Title UCC, Uniform Commercial Code

Section 9--319. Rights and Title of Consignee with Respect to Creditors\n and Purchasers.\n (a) Consignee has consignor's rights. Except as otherwise provided in\nsubsection (b), for purposes of determining the rights of creditors of,\nand purchasers for value of goods from, a co…

Section 9--320. Buyer of Goods.\n (a) Buyer in ordinary course of business. Except as otherwise provided\nin subsection (e), a buyer in ordinary course of business, other than a\nperson buying farm products from a person engaged in farming operations,\ntakes free of a security in…

Section 9--321. Licensee of General Intangible and Lessee of Goods in\n Ordinary Course of Business.\n (a) "Licensee in ordinary course of business." In this section,\n"licensee in ordinary course of business" means a person that becomes a\nlicensee of a general intangible in goo…

Section 9--322. Priorities among Conflicting Security Interests in and\n Agricultural Liens on Same Collateral.\n (a) General priority rules. Except as otherwise provided in this\nsection, priority among conflicting security interests and agricultural\nliens in the same collatera…

Section 9--323. Future Advances.\n (a) When priority based on time of advance. Except as otherwise\nprovided in subsection (c), for purposes of determining the priority of\na perfected security interest under Section 9--322(a)(1), perfection of\nthe security interest dates from t…

Section 9--324. Priority of Purchase-money Security Interests.\n (a) General rule: purchase-money priority. Except as otherwise\nprovided in subsection (g), a perfected purchase-money security interest\nin goods other than inventory or livestock has priority over a\nconflicting s…

Section 9--325. Priority of Security Interests in Transferred\n Collateral.\n (a) Subordination of security interest in transferred collateral.\nExcept as otherwise provided in subsection (b), a security interest\ncreated by a debtor is subordinate to a security interest in the s…

Section 9--326. Priority of Security Interests Created by New Debtor.\n (a) Subordination of security interest created by new debtor. Subject\nto subsection (b), a security interest that is created by a new debtor\nin collateral in which the new debtor has or acquires rights and …

Section 9-326A. Priority of Security Interest in Controllable Account,\n Controllable Electronic Record, and Controllable\n Payment Intangible.\n A security interest in a controllable account, controllable electronic\nrecord, or controllable payment intangible held by a secured p…

Section 9--327. Priority of Security Interests in Deposit Account.\n The following rules govern priority among conflicting security\ninterests in the same deposit account:\n (a) A security interest held by a secured party having control of the\ndeposit account under Section 9--10…

Section 9--328. Priority of Security Interests in Investment Property.\n The following rules govern priority among conflicting security\ninterests in the same investment property:\n (a) A security interest held by a secured party having control of\ninvestment property under Secti…

Section 9--329. Priority of Security Interests in Letter-of-credit\n Right.\n The following rules govern priority among conflicting security\ninterests in the same letter-of-credit right:\n (a) A security interest held by a secured party having control of the\nletter-of-credit ri…

Section 9--330. Priority of Purchaser of Chattel Paper or Instrument.\n (a) Purchaser's priority: security interest claimed merely as\nproceeds. A purchaser of chattel paper has priority over a security\ninterest in the chattel paper which is claimed merely as proceeds of\ninvent…

Section 9--331. Priority of Rights of Purchasers of Controllable\n Accounts, Controllable Electronic Records,\n Controllable Payment Intangibles, Documents,\n Instruments, and Securities under Other Articles;\n Priority of Interests in Financial Assets and Security\n Entitlements…

Section 9--332. Transfer of Money; Transfer of Funds from Deposit\n Account.\n (a) Transferee of tangible money. A transferee of tangible money takes\nthe money free of a security interest if the transferee receives\npossession of the money without acting in collusion with the de…

Section 9--333. Priority of Certain Liens Arising by Operation of Law.\n (a) "Possessory lien." In this section, "possessory lien" means an\ninterest, other than a security interest or an agricultural lien:\n (1) which secures payment or performance of an obligation for\n service…

