Title 09A, Title 09A: Uniform Commercial Code

§ 8—502. Assertion of adverse claim against entitlement holder An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entit…

§ 8—503. Property interest of entitlement holder in financial asset held by securities intermediary (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset h…

§ 8—504. Duty of securities intermediary to maintain financial asset (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlem…

§ 8—505. Duty of securities intermediary with respect to payments and distributions (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) the securities int…

§ 8—506. Duty of securities intermediary to exercise rights as directed by entitlement holder A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (1) the …

§ 8—507. Duty of securities intermediary to comply with entitlement order (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure it…

§ 8—508. Duty of securities intermediary to change entitlement holder’s position to other form of security holding A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the e…

§ 8—509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder (a) If the substance of a duty imposed upon a securities intermediary by sections 8—…

§ 8—510. Rights of purchaser of security entitlement from entitlement holder (a) In a case not covered by the priority rules in Article 9 of this title or the rules stated in subdivision (c) of this section, an action based on an adverse claim to a financial asset or security ent…

§ 8—511. Priority among security interests and entitlement holders (a) Except as otherwise provided in subsections (b) and (c) of this section, if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entit…

§ 9—101. Short title This article may be cited as Uniform Commercial Code—Secured Transactions. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

§ 9—102. Definitions and index of definitions (a) In this article: (1) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2) “Account,” except as used in “account for,” “account statement,” “a…

§ 9—103. Purchase-money security interest; application of payments; burden of establishing (a) In this section: (1) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (2) “Purchase-money obligatio…

§ 9—103A. “Production-money crops”; “production-money obligation”; “production-money security interest”; burden of establishing (a) A security interest in crops is a production-money security interest to the extent that the crops are production-money crops. (b) If the extent to w…

§ 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…