Title 09A, Title 09A: Uniform Commercial Code

§ 9—104. Control of deposit account (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 instr…

§ 9—105. Control of electronic copy of record evidencing chattel paper (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 th…

§ 9—105A. Control of electronic money (a) A person has control of electronic money if: (1) the electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person: (A) power to avail itse…

§ 9—106. Control of investment property (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 8—106 of this title. (b) A secured party has control of a commodity contract if: (1) the secured party is the commo…

§ 9—107. Control of letter-of-credit right 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…

§ 9—107A. Control of controllable electronic record, controllable account, or controllable payment intangible (a) A secured party has control of a controllable electronic record as provided in section 12—105 of this title. (b) A secured party has control of a controllable account…

§ 9—107B. No requirement to acknowledge or confirm; no duties (a) A person that has control under section 9—104, 9—105, or 9—105A of this title 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 …

§ 9—108. Sufficiency of description in a security agreement (a) Except as otherwise provided in subsections (c), (d), and (e) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (…

§ 9—109. Scope (a) Except as otherwise provided in subsections (c) and (d) of this section, this article 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 a…

§ 9—110. Security interests arising under Article 2 or 2a A security interest arising under section 2—401, or 2—505, or subsection 2—711(3) or 2A—508(5) of this title is subject to this article. However, until the debtor obtains possession of the goods: (1) the security interest …

§ 9—201. General effectiveness of security agreement (a) Except as otherwise provided in this title, 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 articl…

§ 9—202. Title to collateral immaterial Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral …

§ 9—203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones t…

§ 9—204. After-acquired property; future advances (a) Except as otherwise provided in subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral. (b) Subject to subsection (b.1) of this section, a security inter…

§ 9—205. Use or disposition of collateral permissible (a) A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part of the collateral, including returned or reposses…

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

§ 9—207. Rights and duties of secured party having possession or control of collateral (a) Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In…

§ 9—208. Additional duties of secured party having control of collateral (a) 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. (b) Within 10 days a…

§ 9—209. Duties of secured party if account debtor has been notified of assignment (a) Except as otherwise provided in subsection (c) of this section, this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advan…

§ 9—210. Request for accounting; request regarding list of collateral or statement of account (a) In this section: (1) “Request” means a record of a type described in subdivision (2), (3), or (4) of this subsection. (2) “Request for an accounting” means a record signed by a debto…

§ 9—301. Law governing perfection and priority of security interests Except as otherwise provided in sections 9—303 through 9—306B of this title, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security …

§ 9—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 products.…

§ 9—303. Law governing perfection and priority of security interests in goods covered by a certificate of title (a) 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 title th…

§ 9—304. Law governing perfection and priority of security interests in deposit accounts (a) 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 ban…

§ 9—305. Law governing perfection and priority of security interests in investment property (a) Except as otherwise provided in subsection (c) of this section, the following rules apply: (1) While a security certificate is located in a jurisdiction, the local law of that jurisdic…

§ 9—306. Law governing perfection and priority of security interests in letter-of-credit rights (a) Subject to subsection (c) of this section, the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfec…

§ 9—306A. Law governing perfection and priority of security interests in chattel paper (a) Except as provided in subsection (d) of this section, if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electro…

§ 9—306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles (a) Except as provided in subsection (b) of this section, the local law of the controllable electronic record’s ju…

§ 9—307. Location of debtor (a) In this section, “place of business” means a place where a debtor conducts its affairs. (b) Except as otherwise provided in this section, the following rules determine a debtor’s location: (1) A debtor who is an individual is located at the individ…

§ 9—308. When security interest or agricultural lien is perfected; continuity of perfection (a) Except as otherwise provided in this section and section 9—309 of this title, a security interest is perfected if it has attached and all of the applicable requirements for perfection …

§ 9—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 subsection 9—311(b) of this title with respect to consumer goods that ar…

§ 9—310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply (a) Except as otherwise provided in subsection (b) of this section and subsection 9—312(b) of this title, a financing…

§ 9—311. Perfection of security interests in property subject to certain statutes, regulations, and treaties (a) Except as otherwise provided in subsection (d) of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in pro…

§ 9—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, and…

§ 9—313. When possession by or delivery to secured party perfects security interest without filing (a) Except as otherwise provided in subsection (b) of this section, a secured party may perfect a security interest in goods, instruments, negotiable tangible documents, or tangible…

§ 9—314. Perfection by control (a) 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 contro…

§ 9—314A. Perfection by possession and control of chattel paper (a) 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 authoritative ele…

§ 9—315. Secured party’s rights on disposition of collateral and in proceeds (a) Except as otherwise provided in this article and in subsection 2—403(2) of this title: (1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, excha…

§ 9—316. Effect of change in governing law (a) A security interest perfected pursuant to the law of the jurisdiction designated in subdivision 9-301(1) or in subsection 9-305(c), 9—306A(d), or 9—306B(b) of this title remains perfected until the earliest of: (1) the time perfectio…

§ 9—317. Interests that take priority over or take free of security interest or agricultural lien (a) A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under section 9—322 of this title; and (2) except as otherwise provide…

§ 9—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 (a) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or …

§ 9—319. Rights and title of consignee with respect to creditors and purchasers (a) Except as otherwise provided in subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in …

§ 9—320. Buyer of goods (a) Except as otherwise provided in subsection (e) of this section, 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 selle…

§ 9—321. Licensee of general intangible and lessee of goods in ordinary course of business (a) 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 the …

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

§ 9—323. Future advances (a) Except as otherwise provided in subsection (c) of this section, for purposes of determining the priority of a perfected security interest under subdivision 9—322(a)(1) of this title, perfection of the security interest dates from the time an advance i…