Wyoming Extends Effectiveness of UCC Financing Statements from 5 to 10 years

Wyoming Extends Effectiveness of UCC Financing Statements from 5 to 10 years Backed by the Wyoming Bankers Association, Governor Matt Mead signed House Bill 3 into law on February 14, 2013. The change will go into effect on July 1, 2013. Financing statements filed after July 1, 2013 will be effective for 10 years, not 5 years as current law states. The filing of a UCC-3 continuation statement after July 1, 2013 will extend the effectiveness of the financing statement for an additional 10-year period. Future concerns will arise if lenders do not terminate the filing when the obligation is satisfied along with the resulting increase in search results. Wyoming and Puerto Rico will be the only non-uniform jurisdictions with an effectiveness period of 10 years.

 

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