Ucc Section 9

It s meant to give a high level view of the code and to highlight the riskier areas.

Ucc section 9. Article 9 is an article under the uniform commercial code ucc that governs secured transactions or those transactions that pair a debt with the creditor s interest in the secured property. 38 filing office rule means a rule adopted pursuant to section 9 526. Except as otherwise provided in sections 2a 303 and 9 407 and subject to subsections h and i a rule of law statute or regulation that prohibits restricts or requires the consent of a government governmental body or official or account debtor to the assignment or transfer of or creation of a security interest in an account or chattel paper is ineffective to the extent that the rule of law statute or regulation.

Ucc 9 109 of the uniform commercial code ucc governs how a security interest is created in personal property to secure debt. Ucc article 9 for dummies is here to decode and help explain from a credit manager s perspective the more relevant aspects of the article and demystify the relevant aspects so we know what to do when it is required to secure a transaction. A requirements for control a secured party has control of a deposit account if.

2 the debtor secured party and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further. 1 the secured party is the bank with which the deposit account is maintained. 39 financing statement means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement.

A section 9 207 b 4 c which deals with use and operation of the collateral by the secured party. Except as otherwise provided in section 9 624 to the extent that they give rights to a debtor or obligor and impose duties on a secured party the debtor or obligor may not waive or vary the rules stated in the following listed sections. Uniform commercial code u c c ucc 9 109.