Title 27, Uniform Commercial Code

§490:9-203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpone…

§490:9-204 After-acquired property; future advances. (a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) Subject to subsection (d), a security interest does not attach under a ter…

§490:9-205 Use or disposition of collateral permissible. (a) A security interest is not invalid or fraudulent against creditors solely because: (b) This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends …

§490:9-206 Security interest arising in purchase or delivery of financial asset. (a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (b) The security interest described in subsection (a) secures the person's obligation to …

Subpart 2. Rights and Duties §490:9-207 Rights and duties of secured party having possession or control of collateral. (a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party'…

§490:9-208 Additional duties of secured party having control of collateral. (a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within ten da…

§490:9-209 Duties of secured party if account debtor has been notified of assignment. (a) Except as otherwise provided in subsection (c), this section applies if: (b) Within ten days after receiving a signed demand by the debtor, a secured party shall send to an account debtor th…

§490:9-210 Request for accounting; request regarding list of collateral or statement of account. (a) In this section: (b) Subject to subsections (c), (d), (e), and (f), a secured party, other than a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a c…

PART 3. PERFECTION AND PRIORITY Subpart 1. Law Governing Perfection and Priority §490:9-301 Law governing perfection and priority of security interests. Except as otherwise provided in sections 490:9-303 through 490:9-306.6, the following rules shall determine the law governing p…

§490:9-302 Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm produc…

§490:9-303 Law governing perfection and priority of security interests in goods covered by a certificate of title. (a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title…

§490:9-304 Law governing perfection and priority of security interests in deposit accounts. (a) The local law of a bank's jurisdiction shall govern perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with …

§490:9-305 Law governing perfection and priority of security interests in investment property. (a) Except as otherwise provided in subsection (c), the following rules apply: (b) The following rules determine a commodity intermediary's jurisdiction for purposes of this part: (c) T…

§490:9-306 Law governing perfection and priority of security interests in letter-of-credit rights. (a) Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the…

[§490:9-306.5] Law governing perfection and priority of security interests in chattel paper. (a) Except as provided in subsection (d), if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy a…

[§490:9-306.6] Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles. (a) Except as provided in subsection (b), the local law of the controllable electronic record's jurisdiction…

§490:9-307 Location of debtor. (a) In this section, "place of business" means a place where a debtor conducts its affairs. (b) Except as otherwise provided in this section, the following rules determine a debtor's location: (c) Subsection (b) applies only if a debtor's residence,…

Subpart 2. Perfection §490:9-308 When security interest or agricultural lien is perfected; continuity of perfection. (a) Except as otherwise provided in this section and section 490:9-309, a security interest is perfected if it has attached and all of the applicable requirements …

§490:9-309 Security interest perfected upon attachment. The following security interests are perfected when they attach:

§490:9-310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (a) Except as otherwise provided in subsection (b) and section 490:9-312(b), a financing statement must be filed t…

§490:9-311 Perfection of security interests in property subject to certain statutes, regulations, and treaties. (a) Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject…

§490:9-312 Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; p…

§490:9-313 When possession by or delivery to secured party perfects security interest without filing. (a) Except as otherwise provided in subsection (b), a secured party may perfect a security interest in goods, instruments, negotiable tangible documents, or tangible money by tak…

§490:9-314 Perfection by control. (a) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by con…

[§490:9-314.5] Perfection by possession and control of chattel paper. (a) A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritati…

§490:9-315 Secured party's rights on disposition of collateral and in proceeds. (a) Except as otherwise provided in this article and in section 490:2-403(2): (b) Proceeds that are commingled with other property are identifiable proceeds: (c) A security interest in proceeds is a p…

§490:9-316 Effect of change in governing law. (a) A security interest perfected pursuant to the law of the jurisdiction designated in section 490:9-301(1), 490:9-305(c), 490:9-306.5(d), or 490:9-306.6(b) shall be deemed to remain perfected until the earliest of: (b) If a security…

Subpart 3. Priority §490:9-317 Interests that take priority over or take free of security interest or agricultural lien. (a) A security interest or agricultural lien shall be subordinate to the rights of: (b) Except as otherwise provided in subsection (e), a buyer, other than a s…

§490:9-318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. (a) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal …

§490:9-319 Rights and title of consignee with respect to creditors and purchasers. (a) Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possessio…

§490:9-320 Buyer of goods. (a) Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if th…

§490:9-321 Licensee of general intangible and lessee of goods in ordinary course of business. (a) In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates t…

§490:9-322 Priorities among conflicting security interests in and agricultural liens on same collateral. (a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the fo…

§490:9-323 Future advances. (a) Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under section 490:9-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that t…

§490:9-324 Priority of purchase-money security interests. (a) Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except a…

§490:9-325 Priority of security interests in transferred collateral. (a) Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (b) Subsection (a) subordina…

§490:9-326 Priority of security interests created by new debtor. (a) Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be in…

[§490:9-326.5] Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible. A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party hav…

§490:9-327 Priority of security interests in deposit account. The following rules govern priority among conflicting security interests in the same deposit account:

§490:9-328 Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property:

§490:9-329 Priority of security interests in letter-of-credit right. The following rules govern priority among conflicting security interests in the same letter-of-credit right:

§490:9-330 Priority of purchaser of chattel paper or instrument. (a) A purchaser of chattel paper shall have priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if: (b) A purchaser of chattel paper …

§490:9-331 Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other articles; priority of interests in financial assets and security entitlements and protection…

§490:9-332 Transfer of money; transfer of funds from deposit account. (a) A transferee of tangible money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secur…

§490:9-333 Priority of certain liens arising by operation of law. (a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (b) A possessory lien on goods has priority over a security interest in the goods unless the lien is…

§490:9-334 Priority of security interests in fixtures and crops. (a) A security interest under this article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary building material…

§490:9-335 Accessions. (a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Ex…

§490:9-336 Commingled goods. (a) In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) A security interest does not exist in commingled goods as such. However, a security …

§490:9-337 Priority of security interests in goods covered by certificate of title. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to t…

§490:9-338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 490:9-5…