Title UCC, Uniform Commercial Code

Section 9--517. Effect of Indexing Errors.\n The failure of the filing office to index a record correctly does not\naffect the effectiveness of the filed record.\n

Section 9--518. Claim Concerning Inaccurate or Wrongfully Filed Record.\n (a) Correction statement. A person may file in the filing office a\ncorrection statement with respect to a record indexed there under the\nperson's name if the person believes that the record is inaccurate …

Section 9--519. Numbering, Maintaining, and Indexing Records;\n Communicating Information Provided in Records.\n (a) Filing office duties. For each record filed in a filing office,\nthe filing office shall:\n (1) assign a unique number to the filed record;\n (2) create a record t…

Section 9--520. Acceptance and Refusal to Accept Record.\n (a) Mandatory refusal to accept record. A filing office shall refuse\nto accept a record for filing for a reason set forth in Section\n9--516(b) and may refuse to accept a record for filing only for a reason\nset forth in…

Section 9--521. Uniform Form of Written Financing Statement; Amendment;\n and Cooperative Addendum.\n (a) Initial financing statement form. A filing office that accepts\nwritten records may not refuse to accept a written initial financing\nstatement in the form promulgated by the…

Section 9--522. Maintenance and Destruction of Records.\n (a) Post-lapse maintenance and retrieval of information. The filing\noffice shall maintain a record of the information provided in a filed\nfinancing statement for at least one year after the effectiveness of the\nfinancin…

Section 9--523. Information from Filing Office; Sale or License of\n Records.\n (a) Acknowledgment of filing written record. If a person that files a\nwritten record requests an acknowledgment of the filing, the filing\noffice shall send to the person an image of the record showi…

Section 9--524. Delay by Filing Office.\n Delay by the filing office beyond a time limit prescribed by this part\nis excused if:\n (a) the delay is caused by interruption of communication or computer\nfacilities, war, emergency conditions, failure of equipment, or other\ncircumst…

Section 9--525. Fees.\n Fees for filing and services under this chapter shall be determined in\naccordance with section ninety-six-a of the executive law.\n

Section 9--526. Filing-office Rules.\n (a) Adoption of filing-office rules. The secretary of state shall\nadopt and publish rules to implement this article. The filing-office\nrules must be consistent with this article.\n (b) Harmonization of rules. To keep the filing-office rule…

Section 9--527. Duty to Report.\n The secretary of state shall report to the governor, the temporary\npresident of the senate and the speaker of the assembly on the first day\nof July, two thousand two, on the first day of July, two thousand three\nand biennially on the first day…

Section 9--601. Rights after Default; Judicial Enforcement; Consignor or\n Buyer of Accounts, Chattel Paper, Payment Intangibles,\n or Promissory Notes.\n (a) Rights of secured party after default. After default, a secured\nparty has the rights provided in this part and, except a…

Section 9--602. Waiver and Variance of Rights and Duties.\n Except as otherwise provided in Section 9--624, to the extent that\nthey give rights to a debtor or obligor and impose duties on a secured\nparty, the debtor or obligor may not waive or vary the rules stated in\nthe foll…

Section 9--603. Agreement on Standards Concerning Rights and Duties.\n (a) Agreed standards. The parties may determine by agreement the\nstandards measuring the fulfillment of the rights of a debtor or obligor\nand the duties of a secured party under a rule stated in Section 9--6…

Section 9--604. Procedure If Security Agreement Covers Real Property,\n Fixtures, or Cooperative Interests.\n (a) Enforcement: personal and real property. If a security agreement\ncovers both personal and real property, a secured party may proceed:\n (1) under this part as to the…

Section 9--605. Unknown Debtor or Secondary Obligor.\n (a) In general: No duty owed by secured party. Except as provided in\nsubsection (b), a secured party does not owe a duty based on its status\nas secured party:\n (1) to a person that is a debtor or obligor, unless the secure…

Section 9--606. Time of Default for Agricultural Lien.\n For purposes of this part, a default occurs in connection with an\nagricultural lien at the time the secured party becomes entitled to\nenforce the lien in accordance with the statute under which it was\ncreated.\n

