Title XXVI, TRADE AND COMMERCE

400.9-308. When security interests or agricultural lien is perfected — continuity of perfection. — (a) Except as otherwise provided in this section and section 400.9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in …

400.9-309. Security interest perfected upon attachment. — The following security interests are perfected when they attach: (1) A purchase-money security interest in consumer goods, except as otherwise provided in section 400.9-311(b) with respect to consumer goods that are subjec…

400.9-310. 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 400.9-312(b), a financing statement must be file…

400.9-311. 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 subje…

400.9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money — perfection by permissive filing — temporary perfection without filing or transfer of posse…

400.9-313. 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 negotiable documents, goods, instruments, money, or tangible chattel pape…

400.9-314. Perfection by control. — (a) A security interest in investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper may be perfected by control of the collateral under section 400.9-104, 400.9-105, 400.9-106 or 400.9-107. (b) A security inte…

400.9-315. Secured party's rights on disposition of collateral and in proceeds. — (a) Except as otherwise provided in this article and in section 400.2-403(2): (1) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or …

400.9-316. Effect of change in governing law. — (a) A security interest perfected pursuant to the law of the jurisdiction designated in section 400.9-301(1) or 400.9-305(c) remains perfected until the earliest of: (1) The time perfection would have ceased under the law of that ju…

400.9-317. Interests that take priority over or take free of security interest or agricultural lien. — (a) A security interest or agricultural lien is subordinate to the rights of: (1) A person entitled to priority under section 400.9-322; and (2) Except as otherwise provided in …

400.9-318. 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 leg…

400.9-319. 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 possess…

400.9-320. 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 …

400.9-321. 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…

400.9-322. 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 …

400.9-323. Future advances. — (a) Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under section 400.9-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that…

400.9-324. 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…

400.9-325. Priority in 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: (1) The debtor acquired th…

400.9-326. 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 …

400.9-327. Priority of secured interests in deposit account. — The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under section 400.9-104 has p…

400.9-328. Priority in security interests in investment property. — The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under section 400.9-…

400.9-329. 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: (1) A security interest held by a secured party having control of the letter-of-credit right under s…

400.9-330. Priority of purchaser of chattel paper or instrument. — (a) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if: (1) In good faith and in the ordinary…

400.9-331. Priority of rights of purchasers of instruments, documents, and securities under other articles — priority of interests in financial assets and security entitlements under article 8. — (a) This article does not limit the rights of a holder in due course of a negotiable…

400.9-332. Transfer of money — transfer of funds from deposit account. — (a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. (b) A transferee of funds from a de…

400.9-333. 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: (1) Which secures payment or performance of an obligation for services or materials furnished with…

400.9-334. 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 materi…

400.9-335. 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) …

400.9-336. 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 securit…

400.9-337. 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…

400.9-338. 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 400.9…

400.9-339. Priority subject to subordination. — This article does not preclude subordination by agreement by a person entitled to priority. ­­-------- (L. 2001 S.B. 288) Effective 7-01-01

400.9-340. Effectiveness of right of recoupment or set-off against deposit account. — (a) Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a securit…

400.9-341. Bank's rights and duties with respect to deposit account. — Except as otherwise provided in section 400.9-340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are …

400.9-342. Bank's right to refuse to enter into or disclose existence of control agreement. — This article does not require a bank to enter into an agreement of the kind described in section 400.9-104(a)(2), even if its customer so requests or directs. A bank that has entered int…

400.9-401. Alienability of debtor's rights. — (a) Except as otherwise provided in subsection (b) and sections 400.9-406, 400.9-407, 400.9-408 and 400.9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this …

400.9-402. Secured party not obligated on contract of debtor or in tort. — The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for …

400.9-403. Agreement not to assert defenses against assignee. — (a) In this section, "value" has the meaning provided in section 400.3-303(a). (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assigne…

400.9-404. Rights acquired by assignee — claims and defenses against assignee. — (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to: (1) All terms of…

400.9-405. Modification of assigned contract. — (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide…

400.9-406. Discharge of account debtor — notification of assignment — identification and proof of assignment — restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. — (a) Subject to subsections (b) through (i), an account deb…

400.9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. — (a) Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) Prohibits, restricts, or req…

400.9-408. Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective. — (a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor w…

400.9-409. Restrictions on assignment of letter-of-credit rights ineffective. — (a) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issu…

400.9-501. Filing office. — (a) Except as otherwise provided in subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien i…

400.9-502. Contents of financing statement — record of mortgage as financing statement — time of filing financial statement. — (a) Subject to subsection (b), a financing statement is sufficient only if it: (1) Provides the name of the debtor; (2) Provides the name of the secured …