In 1998, Article 9 of the Uniform Commercial Code on lending with moveables as collateral underwent revision. A final draft of Article 9 was approved by the American Law Institute in May of 1998 and by the National Conference of Commissioners on Uniform State Laws in July of 1998. About 20 states have adopted the revisions, some with changes from the ALI/NCCUSL version submitted to the states. The submitted version contains several provisions that will impact, significantly, agricultural financing arrangements.



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