Title 30, Title 30

(1) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities inte…

(1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (a) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and…

A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder…

(1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securit…

A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the ent…

(1) If the substance of a duty imposed upon a securities intermediary by 30-8-504 through 30-8-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty. (2) To the extent that specific standards for the perform…

(1) In an action not covered by the priority rules in chapter 9A or the rules stated in subsection (3), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, m…

(1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its oblig…

This chapter shall be known and may be cited as Uniform Commercial Code--Secured Transactions.

(1) As used in this chapter, the following definitions apply: (a) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (b) (i) "Account", except as used in "account for", "account statement", "ac…

(1) In this section: (a) "purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (b) "purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collat…

(1) A secured party has control of a deposit account if: (a) the secured party is the bank with which the deposit account is maintained; (b) the debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured pa…

(1) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy wa…

(1) A person has control of a certificated security, or security entitlement as provided in 30-8-116. (2) A secured party has control of a commodity contract if: (a) the secured party is the commodity intermediary with which the commodity contract is carried; or (b) the commodity…

A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer of any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under 30-5-134(3) or otherwise a…

(1) A secured party has control of a controllable electronic record as provided in 30-12A-105. (2) A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the co…

(1) A person that has control under 30-9A-104 or 30-9A-105 is not required to acknowledge that it has control on behalf of another person. (2) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other …

(1) Except as otherwise provided in subsections (3), (4), and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2) Except as otherwise provided in subsection (4), a description of collater…

(1) Except as otherwise provided in subsections (3) and (4), this chapter applies to: (a) any transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (b) an agricultural lien; (c) a sale of an account, chattel paper, pay…

A security interest arising under 30-2-401, 30-2-505, 30-2-711(3), or 30-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if the requirements of 30-9A-203(2)(c) have not been met; (2) f…

(1) Except as otherwise provided in chapters 1 through 9A, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (2) A transaction subject to this chapter is subject to any applicable rule of law…

Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights, obligations, and remedies apply whether title to collateral is in the secured party or th…

(1) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (2) Except as otherwise provided in subsections (3) through (9), a security interest is en…

(1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral. (2) (a) Subject to subsection (2)(b), a security interest does not attach under a term constituting an after-acquired property clau…

(1) A security interest is not invalid or fraudulent against creditors solely because: (a) the debtor has the right or ability to: (i) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (ii) collect, compromise, enforce, or other…

(1) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (a) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities in…

(1) Except as otherwise provided in subsection (4), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserv…

(1) This section applies if: (a) there is no outstanding secured obligation; and (b) the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving a signed demand by the debtor: (a) a secured party having contr…

(1) Except as otherwise provided in subsection (3), this section applies if: (a) there is no outstanding secured obligation; and (b) the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving a signed demand…

(1) In this section, the following definitions apply: (a) "Request" means a record of a type described in subsection (1)(b), (1)(c), or (1)(d). (b) "Request for an accounting" means a record signed by a debtor requesting that the recipient provide an accounting of the unpaid obli…

Except as otherwise provided in 30-9A-303 through 30-9A-306 and 30-9A-306B, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (1) Except as otherwise provided in this secti…

Subject to the provisions of 30-9A-501, 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 products.

(1) 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 the goods are covered and the goods or the debtor. (2) Goods become covered by a certificate of title when a valid…

(1) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank's jurisdiction. (2) The …

(1) Except as otherwise provided in subsection (3), the following rules apply: (a) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest …

(1) Subject to subsection (3), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nomina…

(1) Except as provided in subsection (4), if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and an authoritative tangible copy, the local law of the chattel paper's jurisdiction governs …

(1) Except as provided in subsection (2), the local law of the controllable electronic record's jurisdiction specified in 30-12A-107(3) and (4) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable electronic reco…

(1) In this section, "place of business" means a place where a debtor conducts its affairs. (2) Except as otherwise provided in this section, the following rules determine a debtor's location: (a) A debtor who is an individual is located at the individual's residence. (b) A debto…

(1) Except as otherwise provided in 30-9A-309 and this section, a security interest is perfected if it has attached and all of the applicable requirements for perfection in 30-9A-310 through 30-9A-316 have been satisfied. A security interest is perfected when it attaches if the a…

The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in 30-9A-311(2) with respect to consumer goods that are subject to a statute or treaty described in 30-9A-311(1); (2) an assignm…

(1) Except as otherwise provided in 30-9A-312(2) or subsection (2) of this section, a financing statement must be filed to perfect all security interests and agricultural liens. (2) The filing of a financing statement is not necessary to perfect a security interest: (a) that is p…

(1) Except as otherwise provided in subsection (4), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: (a) a statute, regulation, or treaty of the United States whose requirements for a security interest's obta…

(1) A security interest in chattel paper, instruments, controllable accounts, controllable electronic records, controllable payment intangibles, investment property, or negotiable documents may be perfected by filing. (2) Except as otherwise provided in 30-9A-315(3) and (4) for p…

(1) Except as otherwise provided in subsection (2), a secured party may perfect a security interest in goods, instruments, negotiable tangible documents, or money by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by…

(1) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of-credit rights may be perfected by control of the collateral under 30-7-107, 30-9A-104, 30…