Section 9--334. Priority of Security Interests in Fixtures and Crops.\n (a) Security interest in fixtures under this article. A security\ninterest under this article may be created in goods that are fixtures or\nmay continue in goods that become fixtures. A security interest does…

Section 9--335. Accessions.\n (a) Creation of security interest in accession. A security interest\nmay be created in an accession and continues in collateral that becomes\nan accession.\n (b) Perfection of security interest. If a security interest is\nperfected when the collatera…

Section 9--336. Commingled Goods.\n (a) "Commingled goods." In this section, "commingled goods" means\ngoods that are physically united with other goods in such a manner that\ntheir identity is lost in a product or mass.\n (b) No security interest in commingled goods as such. A s…

Section 9--337. Priority of Security Interests in Goods Covered by\n Certificate of Title.\n If, while a security interest in goods is perfected by any method\nunder the law of another jurisdiction, this state issues a certificate\nof title that does not show that the goods are s…

Section 9--338. Priority of Security Interest or Agricultural Lien\n Perfected by Filed Financing Statement Providing\n Certain Incorrect Information.\n If a security interest or agricultural lien is perfected by a filed\nfinancing statement providing information described in Sec…

Section 9--339. Priority Subject to Subordination.\n This article does not preclude subordination by agreement by a person\nentitled to priority.\n

Section 9--340. Effectiveness of Right of Recoupment or Set-off Against\n Deposit Account.\n (a) Exercise of recoupment or set-off. Except as otherwise provided in\nsubsection (c), a bank with which a deposit account is maintained may\nexercise any right of recoupment or set-off …

Section 9--341. Bank's Rights and Duties with Respect to Deposit\n Account.\n Except as otherwise provided in Section 9--340 (c), and unless the\nbank otherwise agrees in a signed record, a bank's rights and duties\nwith respect to a deposit account maintained with the bank are n…

Section 9--342. Bank's Right to Refuse to Enter into or Disclose\n Existence of Control Agreement.\n This article does not require a bank to enter into an agreement of the\nkind described in Section 9--104(a)(2), even if its customer so requests\nor directs. A bank that has enter…

Section 9--401. Alienability of Debtor's Rights.\n (a) Other law governs alienability; exceptions. Except as otherwise\nprovided in subsection (b) and Sections 9--406, 9--407, 9--408, and\n9--409, whether a debtor's rights in collateral may be voluntarily or\ninvoluntarily transf…

Section 9--402. Secured Party Not Obligated on Contract of Debtor or in\n Tort.\n The existence of a security interest, agricultural lien, or authority\ngiven to a debtor to dispose of or use collateral, without more, does\nnot subject a secured party to liability in contract or …

Section 9--403. Agreement Not to Assert Defenses Against Assignee.\n (a) "Value." In this section, "value" has the meaning provided in\nSection 3--303. In this section the meaning of "obligor" is not limited\nto the meaning given it in Section 9--102(a)(59). In this section the\n…

Section 9--404. Rights Acquired by Assignee; Claims and Defenses Against\n Assignee.\n (a) Assignee's rights subject to terms, claims, and defenses;\nexceptions. Unless an account debtor has made an enforceable agreement\nnot to assert defenses or claims, and subject to subsectio…

Section 9--405. Modification of Assigned Contract.\n (a) Effect of modification on assignee. A modification of or\nsubstitution for an assigned contract is effective against an assignee\nif made in good faith. The assignee acquires corresponding rights under\nthe modified or subs…

Section 9--406. Discharge of Account Debtor; Notification of Assignment;\n Identification and Proof of Assignment; Restrictions\n on Assignment of Accounts, Chattel Paper, Payment\n Intangibles, and Promissory Notes Ineffective.\n (a) Discharge of account debtor; effect of notifi…

Section 9--407. Restrictions on Creation or Enforcement of Security\n Interest in Leasehold Interest or in Lessor's Residual\n Interest.\n (a) Term restricting assignment generally ineffective. Except as\notherwise provided in subsection (b), a term in a lease agreement is\nineff…

