UCC-1 Filing Requirements Updated Under Pending Legislation

Assembly Bill 771 (Macedo) updates California's Uniform Commercial Code (UCC) to match the national standard used in 44 states, simplifying how debtor names are recorded on mortgage-related documents.

Currently, California requires an exact name match to a state ID. AB 771 allows mortgages or deeds of trust to serve as fixture filings without an exact match. Under the bill a mortgage fixture filing to be used as a financing statement would suffice if it provides the individual name of the debtor or the debtor's surname and first personal name.