Title 12A, Title 12A: COMMERCIAL TRANSACTIONS

12A:9-310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. 12A:9-310. When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultu…

12A:9-311 Perfection of security interests in property subject to certain statutes, regulations, and treaties. 12A:9-311. Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties. (a) Security interest subject to other law. Except as oth…

12A: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 possessi…

12A:9-313 When possession by or delivery to secured party perfects security interest without filing. 12A:9-313. When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing. (a) Perfection by possession or delivery. Except as otherwise provided in sub…

12A:9-314 Perfection by control. 12A:9-314. Perfection by Control. (a) Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral und…

12A:9-315 Secured party's rights on disposition of collateral and in proceeds. 12A:9-315. Secured Party's Rights on Disposition of Collateral and in Proceeds. (a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise prov…

12A:9-316 Effect of change in governing law. 12A:9-316. Effect of Change in Governing Law. (a) General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in 12A:9-301(1) or 12A:9-305(c) remains p…

12A:9-317 Interests that take priority over or take free of security interest or agricultural lien. 12A:9-317. Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien. (a) Conflicting security interests and rights of lien creditors. A security int…

12A: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. 12A:9-318. No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Pap…

12A:9-319 Rights and title of consignee with respect to creditors and purchasers. 12A:9-319. Rights and Title of Consignee with Respect to Creditors and Purchasers. (a) Consignee has consignor's rights. Except as otherwise provided in subsection (b), for purposes of determining t…

12A:9-320 Buyer of goods. 12A:9-320. Buyer of Goods. (a) Buyer in ordinary course of business. 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 …

12A:9-321 Licensee of general intangible and lessee of goods in ordinary course of business. 12A:9-321. Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business. (a) "Licensee in ordinary course of business." In this section, "licensee in ordinary course …

12A:9-322 Priorities among conflicting security interests in and agricultural liens on same collateral. 12A:9-322. Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral. (a) General priority rules. Except as otherwise provided in this sectio…

12A:9-323 Future advances. 12A:9-323. Future Advances. (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under 12A:9-322 (a) (1), perfection of the security interes…

12A:9-324 Priority of purchase-money security interests. 12A:9-324. Priority of Purchase-Money Security Interests. (a) General rule: purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory…

12A:9-325 Priority of security interests in transferred collateral. 12A:9-325. Priority of Security Interests in Transferred Collateral. (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created b…

12A:9-326 Priority of security interests created by new debtor. 12A:9-326. Priority of Security Interests Created by New Debtor. (a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that is created by a new debtor in collate…

12A:9-327 Priority of security interests in deposit account. 12A:9-327. Priority of Security 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 …

12A:9-328 Priority of security interests in investment property. 12A:9-328. Priority of 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 p…

12A:9-329 Priority of security interests in letter-of-credit right. 12A: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 …

12A:9-330 Priority of purchaser of chattel paper or instrument. 12A:9-330. Priority of Purchaser of Chattel Paper or Instrument. (a) Purchaser's priority: security interest claimed merely as proceeds. A purchaser of chattel paper has priority over a security interest in the chatt…

12A:9-331 Priority of rights of purchasers of instruments, documents, and securities under other chapters; priority of interests in financial assets and security entitlements under chapter 8. 12A:9-331. Priority of Rights of Purchasers of Instruments, Documents, and Securities Un…

12A:9-332 Transfer of money; transfer of funds from deposit account. 12A:9-332. Transfer of Money; Transfer of Funds from Deposit Account. (a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the d…

12A:9-333 Priority of certain liens arising by operation of law. 12A:9-333. Priority of Certain Liens Arising by Operation of Law. (a) "Possessory lien." In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) which secure…

12A:9-334 Priority of security interests in fixtures and crops. 12A:9-334. Priority of Security Interests in Fixtures and Crops. (a) Security interest in fixtures under this chapter. A security interest under this chapter may be created in goods that are fixtures or may continue …

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…