Amending the Article Nine Filing System to Meet Current Deficiencies

Article Nine' is currently undergoing substantial revision. "[B]ecause secured credit is a trillion-dollar activity," this revision is extraordinarily significant. A focal point of this amendment process is Article Nine's notice-filing system which apprises prospective creditors, and others, of a secured party's interest in a debtor's collateral.' As few would dispute, the notice-filing system, which seeks to cure the "ostensible ownership problem," is in serious need of repair.