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Pennsylvania Statutes, Title 13

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Pennsylvania/Statutes

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Title 13, COMMERCIAL CODE

55 chapters · 632 sections in this title.

All chapters in Title 13632 Ch 93, Perfection and Priority46 Ch 2A5, 5. Default32 Ch 23, General Obligation and Construction …28 Ch 96, Default28 Ch 95, Filing27 Ch 27, Remedies25 Ch 2A2, 2. Formation and Construction of Lea…21 Ch 34, Liability of Parties20 Ch 31, General Provisions and Definitions19 Ch 51, Letters of Credit18 Ch 26, Breach, Repudiation and Excuse16 Ch 42, Collection of Items: Depositary and …16 Ch 81, Short Title and General Matters16 Ch 25, Performance15

632 sections·Filtered byTitle 13✕

13 Pa.C.S. § 9314 Perfection by control
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(a) Perfection by control.--A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property or letter-of-credit rights may be perfected by control of the collateral under …
13 Pa.C.S. § 9314.1 Perfection by possession and control of chattel paper
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(a) Perfection by possession and control.--A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the elect…
13 Pa.C.S. § 9315 Secured party's rights on disposition of collateral and in proceeds
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(a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds.--Except as otherwise provided in this division and in section 2403(b) (relating to transfer by merchant entrusted with possession of goods): (1) a security interest or agricultural li…
13 Pa.C.S. § 9316 Effect of change in governing law
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(a) General rule: effect on perfection of change in governing law.--A security interest perfected pursuant to the law of the jurisdiction designated in section 9301(a) (relating to general rule: location of debtor), 9305(c) (relating to when perfection governed by law of jurisdic…

13 Pa.C.S. § 9317 § 9317

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(a) Conflicting security interests and rights of lien creditors.--A security interest or agricultural lien is subordinate to the rights of all of the following: (1) A person entitled to priority under section 9322 (relating to priorities among conflicting security interests in an…

13 Pa.C.S. § 9318 § 9318

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(a) Seller retains no interest.--A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold. (b) Deemed rights of debtor if buyer's security interest unperfected.--For purposes of de…

13 Pa.C.S. § 9319 Rights and title of consignee with respect to creditors and purchasers

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(a) Consignee has consignor's rights.--Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of and purchasers for value of goods from a consignee, while the goods are in the possession of the consignee, the consignee is deemed to hav…

13 Pa.C.S. § 9320 Buyer of goods

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(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 of a security interest created by the buyer's seller…

13 Pa.C.S. § 9321 Licensee of general intangible and lessee of goods in ordinary course of business

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(a) Licensee in ordinary course of business.--As used in this section, the term "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the …

13 Pa.C.S. § 9322 § 9322

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(a) General priority rules.--Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules: (1) Conflicting perfected security interests and agricultural lie…

13 Pa.C.S. § 9323 Future advances

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(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 section 9322(a)(1) (relating to general priority rules), perfection of the security interest dates from the…

13 Pa.C.S. § 9324 Priority of purchase-money security interests

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(a) General rule: purchase-money priority.--Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provid…

13 Pa.C.S. § 9325 Priority of security interests in transferred collateral

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(a) Subordination of security interest in transferred collateral.--Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collat…

13 Pa.C.S. § 9326 Priority of security interests created by new debtor

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(a) Subordination of security interest created by new debtor.--Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement which would be ineffec…

13 Pa.C.S. § 9326.1 § 9326.1

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A security interest in a controllable account, controllable electronic record or controllable payment intangible held by a secured party having control of the account, electronic record or payment intangible has priority over a conflicting security interest held by a secured part…

13 Pa.C.S. § 9327 Priority of security interests in deposit account

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The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under section 9104 (relating to control of deposit account) has priority over a conflicting …

13 Pa.C.S. § 9328 Priority of security interests in investment property

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The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest of a secured party having control of investment property under section 9106 (relating to control of investment property) has priority over a security …

13 Pa.C.S. § 9329 Priority of security interests in letter-of-credit right

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The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control of the letter-of-credit right under section 9107 (relating to control of letter-of-credit right) has priorit…

13 Pa.C.S. § 9330 Priority of purchaser of chattel paper or instrument

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(a) Purchaser's priority: security interest claimed merely as proceeds.--A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if: (1) in good faith and in the ordina…

13 Pa.C.S. § 9331 § 9331

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(a) Rights under Divisions 3, 7, 8 and 12 not limited.--This division does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security or a qualifying pur…

13 Pa.C.S. § 9332 Transfer of money; transfer of funds from deposit account

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(a) Transferee of money.--A transferee of money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party. (b) Transferee of funds from deposit account.--…

13 Pa.C.S. § 9333 Priority of certain liens arising by operation of law

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(a) Possessory lien.--As used in this section, the term "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in …

13 Pa.C.S. § 9334 Priority of security interests in fixtures and crops

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(a) Security interest in fixtures under this division.--A security interest under this division may be created in goods which are fixtures or may continue in goods which become fixtures. A security interest does not exist under this division in ordinary building materials incorpo…

13 Pa.C.S. § 9335 Accessions

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(a) Creation of security interest in accession.--A security interest may be created in an accession and continues in collateral which becomes an accession. (b) Perfection of security interest.--If a security interest is perfected when the collateral becomes an accession, the secu…

