New Jersey, effective May 11, 2015, adopted non-uniform amendments to Article 9, section 502, that adds additional requirements to how debtors and secured parties are named and how collateral is described in a financing statement. A secured party’s failure to follow the new requirements may result in the financing statement being rejected. The new requirements are that state’s response to the fraudulent filings but create their own set of problems for secured parties. If you need to file in New Jersey, Morgan & Pottinger can assist you in meeting the new requirements.
Contact John McGarvey at Morgan & Pottinger for more information.