Title 70A, Title 70A: Uniform Commercial Code

70A-9a-206. Security interest arising in purchase or delivery of financial asset. (1) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: the person buys a financial asset through the securities intermediary in a transaction i…

70A-9a-207. Rights and duties of secured party having possession or control of collateral. (1) Except as otherwise provided in Subsection, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of cha…

70A-9a-208. Additional duties of secured party having control of collateral. (1) 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. (2) Within 10 da…

70A-9a-209. Duties of secured party if account debtor has been notified of assignment. (1) Except as otherwise provided in Subsection, this section applies if: (3) there is no outstanding secured obligation; and the secured party is not committed to make advances, incur obligatio…

70A-9a-210. Request for accounting -- Request regarding list of collateral or statement of account. (1) In this section: "Request" means a record of a type described in Subsection,, or. (1)(b) (c) (d) "Request for an accounting" means a record signed by a debtor requesting that t…

70A-9a-301. Law governing perfection and priority of security interests. Except as otherwise provided in Sectionsthrough, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: …

70A-9a-302. Law governing perfection and priority of agricultural liens. 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 produ…

70A-9a-303. Law governing perfection and priority of security interests in goods covered by a certificate of title. (1) 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 titl…

70A-9a-304. Law governing perfection and priority of security interests in deposit accounts. (1) 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…

70A-9a-305. Law governing perfection and priority of security interests in investment property. (1) Except as otherwise provided in Subsection, the following rules apply: (3) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs per…

70A-9a-306. Law governing perfection and priority of security interests in letter-of-credit rights. (1) Subject to Subsection, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the pr…

70A-9a-306.1. Law governing perfection and priority of security interests in chattel paper. (1) Except as provided in Subsection, 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…

70A-9a-306.2. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles. (1) Except as provided in Subsection, the local law of the controllable electronic record's jurisdiction spec…

70A-9a-307. Location of debtor. (1) In this section, "place of business" means a place where a debtor conducts its affairs. (2) Except as otherwise provided in this section, the following rules determine a debtor's location: A debtor who is an individual is located at the individ…

70A-9a-308. When security interest or agricultural lien is perfected -- Continuity of perfection. (1) Except as otherwise provided in this section and Section, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sectionsthr…

70A-9a-309. Security interest perfected upon attachment. The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in Subsectionwith respect to consumer goods that are subject to a statu…

70A-9a-310. When filing required to perfect security interest or agricultural lien -- Security interests and agricultural liens to which filing provisions do not apply. (1) Except as otherwise provided in Subsectionand Subsection, a financing statement must be filed to perfect al…

70A-9a-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties. (1) Except as otherwise provided in Subsection, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to…

70A-9a-312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable documents, goods covered by documents, instruments, investment property, letter-of-credit rights, …

70A-9a-313. When possession by or delivery to secured party perfects security interest without filing. (1) Except as otherwise provided in Subsection, a secured party may perfect a security interest in goods, instruments, negotiable tangible documents, or tangible money by taking…

70A-9a-314. Perfection by control. (1) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by co…

70A-9a-314.1. Perfection by possession and control of chattel paper. (1) 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 authoritativ…

70A-9a-315. Secured party's rights on disposition of collateral and in proceeds. (1) Except as otherwise provided in this chapter and in Subsection: 70A-2-403(2) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or ot…

70A-9a-316. Effect of change in governing law. (1) A security interest perfected pursuant to the law of the jurisdiction designated in Subsection,,, orremains perfected until the earliest of: 70A-9a-301(1) 70A-9a-305(3) 70A-9a-306.1(4) 70A-9a-306.2(2) the time perfection would ha…

70A-9a-317. Interests that take priority over or take free of security interest or agricultural lien. (1) A security interest or agricultural lien is subordinate to the rights of: a person entitled to priority under Section; and 70A-9a-322 except as otherwise provided in Subsecti…

70A-9a-318. No interest retained in right to payment that is sold -- Rights and title of seller of account or chattel paper with respect to creditors and purchasers. (1) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a leg…

70A-9a-319. Rights and title of consignee with respect to creditors and purchasers. (1) Except as otherwise provided in Subsection, 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 o…

70A-9a-320. Buyer of goods. (1) Except as otherwise provided in Subsection, 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, even if the s…

70A-9a-321. Licensee of general intangible and lessee of goods in ordinary course of business. (1) In this section, "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 …

70A-9a-322. Priorities among conflicting security interests in and agricultural liens on same collateral. (1) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the f…

70A-9a-323. Future advances. (1) Except as otherwise provided in Subsection, for purposes of determining the priority of a perfected security interest under Subsection, perfection of the security interest dates from the time an advance is made to the extent that the security inte…

70A-9a-324. Priority of purchase-money security interests. (1) Except as otherwise provided in Subsection, 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 o…

70A-9a-325. Priority of security interests in transferred collateral. (1) Except as otherwise provided in Subsection, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (2) the debtor acquired the col…

70A-9a-326. Priority of security interests created by new debtor. (1) Subject to Subsection, 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 that would be ineff…

70A-9a-326.1. Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible. A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party havi…

70A-9a-327. Priority of security interests in deposit account. 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 Sectionhas priority ove…

70A-9a-328. Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under Sectionhas prio…

70A-9a-329. Priority of security interests in letter-of-credit right. 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 Se…

70A-9a-330. Priority of purchaser of chattel paper or instrument. (1) 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: in good faith and in the ordinary cour…

70A-9a-331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other chapters -- Priority of interests in financial assets and security entitlements and protect…

70A-9a-332. Transfer of money -- Transfer of funds from deposit account. (1) A transferee of tangible 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 se…

70A-9a-333. Priority of certain liens arising by operation of law. (1) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: which secures payment or performance of an obligation for services or materials furnished with resp…

70A-9a-334. Priority of security interests in fixtures and crops. (1) A security interest under this chapter may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this chapter in ordinary building materia…

70A-9a-335. Accessions. (1) A security interest may be created in an accession and continues in collateral that becomes an accession. (2) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (3) E…

70A-9a-336. Commingled goods. (1) In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (2) A security interest does not exist in commingled goods as such. However, a security…

70A-9a-337. Priority of security interests in goods covered by certificate of title. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to …