Title UCC, Uniform Commercial Code

Section 8--508. Duty of Securities Intermediary to change Entitlement\n Holder's Position to Other Form of Security Holding.\n A securities intermediary shall act at the direction of an entitlement\nholder to change a security entitlement into another available form of\nholding f…

Section 8--509. Specification of Duties of Securities Intermediary by\n Other Statute or Regulation; Manner of Performance of\n Duties of Securities Intermediary and Exercise of\n Rights of Entitlement Holder.\n (a) If the substance of a duty imposed upon a securities intermediar…

Section 8--510. Rights of Purchaser of Security Entitlement from\n Entitlement Holder.\n (a) In a case not covered by the priority rules in Article 9 or the\nrules stated in subsection (c), an action based on an adverse claim to a\nfinancial asset or security entitlement, whether…

Section 8--511. Priority Among Security Interests and Entitlement\n Holders.\n (a) Except as otherwise provided in subsections (b) and (c), if a\nsecurities intermediary does not have sufficient interests in a\nparticular financial asset to satisfy both its obligations to\nentitl…

Section 8--601. Savings Clause; Effect on Prior Perfected Security\n Interest.\n (a) As used in this Part, the term "this Act" means that chapter of\nthe laws of 1997 which repealed former Article 8 of this code, added\nthis article to this code, and made conforming amendments to…

Section 8--602. Cross-References to former Article 8; Meaning or\n Interpretation.\n (a) Any reference made in law to a bond or other security or\ninstrument to be issued hereafter under the authority of such law as\nbeing a negotiable instrument or security under former Article …

Section 9--101. Short Title.\n This article may be cited as Uniform Commercial Code--Secured\nTransactions.\n

Section 9--102. Definitions And Index of Definitions.\n (a) Article 9 definitions. In this article:\n (1) "Accession" means goods that are physically united with other\n goods in such a manner that the identity of the original\n goods is not lost.\n (2) "Account", except as used …

Section 9--103. Purchase-money Security Interest; Application of\n Payments; Burden of Establishing.\n (a) Definitions. In this section:\n (1) "purchase-money collateral" means goods or software that\n secures a purchase-money obligation incurred with respect to\n that collateral…

Section 9--104. Control of Deposit Account.\n (a) Requirements for control. A secured party has control of a deposit\naccount if:\n (1) the secured party is the bank with which the deposit account\n is maintained;\n (2) the debtor, secured party, and bank have agreed in a signed\…

Section 9--105. Control of Electronic Copy of Record Evidencing Chattel\n Paper.\n (a) General rule: control of electronic copy of record evidencing\nchattel paper. A purchaser has control of an authoritative electronic\ncopy of a record evidencing chattel paper if a system emplo…

Section 9--105A. Control of Electronic Money.\n (a) General rule: control of electronic money. A person has control of\nelectronic money if:\n (1) the electronic money, a record attached to or logically associated\nwith the electronic money, or a system in which the electronic mo…

Section 9--106. Control of Investment Property.\n (a) Control under Section 8--106. A person has control of a\ncertificated security, uncertificated security, or security entitlement\nas provided in Section 8--106.\n (b) Control of commodity contract. A secured party has control …

Section 9--107. Control of Letter-of-credit Right.\n A secured party has control of a letter-of-credit right to the extent\nof any right to payment or performance by the issuer or any nominated\nperson if the issuer or nominated person has consented to an assignment\nof proceeds …

Section 9--107A. Control of Controllable Electronic Record, Controllable\n Account, or Controllable Payment Intangible.\n (a) Control under Section 12--105. A secured party has control of a\ncontrollable electronic record as provided in Section 12--105.\n (b) Control of controlla…

Section 9--107B. No Requirement to Acknowledge or Confirm; No Duties.\n (a) No requirement to acknowledge. A person that has control under\nSection 9--104, 9--105, or 9--105A is not required to acknowledge that\nit has control on behalf of another person.\n (b) No duties or confi…

Section 9--108. Sufficiency of Description.\n (a) Sufficiency of description. Except as otherwise provided in\nsubsections (c), (d), and (e), a description of personal or real\nproperty is sufficient, whether or not it is specific, if it reasonably\nidentifies what is described.\…