Section 9--408. Restrictions on Assignment of Promissory Notes,\n Health-care-insurance Receivables, and Certain General\n Intangibles Ineffective.\n (a) Term restricting assignment generally ineffective. Except as\notherwise provided in subsection (b), a term in a promissory not…

Section 9--409. Restrictions on Assignment of Letter-of-credit Rights\n Ineffective.\n (a) Term or law restricting assignment generally ineffective. A term\nin a letter-of-credit or a rule of law, statute, regulation, custom, or\npractice applicable to the letter of credit which …

Section 9--501. Filing Office.\n (a) Filing offices. Except as otherwise provided in subsection (b), if\nthe law of this state governs perfection of a security interest or\nagricultural lien, the office in which to file a financing statement to\nperfect the security interest or a…

Section 9--502. Contents of Financing Statement; Record of Mortgage as\n Financing Statement; Time of Filing Financing\n Statement; Contents of Cooperative Addendum.\n (a) Sufficiency of financing statement. Subject to subsection (b), a\nfinancing statement is sufficient only if …

Section 9--503. Name of Debtor and Secured Party.\n (a) Sufficiency of debtor's name. A financing statement sufficiently\nprovides the name of the debtor:\n (1) except as otherwise provided in paragraph (3), if the debtor\n is a registered organization or the collateral is held i…

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

Section 9--505. Filing and Compliance with Other Statutes and Treaties\n for Consignments, Leases, Other Bailments, and Other\n Transactions.\n (a) Use of terms other than "debtor" and "secured party." A consignor,\nlessor, or other bailor of goods, a licensor, or a buyer of a pa…

Section 9--506. Effect of Errors or Omissions.\n (a) Minor errors and omissions. A financing statement substantially\nsatisfying the requirements of this part is effective, even if it has\nminor errors or omissions, unless the errors or omissions make the\nfinancing statement ser…

Section 9--507. Effect of Certain Events on Effectiveness of Financing\n Statement.\n (a) Disposition. A filed financing statement remains effective with\nrespect to collateral that is sold, exchanged, leased, licensed, or\notherwise disposed of and in which a security interest o…

Section 9--508. Effectiveness of Financing Statement If New Debtor\n Becomes Bound by Security Agreement.\n (a) Financing statement naming original debtor. Except as otherwise\nprovided in this section, a filed financing statement naming an original\ndebtor is effective to perfec…

Section 9--509. Persons Entitled to File a Record.\n (a) Person entitled to file record. A person may file an initial\nfinancing statement, amendment that adds collateral covered by a\nfinancing statement, or amendment that adds a debtor to a financing\nstatement only if:\n (1) t…

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

Section 9--511. Secured Party of Record.\n (a) Secured party of record. A secured party of record with respect to\na financing statement is a person whose name is provided as the name of\nthe secured party or a representative of the secured party in an initial\nfinancing statemen…

Section 9--512. Amendment of Financing Statement.\n (a) Amendment of information in financing statement. Subject to\nSection 9--509, a person may add or delete collateral covered by,\ncontinue or terminate the effectiveness of, or, subject to subsection\n(e), otherwise amend the …

Section 9--513. Termination Statement.\n (a) Consumer goods. A secured party shall cause the secured party of\nrecord for a financing statement to file a termination statement for the\nfinancing statement if the financing statement covers consumer goods\nand:\n (1) there is no ob…

Section 9--514. Assignment of Powers of Secured Party of Record.\n (a) Assignment reflected on initial financing statement. Except as\notherwise provided in subsection (c), an initial financing statement may\nreflect an assignment of all of the secured party's power to authorize\…

Section 9--515. Duration and Effectiveness of Financing Statement;\n Effect of Lapsed Financing Statement.\n (a) Five-year effectiveness. Except as otherwise provided in\nsubsections (b), (e), (f), (g), and (h), a filed financing statement is\neffective for a period of five years…

Section 9--516. What Constitutes Filing; Effectiveness of Filing.\n (a) What constitutes filing. Except as otherwise provided in\nsubsection (b), communication of a record to a filing office and tender\nof the filing fee or acceptance of the record by the filing office\nconstitut…