Title 57A — UNIFORM COMMERCIAL CODE

Source: SL 2000, ch 231 .

"Negotiable instrument." §

"Securities account." §

"Lessee in ordinary course of business." §

"Qualifying purchaser." §

"Proceeds of a letter of credit." §

§

"Entitlement holder." §

"Merchant." §

§ 104(a)(1) or (2), as amended to January 1, 2001; or (17) An assignment of a claim or right to receive benefits under a special needs trust as described in 42 U.S.C. § 1396p(d)(4), as amended to January 1, 2001. Source: SL 2000, ch 231 ; SL 2001, ch 261 , § 2.

Source: SL 2000, ch 231 .

(75) (Reserved.) (76) "Software" means a computer program and any supporting information provided in connection with a transaction relating to the program. The term does not include a computer program that is included in the definition of goods. (77) "State" means a state of the …

"Controllable electronic record." §

Source: SL 2000, ch 231 ; SL 2001, ch 261 , § 1; SL 2008, ch 259 , § 42; SL 2009, ch 254 , §§ 824, 825; SL 2012, ch 238 , § 1, eff. July 1, 2013; SL 2024, ch 198 , § 43.

(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. Source: SL 2000, ch 231 .

"Lease." §

(c) With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party, or a lessee of the collateral from the debtor in the ordinary …

"Prove." §

"Securities intermediary." §

This chapter may be cited as Uniform Commercial Code--Secured Transactions. Source: SL 2000, ch 231 .

(a) In this section: (1) "Purchase - money collateral" means goods or software that secures a purchase - money obligation incurred with respect to that collateral; and (2) "Purchase - money obligation" means an obligation of an obligor incurred as all or part of the price of the …

(a) A secured party has control of a deposit account if: (1) The secured party is the bank with which the deposit account is maintained; (2) The debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured pa…

(a) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy wa…

(56) "New debtor" means a person that becomes bound as debtor under § 57A-9-203 (d) by a security agreement previously entered into by another person. (57) "New value" means (i) money, (ii) money's worth in property, services, or new credit, or (iii) release by a transferee of an…

(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in §

A secured party has control of a letter - of - credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under § 57A-5-114(c) or othe…

(c) A security interest in investment property is perfected by control under § 57A-9-106 not earlier than the time the secured party obtains control and remains perfected by control until: (1) The secured party does not have control; and (2) One of the following occurs: (A) If th…

(a) A person that has control under § 57A-9-104 , 57A-9-105 , or 57A-9-105.1 is not required to acknowledge that it has control on behalf of another person. (b) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise ag…

(a) Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Except as otherwise provided in subsection (d), a description of collater…

(a) Except as otherwise provided in subsections (c) and (d), this chapter applies to: (1) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (2) An agricultural lien; (3) A sale of accounts, chattel paper, payment…

A security interest arising under § 57A-2-401 , 57A-2-505 , 57A-2-711(3), or 57A-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods: (1) The security interest is enforceable, even if § 57A-9-203(b)(3) has not been satisfied; (2) Filing…

57A-9-202 Immateriality of title to collateral. 57A-9-203 Attachment and enforceability of security interest--Proceeds--Supporting obligations--Formal requisites. 57A-9-204 After-acquired property--Future advances. 57A-9-204.1 Attachment of security interest in transactions enter…

(a) Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) A transaction subject to this chapter is subject to any applicable rule …

Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. S…

(a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (b) Except as otherwise provided in subsections (c) through (i), a security interest is en…

(a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after - acquired collateral. (b) Subject to subsection (b.1), a security interest does not attach under a term constituting an after - acquired property claus…

In transactions entered into after June 30, 1978, and prior to July 1, 1979, whereby the intent of the transaction was to create a security interest pursuant to this title, that security interest shall be deemed to have attached at the time there was agreement that it attach, whe…

(a) A security interest is not invalid or fraudulent against creditors solely because: (1) The debtor has the right or ability to: (A) Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (B) Collect, compromise, enforce, or otherw…

(a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities in…

(a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserv…

(a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within ten days after receiving a signed demand by the debtor: (1) A secured party having…

(a) Except as otherwise provided in subsection (c), this section applies if: (1) There is no outstanding secured obligation; and (2) The secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within 10 days after receiving a signed demand…

(a) In this section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means a record signed by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonabl…

Except as otherwise provided in §§ 57A-9-303 through 57A-9-306.2 , the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (1) Except as otherwise provided in this section, while…

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. Source: SL 2000, ch 231 .

(a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. (b) Goods become covered by a certificate of title when a valid…

(a) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank's jurisdiction. (b) The …

(a) Except as otherwise provided in subsection (c), the following rules apply: (1) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest …

(a) Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter - of - credit right if the issuer's jurisdiction or no…

(a) Except as provided in subsection (d), if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and an authoritative tangible copy, the local law of the chattel paper's jurisdiction governs …