Title 09A, Title 09A: Uniform Commercial Code

§ 9—326A. 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 having co…

§ 9—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 section 9—104 of this title…

§ 9—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 section 9—106 of th…

§ 9—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 sectio…

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

§ 9—331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other Articles; priority of interests in financial assets and security entitlements and protection a…

§ 9—332. Transfer of money; transfer of funds from deposit account (a) 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 secured …

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

§ 9—334. Priority of security interests in fixtures and crops (a) A security interest under this article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary building materials i…

§ 9—335. Accessions (a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Excep…

§ 9—336. Commingled goods (a) 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. (b) A security interest does not exist in commingled goods as such. However, a security int…

§ 9—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 the …

§ 9—338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information If a security interest or agricultural lien is perfected by a filed financing statement providing information described in subdivision 9-516(…

§ 9—339. Priority subject to subordination This article does not preclude subordination by agreement by a person entitled to priority. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

§ 9—340. Effectiveness of right of recoupment or set-off against deposit account (a) Except as otherwise provided in subsection (c) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that hold…

§ 9—341. Bank’s rights and duties with respect to deposit account Except as otherwise provided in subsection 9—340(c) of this title, and unless the bank otherwise agrees in a signed record, a bank’s rights and duties with respect to a deposit account maintained with the bank are …

§ 9—342. Bank’s right to refuse to enter into or disclose existence of control agreement This article does not require a bank to enter into an agreement of the kind described in subdivision 9—104(a)(2) of this title, even if its customer so requests or directs. A bank that has en…

§ 9—401. Alienability of debtor’s rights (a) Except as otherwise provided in subsection (b) of this section and sections 9—406 through 9—409 of this title, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this a…

§ 9—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 the d…

§ 9—403. Agreement not to assert defenses against assignee (a) In this section, “value” has the meaning provided in subsection 3—303(a) of this title. (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an…

§ 9—404. Rights acquired by assignee; claims and defenses against assignee (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e) of this section, the rights of an assignee are subject to: (1) al…

§ 9—405. Modification of assigned contract (a) 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 that…

§ 9—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 (a) Subject to subsections (b) through (i) and (l) of this sectio…

§ 9—407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest (a) Except as otherwise provided in subsection (b) of this section, a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restri…

§ 9—408. Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective (a) Except as otherwise provided in subsections (b) and (f) of this section, a term in a promissory note or in an agreement between an account d…

§ 9—409. Restrictions on assignment of letter-of-credit rights ineffective (a) 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, issuer, o…

§ 9—501. Filing office (a) Except as otherwise provided in subsection (b) of this section, 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 agricult…

§ 9—502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement (a) Subject to subsection (b) of this section, a financing statement is sufficient only if it: (1) provides the name of the debtor; (2) provides the name of the…

§ 9—503. Name of debtor and secured party (a) A financing statement sufficiently provides the name of the debtor: (1) except as otherwise provided in subdivision (3) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a regi…

§ 9—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 9—108 of this title; or (2) an indication that the financing statement covers …

§ 9—505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions (a) A consignor, lessor, or other bailor of goods or a buyer of a payment intangible or promissory note may file a financing statement, or may comply …

§ 9—506. Effect of errors or omissions (a) 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. (b) Except as otherwis…

§ 9-507. Effect of certain events on effectiveness of financing statement (a) 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 continu…

§ 9—508. Effectiveness of financing statement if new debtor becomes bound by security agreement (a) 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 debtor …

§ 9—509. Persons entitled to file a record (a) 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: (1) the debtor authorizes the filing in a signed rec…

§ 9—510. Effectiveness of filed record (a) A filed record is effective only to the extent that it was filed by a person that may file it under section 9—509 of this title. (b) A record authorized by one secured party of record does not affect the financing statement with respect …

§ 9—511. Secured party of record (a) 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 initial f…

§ 9—512. Amendment of financing statement (a) Subject to section 9—509 of this title, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e) of this section, otherwise amend the information provided in, a financ…

§ 9—513. Termination statement (a) 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: (1) there is no obligation secured by the collate…

§ 9—514. Assignment of powers of secured party of record (a) Except as otherwise provided in subsection (c) of this section, 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 provid…

§ 9—515. Duration and effectiveness of financing statement; effect of lapsed financing statement (a) Except as otherwise provided in subsections (b), (e), (f), and (g) of this section, a filed financing statement is effective for a period of five years after the date of filing. (…

§ 9—516. What constitutes filing; effectiveness of filing (a) Except as otherwise provided in subsection (b) of this section, 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. (b) Filing …

§ 9—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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

§ 9—518. Claim concerning inaccurate or wrongfully filed record (a) 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. (b) An …

§ 9—519. Numbering, maintaining, and indexing records; communicating information provided in records (a) For each record filed in a filing office, the filing office shall: (1) assign a unique number to the filed record; (2) create a record that bears the number assigned to the fi…

§ 9—520. Acceptance and refusal to accept record (a) A filing office shall refuse to accept a record for filing for a reason set forth in subsection 9—516(b) of this title and may refuse to accept a record for filing only for a reason set forth in subsection 9—516(b) of this titl…