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UCC Article 9: More Than Ten Years Later Traps for the Unwary Still Linger
Cleveland Metropolitan Bar Journal
January 19, 2012
In July 2001, Revised Article 9 of the Uniform Commercial Code ("UCC") became effective in virtually all states, including Ohio. Some commentators labeled it as an effort to "make the world safer for secured creditors" and less appealing for bankruptcy trustees. Nontheless, more than ten years later, Revised Article 9 still contains traps for unwary or careless secured creditors. It also presents corresponding opportunities for lien creditors and bankruptcy trustees.