Section 9--607. Collection and Enforcement by Secured Party.\n (a) Collection and enforcement generally. If so agreed, and in any\nevent after default, a secured party:\n (1) may notify an account debtor or other person obligated on\n collateral to make payment or otherwise rende…

Section 9--608. Application of Proceeds of Collection or Enforcement;\n Liability for Deficiency and Right to Surplus.\n (a) Application of proceeds, surplus, and deficiency if obligation\nsecured. If a security interest or agricultural lien secures payment or\nperformance of an …

Section 9--609. Secured Party's Right to Take Possession after Default.\n (a) Possession; rendering equipment unusable; disposition on debtor's\npremises. After default, a secured party:\n (1) may take possession of the collateral; and\n (2) without removal, may render equipment …

Section 9--610. Disposition of Collateral after Default.\n (a) Disposition after default. After default, a secured party may\nsell, lease, license, or otherwise dispose of any or all of the\ncollateral in its present condition or following any commercially\nreasonable preparation…

Section 9--611. Notification Before Disposition of Collateral.\n (a) "Notification date." In this section, "notification date" means\nthe earlier of the date on which:\n (1) a secured party sends to the debtor and any secondary obligor\n a signed notification of disposition; or\n…

Section 9--612. Timeliness of Notification Before Disposition of\n Collateral.\n (a) Reasonable time is question of fact. Except as otherwise provided\nin subsection (b), whether a notification is sent within a reasonable\ntime is a question of fact.\n (b) 10-day period sufficien…

Section 9--613. Contents and Form of Notification Before Disposition of\n Collateral: General.\n (a) Contents and form of notification. Except in a consumer-goods\ntransaction, the following rules apply:\n (1) The contents of a notification of disposition are sufficient if\nthe n…

Section 9--614. Contents and Form of Notification Before Disposition of\n Collateral: Consumer-goods Transaction.\n (a) Contents and form of notification. In a consumer-goods\ntransaction, the following rules apply:\n (1) A notification of disposition must provide the following\n…

Section 9--615. Application of Proceeds of Disposition; Liability for\n Deficiency and Right to Surplus.\n (a) Application of proceeds. A secured party shall apply or pay over\nfor application the cash proceeds of disposition under Section 9--610 in\nthe following order to:\n (1)…

Section 9--616. Explanation of Calculation of Surplus or Deficiency.\n (a) Definitions. In this section:\n (1) "Explanation" means a record that:\n (A) states the amount of the surplus or deficiency;\n (B) provides an explanation in accordance with subsection (c)\n of how the sec…

Section 9--617. Rights of Transferee of Collateral.\n (a) Effects of disposition. A secured party's disposition of\ncollateral after default:\n (1) transfers to a transferee for value all of the debtor's\n rights in the collateral;\n (2) discharges the security interest under whi…

Section 9--618. Rights and Duties of Certain Secondary Obligors.\n (a) Rights and duties of secondary obligor. A secondary obligor\nacquires the rights and becomes obligated to perform the duties of the\nsecured party after the secondary obligor:\n (1) receives an assignment of a…

Section 9--619. Transfer of Record or Legal Title.\n (a) "Transfer statement." In this section, "transfer statement" means\na record signed by a secured party stating:\n (1) that the debtor has defaulted in connection with an\n obligation secured by specified collateral;\n (2) th…

Section 9--620. Acceptance of Collateral in Full or Partial Satisfaction\n of Obligation; Compulsory Disposition of Collateral.\n (a) Conditions to acceptance in satisfaction. Except as otherwise\nprovided in subsections (g) and (h), a secured party may accept\ncollateral in full…

Section 9--621. Notification of Proposal to Accept Collateral.\n (a) Persons to which proposal to be sent. A secured party that desires\nto accept collateral in full or partial satisfaction of the obligation\nit secures shall send its proposal to:\n (1) any person from which the …

Section 9--622. Effect of Acceptance of Collateral.\n (a) Effect of acceptance. A secured party's acceptance of collateral\nin full or partial satisfaction of the obligation it secures:\n (1) discharges the obligation to the extent consented to by the\n debtor;\n (2) transfers to…

