Title 70A, Title 70A: Uniform Commercial Code

70A-9a-342. Bank's right to refuse to enter into or disclose existence of control agreement. This chapter does not require a bank to enter into an agreement of the kind described in Subsection, even if its customer so requests or directs. A bank that has entered into such an agre…

70A-9a-401. Alienability of debtor's rights. (1) Except as otherwise provided in Subsectionand Sections,,, and, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter. (2) 70A-9a-406 70A-9a-407 70A-9a-408…

70A-9a-402. Secured party not obligated on contract of debtor or in tort. 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 t…

70A-9a-403. Agreement not to assert defenses against assignee. (1) In this section, "value" has the meaning provided in Subsection. 70A-3-303(1) (2) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assig…

70A-9a-404. Rights acquired by assignee -- Claims and defenses against assignee. (1) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to Subsectionsthrough, the rights of an assignee are subject to: (2) (5) all terms of the …

70A-9a-405. Modification of assigned contract. (1) 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 …

70A-9a-406. Discharge of account debtor -- Notification of assignment -- Identification and proof of assignment -- Restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. (1) Subject to Subsectionsthrough, an account debtor on…

70A-9a-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. (1) Except as otherwise provided in Subsection, a term in a lease agreement is ineffective to the extent that it: (2) prohibits, restricts, or requires…

70A-9a-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. (1) Except as otherwise provided in Subsection, a term in a promissory note or in an agreement between an account debtor and a debtor which …

70A-9a-409. Restrictions on assignment of letter-of-credit rights ineffective. (1) 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, issue…

70A-9a-501. Filing office. (1) Except as otherwise provided in Subsection, if the local law of this state 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: (2…

70A-9a-502. Contents of financing statement -- Record of mortgage as financing statement -- Time of filing financing statement. (1) Subject to Subsection, a financing statement is sufficient only if it: (2) provides the name of the debtor; provides the name of the secured party o…

70A-9a-503. Name of debtor and secured party. (1) A financing statement sufficiently provides the name of the debtor: except as otherwise provided in Subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, onl…

70A-9a-504. Indication of collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to Section; or 70A-9a-108 (2) an indication that the financing statement covers all a…

70A-9a-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. (1) A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statemen…

70A-9a-506. Effect of errors or omissions. (1) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (2) Except as othe…

70A-9a-507. Effect of certain events on effectiveness of financing statement. (1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien con…

70A-9a-508. Effectiveness of financing statement if new debtor becomes bound by security agreement. (1) 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 deb…

70A-9a-509. Persons entitled to file a record. (1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: the debtor authorizes the filing in a signed rec…

70A-9a-510. Effectiveness of filed record. (1) A filed record is effective only to the extent that it was filed by a person that may file it under Sectionor by the filing office under Section. 70A-9a-509 70A-9a-513.5 (2) A record authorized by one secured party of record does not…

70A-9a-511. Secured party of record. (1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initi…

70A-9a-512. Amendment of financing statement. (1) Subject to Section, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to Subsection, otherwise amend the information provided in, a financing statement by filing an amendment…

70A-9a-513. Termination statement. (1) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: there is no obligation secured by the collate…

70A-9a-513.5. Termination of wrongfully filed financing statement -- Reinstatement. (1) As used in this section: "Established filer" means a person that: regularly causes records to be communicated to the filing office for filing and has provided the filing office with current co…

70A-9a-514. Assignment of powers of secured party of record. (1) Except as otherwise provided in Subsection, an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and…

70A-9a-515. Duration and effectiveness of financing statement -- Effect of lapsed financing statement. (1) Except as otherwise provided in Subsections,,, and, a filed financing statement is effective for a period of five years after the date of filing. (2) (5) (6) (7) (2) Except …

70A-9a-516. What constitutes filing -- Effectiveness of filing. (1) Except as otherwise provided in Subsectionor, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (2) (5) (2) Filing does…

70A-9a-517. Effect of indexing errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.

70A-9a-518. Claim concerning inaccurate or wrongfully filed record. (1) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (2)…

70A-9a-519. Numbering, maintaining, and indexing records -- Communicating information provided in records. (1) For each record filed in a filing office, the filing office shall: assign a unique number to the filed record; create a record that bears the number assigned to the file…

70A-9a-520. Acceptance and refusal to accept record. (1) A filing office shall refuse to accept a record for filing for a reason set forth in Subsectionorand may refuse to accept a record for filing only for a reason set forth in Subsection. 70A-9a-516(2) (5) 70A-9a-516(2) (2) If…

70A-9a-521. Uniform form of written financing statement and amendment. (1) A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format set forth in the final official text of the 2010 revisions to Article 9 of…

70A-9a-522. Maintenance and destruction of records. (1) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under Sectionwith respect to all secure…

70A-9a-523. Information from filing office -- Sale or license of records. (1) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to …

70A-9a-524. Delay by filing office. Delay by the filing office beyond a time limit prescribed by this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyon…

70A-9a-525. Fees. (1) Except as otherwise provided in Subsection, the fee for the Division of Corporations and Commercial Code filing and indexing a record under this part, including an initial financing statement of the kind described in Subsection, shall: (3) 70A-9a-502(3) be d…

70A-9a-526. Filing-office rules. (1) The Division of Corporations and Commercial Code shall adopt and publish rules to implement this chapter that apply to a filing office described in Subsection. The filing-office rules must be: 70A-9a-501(1)(b) consistent with this chapter; and…

70A-9a-601. Rights after default -- Judicial enforcement -- Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in Section, those provide…

70A-9a-602. Waiver and variance of rights and duties. Except as otherwise provided in Section, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sec…

70A-9a-603. Agreement on standards concerning rights and duties. (1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Sectionif the standards are not manife…

70A-9a-604. Procedure if security agreement covers real property or fixtures. (1) If a security agreement covers both personal and real property, a secured party may proceed: under this part as to the personal property without prejudicing any rights with respect to the real prope…

70A-9a-605. Unknown debtor or secondary obligor. (1) Except as provided in Subsection, a secured party does not owe a duty based on its status as secured party: (2) to a person that is a debtor or obligor, unless the secured party knows: that the person is a debtor or obligor; th…

70A-9a-606. Time of default for agricultural lien. For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.

70A-9a-607. Collection and enforcement by secured party. (1) If so agreed, and in any event after default, a secured party: may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured pa…

70A-9a-608. Application of proceeds of collection or enforcement -- Liability for deficiency and right to surplus. (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: A secured party shall apply or pay over f…

70A-9a-609. Secured party's right to take possession after default. (1) After default, a secured party: may take possession of the collateral; and without removal, may render equipment unusable and dispose of collateral on a debtor's premises under Section. 70A-9a-610 (2) A secur…