Title 70A, Title 70A: Uniform Commercial Code

70A-9a-614. Contents and form of notification before disposition of collateral -- Consumer-goods transaction. In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: the information specified in Subsect…

70A-9a-615. Application of proceeds of disposition -- Liability for deficiency and right to surplus. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under Sectionin the following order to: 70A-9a-610 the reasonable expenses of retaking…

70A-9a-616. Explanation of calculation of surplus or deficiency. (1) In this section: "Explanation" means a record that: states the amount of the surplus or deficiency; provides an explanation in accordance with Subsectionof how the secured party calculated the surplus or deficie…

70A-9a-617. Rights of transferee of collateral. (1) A secured party's disposition of collateral after default: transfers to a transferee for value all of the debtor's rights in the collateral; discharges the security interest under which the disposition is made; and discharges an…

70A-9a-618. Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: receives an assignment of a secured obligation from the secured party; receives a…

70A-9a-619. Transfer of record or legal title. (1) In this section, "transfer statement" means a record signed by a secured party stating: that the debtor has defaulted in connection with an obligation secured by specified collateral; that the secured party has exercised its post…

70A-9a-620. Acceptance of collateral in full or partial satisfaction of obligation -- Compulsory disposition of collateral. (1) Except as otherwise provided in Subsection, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: …

70A-9a-621. Notification of proposal to accept collateral. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: any person from which the secured party has received, before the debtor consen…

70A-9a-622. Effect of acceptance of collateral. (1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: discharges the obligation to the extent consented to by the debtor; transfers to the secured party all of a debtor's rights…

70A-9a-623. Right to redeem collateral. (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender: fulfillment of all obligations secured by the collateral; and the reasonable expenses and …

70A-9a-624. Waiver. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Sectiononly by an agreement to that effect entered into and signed after default. 70A-9a-611 (2) A debtor may waive the right to require disposition of col…

70A-9a-625. Remedies for secured party's failure to comply with chapter. (1) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and c…

70A-9a-626. Action in which deficiency or surplus is in issue. (1) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: A secured party need not prove compliance with the…

70A-9a-627. Determination of whether conduct was commercially reasonable. (1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is n…

70A-9a-628. Nonliability and limitation on liability of secured party -- Liability of secondary obligor. (1) Subject to Subsection, unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (…

70A-9a-701. Effective date -- Terminology. (1) This act takes effect on July 1, 2001. (2) References in this part to "former Chapter 9" are to, as in effect on June 30, 2001.

70A-9a-702. Savings clause. (1) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (2) Except as otherwise provided in Subsectionand Secti…

70A-9a-703. Security interest perfected before effective date. (1) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under…

70A-9a-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable securit…

70A-9a-705. Effectiveness of action taken before effective date. (1) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a l…

70A-9a-706. When initial financing statement suffices to continue effectiveness of financing statement. (1) The filing of an initial financing statement in the office specified in Sectioncontinues the effectiveness of a financing statement filed before this act takes effect if: 7…

70A-9a-707. Amendment of pre-effective-date financing statement. (1) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect. (2) After this act takes effect, a person may add or delete collateral covered by, contin…

70A-9a-708. Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary unde…

70A-9a-709. Priority. (1) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former, determines priority. (2) For purposes of Subsection, the priority of a security…

70A-9a-801. Savings clause. (1) Except as otherwise provided in this part,applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013. (2) does not affect an action, case, or proceeding commenced before July 1…

70A-9a-802. Security interest perfected before effective date. (1) A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under this chapter as amended byif, whentakes effect, the applicable requirements for att…

70A-9a-803. Security interest unperfected before effective date. A security interest that is an unperfected security interest immediately beforetakes effect becomes a perfected security interest: (1) without further action, whentakes effect if the applicable requirements for perf…

70A-9a-804. Effectiveness of action taken before effective date. (1) The filing of a financing statement beforetakes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter as amended …

70A-9a-805. When initial financing statement suffices to continue effectiveness of financing statement. (1) The filing of an initial financing statement in the office specified in Sectioncontinues the effectiveness of a financing statement filed beforetakes effect if: 70A-9a-501 …

70A-9a-806. Amendment of pre-effective-date financing statement. (1) In this section, "pre-effective-date financing statement" means a financing statement filed beforetakes effect. (2) Aftertakes effect, a person may add or delete collateral covered by, continue or terminate the …

70A-9a-807. Person entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under…

70A-9a-808. Priority. determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established beforetakes effect, this chapter as it existed before amendment determines priority.

70A-9a-901. Coercion unlawful. No person may require the use of programmable money for a transaction without accepting or offering a non-digital alternative free of charge.

70A-9a-902. Abuse of programmability unlawful. (1) An issuer of programmable money may not deny a transaction on the basis of: a person's political opinions, speech, or affiliations; a person's religious beliefs, religious exercise, or religious affiliations; a person's sex, skin…

70A-9a-903. Remedies. (1) A party aggrieved by a violation of Sectionormay bring suit for statutory and declaratory relief, as well as actual and punitive damages against the violating party. 70A-9a-901 70A-9a-902 (2) A prevailing plaintiff is entitled to reasonable attorney fees…

70A-9a-904. Asset sale or purchase not prohibited. Sectiondoes not prohibit the purchase or sale of cryptocurrency or any other asset, by a public or private party.

70A-12-101. Title. This chapter may be cited as Uniform Commercial Code - Controllable Electronic Records.

70A-12-102. Definitions. (1) In this chapter: "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under Section. 70A-12-105 "Controllable electronic record" does not include a controllable account, a controllable payment…

70A-12-103. Relation to Chapter 9a, Uniform Commercial Code - Secured Transactions and consumer laws. (1) If there is conflict between this chapter and Chapter 9a, Uniform Commercial Code - Secured Transactions, Chapter 9a, Uniform Commercial Code - Secured Transactions, governs.…

70A-12-104. Rights in controllable account, controllable electronic record, and controllable payment intangible. (1) This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits unde…

70A-12-105. Control of controllable electronic record. (1) A person has control of a controllable electronic record if the electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded: gives the…

70A-12-106. Discharge of account debtor on controllable account or controllable payment intangible. (1) An account debtor on a controllable account or controllable payment intangible may discharge its obligation by paying: the person having control of the controllable electronic …

70A-12-107. Governing law. (1) Except as provided in Subsection, the local law of a controllable electronic records jurisdiction governs a matter covered by this article. (2) (2) For a controllable electronic record that evidences a controllable account or controllable payment in…

70A-12a-101. Title. This article may be cited as Transitional Provisions for Uniform Commercial Code Amendments (2022).

70A-12a-102. Definitions. (1) In this chapter: "Adjustment date" means July 1, 2025, or the date that is one year after May 6, 2026, whichever is later. "Article 12" means Chapter 12, Uniform Commercial Code - Controllable Electronic Records. "Article 12 property" means a control…

70A-12a-201. Saving clause. Except as provided in Part 3, Transitional Provisions for Chapter 9a, Uniform Commercial Code - Secured Transactions, and Chapter 12, Uniform Commercial Code - Controllable Electronic Records, a transaction validly entered into before May 6, 2026, and …