Section 9--623. Right to Redeem Collateral.\n (a) Persons that may redeem. A debtor, any secondary obligor, or any\nother secured party or lienholder may redeem collateral.\n (b) Requirements for redemption. To redeem collateral, a person shall\ntender:\n (1) fulfillment of all o…

Section 9--624. Waiver.\n (a) Waiver of disposition notification. A debtor or secondary obligor\nmay waive the right to notification of disposition of collateral under\nSection 9--611 only by an agreement to that effect entered into and\nauthenticated after default.\n (b) Waiver …

Section 9--625. Remedies for Secured Party's Failure to Comply with\n Article.\n (a) Judicial orders concerning noncompliance. If it is established\nthat a secured party is not proceeding in accordance with this article,\na court may order or restrain collection, enforcement, or …

Section 9--626. Action in Which Deficiency or Surplus is in Issue.\n (a) Applicable rules if amount of deficiency or surplus is in issue.\nIn an action arising from a transaction, other than a consumer\ntransaction, in which the amount of a deficiency or surplus is in issue,\nthe…

Section 9--627. Determination of Whether Conduct Was Commercially\n Reasonable.\n (a) Greater amount obtainable under other circumstances; no preclusion\nof commercial reasonableness. The fact that a greater amount could have\nbeen obtained by a collection, enforcement, dispositi…

Section 9--628. Nonliability and Limitation on Liability of Secured\n Party; Liability of Secondary Obligor.\n (a) Limitation of liability of secured party for noncompliance with\narticle. Unless a secured party knows that a person is a debtor or\nobligor, knows the identity of t…

Section 9--700. Definitions.\n The following words and terms when used in this part 7 shall have the\nfollowing meanings:\n "Former Article 9." The provisions of article 9 of the Uniform\nCommercial Code of this state as in effect before the effective date of\nRevised Article 9.\…

Section 9--701. Effective Date.\n Revised Article 9 takes effect on July 1, 2001.\n

Section 9--702. Savings Clause.\n (a) Pre-effective-date transactions or liens. Except as otherwise\nprovided in this part, Revised Article 9 applies to a transaction or\nlien within its scope, even if the transaction or lien was entered into\nor created before Revised Article 9 …

Section 9--703. Security Interest Perfected Before Effective Date.\n (a) Continuing priority over lien creditor: perfection requirements\nsatisfied. A security interest that is enforceable immediately before\nRevised Article 9 takes effect and would have priority over the rights\…

Section 9--704. Security Interest Unperfected Before Effective Date.\n A security interest that is enforceable immediately before Revised\nArticle 9 takes effect but which would be subordinate to the rights of a\nperson that becomes a lien creditor at that time:\n (a) remains an …

Section 9--705. Effectiveness of Action Taken Before Effective Date.\n (a) Pre-effective-date action; one-year perfection period unless\nreperfected. If action, other than the filing of a financing statement,\nis taken before Revised Article 9 takes effect and the action would ha…

Section 9--706. When Initial Financing Statement Suffices to Continue\n Effectiveness of Financing Statement.\n (a) Initial financing statement in lieu of continuation statement. The\nfiling of an initial financing statement in the office specified in\nSection 9--501 continues th…

Section 9--707. Amendment of Pre-effective-date Financing Statement.\n (a) "Pre-effective-date financing statement". In this section,\n"pre-effective-date financing statement" means a financing statement\nfiled before Revised Article 9 takes effect.\n (b) Applicable law. After Re…

Section 9--708. Persons Entitled to File Initial Financing Statement or\n Continuation Statement.\n A person may file an initial financing statement or a continuation\nstatement under this part if:\n (a) the secured party of record authorizes the filing; and\n (b) the filing is n…

Section 9--709. Priority.\n (a) Law governing priority. Revised Article 9 determines the priority\nof conflicting claims to collateral. However, if the relative priorities\nof the claims were established before Revised Article 9 takes effect,\nFormer Article 9 determines priority…

Section 9--710. Transitional Provision for Maintaining and Searching\n Local-Filing Office Records.\n (a) In this Section:\n (1) "Local-filing office" means a filing office, other than the\n department of state, that is designated as the proper place\n to file a financing stateme…