13 Pa.C.S. § 9336 Commingled goods

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(a) Commingled goods.--As used in this section, the term "commingled goods" means goods which 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 goods as such.--A security interest does …

13 Pa.C.S. § 9337 Priority of security interests in goods covered by certificate of title

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If, while a security interest in goods is perfected by any method under the law of another jurisdiction, the Commonwealth issues a certificate of title which does not show that the goods are subject to the security interest or contain a statement that they may be subject to secur…

13 Pa.C.S. § 9338 § 9338

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If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 9516(b)(5) (relating to what constitutes filing; effectiveness of filing) which is incorrect at the time the financing statement is filed: (1) the se…

13 Pa.C.S. § 9339 Priority subject to subordination

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This division does not preclude subordination by agreement by a person entitled to priority.

13 Pa.C.S. § 9340 Effectiveness of right of recoupment or set-off against deposit account

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(a) Exercise of recoupment or set-off.--Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (b) Recoupment …

13 Pa.C.S. § 9341 Bank's rights and duties with respect to deposit account

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Except as otherwise provided in section 9340(c) (relating to when set-off ineffective) and unless the bank otherwise agrees in a signed record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by: (1) …

13 Pa.C.S. § 9342 Bank's right to refuse to enter into or disclose existence of control agreement

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This division does not require a bank to enter into an agreement of the kind described in section 9104(a)(2) (relating to requirements for control) even if its customer so requests or directs. A bank which has entered into such an agreement is not required to confirm the existenc…

13 Pa.C.S. § 9401 Alienability of debtor's rights

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(a) Other law governs alienability; exceptions.--Except as otherwise provided in subsections (b) and (c), whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this division. (b) Agreement does not prevent transfer.-…

13 Pa.C.S. § 9402 Secured party not obligated on contract of debtor or in tort

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The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.

13 Pa.C.S. § 9403 Agreement not to assert defenses against assignee

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(a) Value.--As used in this section, the term "value" has the meaning provided in section 3303(a) (relating to value). (b) Agreement not to assert claim or defense.--Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert…

13 Pa.C.S. § 9404 Rights acquired by assignee; claims and defenses against assignee

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(a) Assignee's rights subject to terms, claims and defenses; exceptions.--Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to: (1) all terms of the agreem…

13 Pa.C.S. § 9405 Modification of assigned contract

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(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 corresponding rights under the modified or substituted contract. The assignment may provide that the m…

13 Pa.C.S. § 9406 § 9406

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(a) Discharge of account debtor; effect of notification.--Subject to subsections (b) through (i) and (l), an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a…

13 Pa.C.S. § 9407 § 9407

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(a) Term restricting assignment generally ineffective.--Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or …

13 Pa.C.S. § 9408 § 9408

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(a) Term restricting assignment generally ineffective.--Except as otherwise provided in subsections (b) and (e), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, incl…

13 Pa.C.S. § 9409 Restrictions on assignment of letter-of-credit rights ineffective

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(a) Term or law restricting assignment generally ineffective.--A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person …

13 Pa.C.S. § 9501 Filing office

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(a) Filing offices.--Except as otherwise provided in subsection (b), if the local law of this Commonwealth governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is on…

13 Pa.C.S. § 9502 § 9502

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(a) Sufficiency of financing statement.--Subject to subsection (b), a financing statement is sufficient only if it: (1) provides the name of the debtor; (2) provides the name of the secured party or a representative of the secured party; and (3) indicates the collateral covered b…

13 Pa.C.S. § 9503 Name of debtor and secured party

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(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 organization or the collateral is held in a trust that is a registered organization, only if the…

13 Pa.C.S. § 9504 Indication of collateral

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A financing statement sufficiently indicates the collateral which it covers if the financing statement provides: (1) a description of the collateral pursuant to section 9108 (relating to sufficiency of description); or (2) an indication that the financing statement covers all ass…

13 Pa.C.S. § 9505 § 9505

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(a) Use of terms other than "debtor" and "secured party".--A consignor, lessor or other bailor of goods, a licensor or a buyer of a payment intangible or promissory note may file a financing statement or may comply with a statute or treaty described in section 9311(a) (relating t…

13 Pa.C.S. § 9506 Effect of errors or omissions

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(a) Minor errors and omissions.--A financing statement substantially satisfying the requirements of this chapter is effective even if it has minor errors or omissions unless the errors or omissions make the financing statement seriously misleading. (b) Financing statement serious…

13 Pa.C.S. § 9507 Effect of certain events on effectiveness of financing statement

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(a) Disposition.--A filed financing statement remains effective with respect to collateral which is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues even if the secured party knows of or consents to the dis…

13 Pa.C.S. § 9508 Effectiveness of financing statement if new debtor becomes bound by security agreement

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(a) Financing statement naming original debtor.--Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the finan…

13 Pa.C.S. § 9509 Persons entitled to file a record

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(a) Person entitled to file record.--A person may file an initial financing statement, amendment which adds collateral covered by a financing statement or amendment which adds a debtor to a financing statement only if: (1) the debtor authorizes the filing in a signed record or pu…

13 Pa.C.S. § 9510 Effectiveness of filed record

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(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 section 9509 (relating to persons entitled to file a record). (b) Authorization by one secured party of record.--A record authorized by o…