Title 12A, Title 12A: COMMERCIAL TRANSACTIONS

12A:9-335 Accessions. 12A:9-335. Accessions. (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession. (b) Perfection of security interest. If a security interest is perfected when the…

12A:9-336 Commingled goods. 12A:9-336. Commingled Goods. (a) "Commingled goods." 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) No security interest in commingled g…

12A:9-337 Priority of security interests in goods covered by certificate of title. 12A: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 Sta…

12A:9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. 12A:9-338. Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Informati…

12A:9-339. Priority subject to subordination 12A:9-339. Priority Subject to Subordination. This chapter does not preclude subordination by agreement by a person entitled to priority. L.2001, c.117, s.1.

12A:9-340 Effectiveness of right of recoupment or set-off against deposit account. 12A:9-340. Effectiveness of Right of Recoupment or Set-off Against Deposit Account. (a) Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a bank with which a deposi…

12A:9-341 Bank's Rights and Duties with Respect to Deposit Account. 12A:9-341. Bank's rights and duties with respect to deposit account. Except as otherwise provided in 12A:9-340 (c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with…

12A:9-342 Bank's right to refuse to enter into or disclose existence of control agreement. 12A:9-342. Bank's Right to Refuse to Enter into or Disclose Existence of Control Agreement. This chapter does not require a bank to enter into an agreement of the kind described in 12A:9-10…

12A:9-401 Alienability of debtor's rights. 12A:9-401. Alienability of Debtor's Rights. (a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and 12A:9-406, 12A:9-407, 12A:9-408 and 12A:9-409, whether a debtor's rights in collateral may be …

12A:9-402. Secured party not obligated on contract of debtor or in tort 12A: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, …

12A:9-403 Agreement not to assert defenses against assignee. 12A:9-403. Agreement Not to Assert Defenses Against Assignee. (a) "Value." In this section, "value" has the meaning provided in 12A:3-303 a. (b) Agreement not to assert claim or defense. Except as otherwise provided in …

12A:9-404 Rights acquired by assignee; claims and defenses against assignee. 12A:9-404. Rights Acquired by Assignee; Claims and Defenses Against Assignee. (a) Assignee's rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has made an enforceable ag…

12A:9-405 Modification of assigned contract. 12A:9-405. Modification of Assigned Contract. (a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires correspondin…

12A: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. 12A:9-406. Discharge of Account Debtor; Notification of Assignm…

12A:9-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. 12A:9-407. Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest. (a) Term restricting assi…

12A:9-408 Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. 12A:9-408. Restrictions on Assignment of Promissory Notes, Health-care-insurance Receivables, and Certain General Intangibles Ineffective. (a)…

12A:9-409 Restrictions on assignment of letter-of-credit rights ineffective. 12A:9-409. Restrictions on Assignment of Letter-of-credit Rights Ineffective. (a) Term or law restricting assignment generally ineffective. A term in a letter of credit or a rule of law, statute, regulat…

12A:9-501 Filing office. 12A:9-501. Filing Office. (a) Filing offices. 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 s…

12A:9-502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. 12A:9-502. Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement. (a) Sufficiency of financing statem…

12A:9-503 Name of debtor and secured party. 12A:9-503. Name of Debtor and Secured Party. (a) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor: (1) except as otherwise provided in paragraph (3), if the debtor is a registered organiza…

12A:9-504 Indication of collateral. 12A:9-504. Indication of Collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to 12A:9-108; or (2) an indication that the financ…

12A:9-505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. 12A:9-505. Filing and Compliance with Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions. (a) Use of term…

12A:9-506 Effect of errors or omissions. 12A:9-506. Effect of Errors or Omissions. (a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions m…

12A:9-507 Effect of certain events on effectiveness of financing statement. 12A:9-507. Effect of Certain Events on Effectiveness of Financing Statement. (a) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, lice…

12A:9-508 Effectiveness of financing statement if new debtor becomes bound by security agreement. 12A:9-508. Effectiveness of Financing Statement If New Debtor Becomes Bound by Security Agreement. (a) Financing statement naming original debtor. Except as otherwise provided in thi…

12A:9-509 Persons entitled to file record. 12A:9-509. Persons Entitled to File a Record. (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a fin…

12A:9-510 Effectiveness of filed record. 12A:9-510. Effectiveness of Filed Record. (a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under 12A:9-509. (b) Authorization by one secured party of re…

12A:9-511 Secured party of record. 12A:9-511. Secured Party of Record. (a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an i…

12A:9-512 Amendment of financing statement. 12A:9-512. Amendment of Financing Statement. (a) Amendment of information in financing statement. Subject to 12A:9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsect…

12A:9-513 Termination statement. 12A:9-513. Termination Statement. (a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods an…

12A:9-514 Assignment of powers of secured party of record. 12A:9-514. Assignment of Powers of Secured Party of Record. (a) Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment…

12A:9-515 Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement. 12A:9-515. Duration and effectiveness of financing statement; effect of lapsed financing statement. (a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e)…

12A:9-516 What constitutes filing; effectiveness of filing. 12A:9-516. What Constitutes Filing; Effectiveness of Filing. (a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or accep…

12A:9-517. Effect of indexing errors 12A:9-517. Effect of Indexing Errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. L.2001, c.117, s.1.

12A:9-518 Claim concerning inaccurate or wrongfully filed record. 12A:9-518. Claim Concerning Inaccurate or Wrongfully Filed Record. (a) Statement with respect to record indexed under person's name. A person may file in the filing office an information statement with respect to a…

12A:9-519 Numbering, maintaining, and indexing records; communicating information provided in records. 12A:9-519. Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records. (a) Filing office duties. For each record filed in a filing office, the f…

12A:9-520 Acceptance and refusal to accept record. 12A:9-520. Acceptance and refusal to accept record. (a) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in 12A:9-516(b) and may refuse to accept a record for f…

12A:9-521 Uniform form of written financing statement and amendment. 12A:9-521. Uniform Form of Written Financing Statement and Amendment. (a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing state…

12A:9-522 Maintenance and destruction of records. 12A:9-522. Maintenance and Destruction of Records. (a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year…

12A:9-523 Information from filing office; sale or license of records. 12A:9-523. Information from Filing Office; Sale or License of Records. (a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing o…

12A:9-524 Delay by filing office. 12A:9-524. Delay by Filing Office. Delay by the filing office beyond a time limit prescribed by this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipm…

12A:9-525 Fees. 12A:9-525. Fees. (a) Initial financing statement or other record: general rule. Except as otherwise provided in subsections (d) and (e), the fees for filing and indexing records under this part are: (1) $25 for financing statement; (2) $25 for continuation stateme…

12A:9-526 Filing-office rules. 12A:9-526. Filing-Office Rules. (a) Adoption of filing-office rules. The Division of Commercial Recording or other office designated by Executive Order shall adopt and publish rules to implement this chapter. The filing-office rules must be: (1) con…

12A:9-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. 12A:9-601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory …

12A:9-602 Waiver and variance of rights and duties. 12A:9-602. Waiver and Variance of Rights and Duties. Except as otherwise provided in 12A: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…

12A:9-603 Agreement on standards concerning rights and duties. 12A:9-603. Agreement on Standards Concerning Rights and Duties. (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties …