to ensure that the debtor's full legal name is shown on the filing. INCORRECT DEBTOR NAME ON A FILING MAY HAVE IMPORTANT ADVERSE LEGAL CONSEQUENCES.
Place of Filing:
If the debtor is an INDIVIDUAL, a new UCC financing statement is to be filed with the CENTRAL FILING OFFICE in the state of debtor's legal residence (unless the filing is a fixture statement which should be filed in the local recording office where the property is located). If the debtor is a REGISTERED ORGANIZATION, a new UCC filing is to be filed in the state where the debtor was organized. (Example: If debtor is a corporation organized in Delaware, but registered to do business in Alaska, and the non-fixture collateral exists in multiple recording districts throughout Alaska, the proper place of filing - and the ONLY place of filing - would be in Delaware's central filing office.) NOTE: There are specific transition rules related to amendments of existing UCC filings in the local recording offices. There are also specific problems that can occur in multi-state transactions if all of the affected jurisdictions have not yet enacted the Revised Article 9. Consult your legal counsel when dealing with these complicated types of filings.
FILING OFFICES CANNOT GIVE LEGAL ADVICE. THE NEW UCC LAWS ARE VERY COMPLEX AND EVEN MINOR TYPOGRAPHICAL ERRORS ON YOUR FILING MAY HAVE IMPORTANT LEGAL CONSEQUENCES. IF YOU HAVE QUESTIONS, CONSULT YOUR LEGAL COUNSEL. THE FILING OFFICE HAS NO RESPONSIBILITY FOR DETERMINING THE ACCURACY OF INFORMATION ON YOUR UCC FILINGS.