The Secured Transactions Section (STS) is open to IACA members who are responsible for the personal property secured transaction registry functions in their jurisdiction. The section’s major efforts are focused on the standardization of information requirements and search results in secured transaction registries in order to give financiers greater confidence in lending. The section develops educational programs for its members.
The section played a significant role in shaping the filing provisions in the revision of Article 9 of the Uniform Commercial Code (UCC). Additionally, STS was instrumental in the development and implementation of electronic filing of financing statements pursuant to international standards, lending innovation in the development of electronic government solutions in these areas and developing model forms and administrative rules for secured transaction registry functions.
The section works closely with other organizations sharing our common interests to effect legal changes and otherwise improve the operation of filing offices in all jurisdictions. The members of the section work closely with the National Conference of Commissioners on Uniform State Laws and the Permanent Editorial Board for the Uniform Commercial Code to promote changes in the UCC or highlight issues within the UCC.