Section 9--109. Scope.\n (a) General scope of article. Except as otherwise provided in\nsubsections (c) and (d), this article applies to:\n (1) a transaction, regardless of its form, that creates a\n security interest in personal property or fixtures by\n contract;\n (2) an agric…

Section 9--110. Security Interests Arising Under Article 2 or 2-A.\n A security interest arising under Section 2--401, 2--505, 2--711(3),\nor 2-A-508(5) is subject to this article. However, until the debtor\nobtains possession of the goods:\n (1) the security interest is enforcea…

Section 9--201. General Effectiveness of Security Agreement.\n (a) General effectiveness. Except as otherwise provided in this\nchapter, a security agreement is effective according to its terms\nbetween the parties, against purchasers of the collateral, and against\ncreditors.\n …

Section 9--202. Title to Collateral Immaterial.\n Except as otherwise provided with respect to consignments or sales of\naccounts, chattel paper, payment intangibles, or promissory notes, the\nprovisions of this article with regard to rights and obligations apply\nwhether title t…

Section 9--203. Attachment and Enforceability of Security Interest;\n Proceeds; Supporting Obligations; Formal Requisites.\n (a) Attachment. A security interest attaches to collateral when it\nbecomes enforceable against the debtor with respect to the collateral,\nunless an agree…

Section 9--204. After-acquired Property; Future Advances.\n (a) After-acquired collateral. Except as otherwise provided in\nsubsection (b), a security agreement may create or provide for a\nsecurity interest in after-acquired collateral.\n (b) When after-acquired property clause …

Section 9--205. Use or Disposition of Collateral Permissible.\n (a) When security interest not invalid or fraudulent. A security\ninterest is not invalid or fraudulent against creditors solely because:\n (1) the debtor has the right or ability to:\n (A) use, commingle, or dispose…

Section 9--206. Security Interest Arising in Purchase or Delivery of\n Financial Asset.\n (a) Security interest when person buys through securities\nintermediary. A security interest in favor of a securities intermediary\nattaches to a person's security entitlement if:\n (1) the …

Section 9--207. Rights and Duties of Secured Party Having Possession or\n Control of Collateral.\n (a) Duty of care when secured party in possession. Except as otherwise\nprovided in subsection (d), a secured party shall use reasonable care in\nthe custody and preservation of col…

Section 9--208. Additional Duties of Secured Party Having Control of\n Collateral.\n (a) Applicability of section. This section applies to cases in which\nthere is no outstanding secured obligation and the secured party is not\ncommitted to make advances, incur obligations, or ot…

Section 9--209. Duties of Secured Party If Account Debtor Has Been\n Notified of Assignment.\n (a) Applicability of section. Except as otherwise provided in\nsubsection (c), this section applies if:\n (1) there is no outstanding secured obligation; and\n (2) the secured party is …

Section 9--210. Request for Accounting; Request Regarding List of\n Collateral or Statement of Account.\n (a) Definitions in this section:\n (1) "Request" means a record of a type described in paragraph\n (2), (3), or (4).\n (2) "Request for an accounting" means a record signed b…

Section 9--301. Law Governing Perfection and Priority of Security\n Interests.\n Except as otherwise provided in Sections 9--303 through 9-306B, the\nfollowing rules determine the law governing perfection, the effect of\nperfection or nonperfection, and the priority of a security…

Section 9--302. Law Governing Perfection and Priority of Agricultural\n Liens.\n While farm products are located in a jurisdiction, the local law of\nthat jurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of an agricultural lien on the …

Section 9--303. Law Governing Perfection and Priority of Security\n Interests in Goods Covered by a Certificate of Title.\n (a) Applicability of section. This section applies to goods covered by\na certificate of title, even if there is no other relationship between\nthe jurisdic…

Section 9--304. Law Governing Perfection and Priority of Security\n Interests in Deposit Accounts.\n (a) Law of bank's jurisdiction governs. The local law of a bank's\njurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a security inte…

Section 9--305. Law Governing Perfection and Priority of Security\n Interests in Investment Property.\n (a) Governing law: general rules. Except as otherwise provided in\nsubsections (c) and (d), the following rules apply:\n (1) While a security certificate is located in a jurisd…

Section 9--306. Law Governing Perfection and Priority of Security\n Interests in Letter-of-credit Rights.\n (a) Governing law: issuer's or nominated person's jurisdiction.\nSubject to subsection (c), the local law of the issuer's jurisdiction or\na nominated person's jurisdiction…

Section 9-306A. Law Governing Perfection and Priority of Security\n Interests in Chattel Paper.\n (a) Chattel paper evidenced by authoritative electronic copy. Except\nas provided in subsection (d), if chattel paper is evidenced only by an\nauthoritative electronic copy of the ch…

Section 9-306B. Law Governing Perfection and Priority of Security\n Interests in Controllable Accounts, Controllable\n Electronic Records, and Controllable Payment\n Intangibles.\n (a) Governing law: general rules. Except as provided in subsection\n(b), the local law of the contr…

Section 9--307. Location of Debtor.\n (a) "Place of business." In this section, "place of business" means a\nplace where a debtor conducts its affairs.\n (b) Debtor's location: general rules. Except as otherwise provided in\nthis section, the following rules determine a debtor's …

Section 9--308. When Security Interest or Agricultural Lien Is\n Perfected; Continuity of Perfection.\n (a) Perfection of security interest. Except as otherwise provided in\nthis section and Section 9--309, a security interest is perfected if it\nhas attached and all of the appli…

Section 9--309. Security Interest Perfected upon Attachment.\n The following security interests are perfected when they attach:\n (1) a purchase-money security interest in consumer goods, except as\notherwise provided in Section 9--311(b) with respect to consumer goods\nthat are …

Section 9--310. When Filing Required to Perfect Security Interest or\n Agricultural Lien; Security Interests and Agricultural\n Liens to Which Filing Provisions Do Not Apply.\n (a) General rule: perfection by filing. Except as otherwise provided\nin subsection (b) and Section 9--…

Section 9--311. Perfection of Security Interests in Property Subject to\n Certain Statutes, Regulations, and Treaties.\n (a) Security interest subject to other law. Except as otherwise\nprovided in subsection (d), the filing of a financing statement is not\nnecessary or effective…

Section 9--312. Perfection of Security Interests in Chattel Paper,\n Controllable Accounts, Controllable Electronic\n Records, Controllable Payment Intangibles, Deposit\n Accounts, Documents, Goods Covered by Documents,\n Instruments, Investment Property, Letter-of-credit\n Right…

Section 9--313. When Possession by or Delivery to Secured Party Perfects\n Security Interest Without Filing.\n (a) Perfection by possession or delivery. Except as otherwise provided\nin subsection (b), a secured party may perfect a security interest in\ngoods, instruments, negoti…

Section 9--314. Perfection by Control.\n (a) Perfection by control. A security interest in controllable\naccounts, controllable electronic records, controllable payment\nintangibles, deposit accounts, electronic documents, electronic money,\ninvestment property, or letter-of-cred…

Section 9-314A. Perfection by Possession and Control of Chattel Paper.\n (a) Perfection by possession and control. A secured party may perfect\na security interest in chattel paper by taking possession of each\nauthoritative tangible copy of the record evidencing the chattel pape…

Section 9--315. Secured Party's Rights on Disposition of Collateral and\n in Proceeds.\n (a) Disposition of collateral: continuation of security interest or\nagricultural lien; proceeds. Except as otherwise provided in this\narticle and in Section 2--403(2):\n (1) a security inte…

Section 9--316. Effect of Change in Governing Law.\n (a) General rule: effect on perfection of change in governing law. A\nsecurity interest perfected pursuant to the law of the jurisdiction\ndesignated in Section 9--301(a), 9--305(c), 9-306A(d), or 9-306B(b)\nremains perfected u…

Section 9--317. Interests That Take Priority over or Take Free of\n Security Interest or Agricultural Lien.\n (a) Conflicting security interests and rights of lien creditors. A\nsecurity interest or agricultural lien is subordinate to the rights of:\n (1) a person entitled to pri…

Section 9--318. No Interest Retained in Right to Payment That Is Sold;\n Rights and Title of Seller of Account or Chattel Paper\n with Respect to Creditors and Purchasers.\n (a) Seller retains no interest. A debtor that has sold an account,\nchattel paper, payment intangible, or …