Title 57A — UNIFORM COMMERCIAL CODE

If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, t…

A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certifica…

57A-8-502 Assertion of adverse claim against entitlement holder. 57A-8-503 Property interest of entitlement holder in financial asset held by securities intermediary. 57A-8-504 Duty of securities intermediary to maintain financial asset. 57A-8-505 Duty of securities intermediary …

An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under § 57A-8-501 for value and without notice of the ad…

(a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holde…

(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities inte…

(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and…

A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder…

(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securit…

A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the ent…

(a) If the substance of a duty imposed upon a securities intermediary by §§ 57A-8-504 to 57A-8-508 , inclusive, is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty. (b) To the extent that specific standards fo…

(a) In a case not covered by the priority rules in Article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may n…

(c) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against the securities intermediary only by exercise of the entitlement holder's rights under §§ 57A-8-505 to 57A-8-508 , inclusive. (d) An entitlement …

(a) This chapter does not affect an action or proceeding commenced before this chapter takes effect. (b) If a security interest in a security is perfected at the date this chapter takes effect, and the action by which the security interest was perfected would suffice to perfect a…

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…