Title 34.1, Title 34.1 — Uniform Commercial Code

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 itself tha…

Duty of securities intermediary to change entitlement holder's position to other form of security holding. (a) 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 entit…

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 W.S. 34.1-8-504 thr…

Rights of purchaser of security entitlement from entitlement holder. (a) In a case not covered by the priority rules in article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion,…

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 entitlement h…

Effective date. The act revising article 8 and adopting conforming amendments to articles 1, 4, 5, 9 and 10, hereafter referred to in this Part as "this act" is effective July 1, 1996.

Repeals. This act repeals the Uniform Act for Simplification of Fiduciary Security Transfers.

Savings clause. (a) This act does not affect an action or proceeding commenced before this act takes effect. (b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfe…

(b) With respect to goods covered by a certificate of title issued by this state, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in section 34.1-9-316(d). (c) With respect to collateral other than…

Short title. This article may be cited as Uniform Commercial Code-Secured Transactions.

Definitions and index of definitions. (a) In this article: (i) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost; (ii) "Account", except as used in "account for", means a right to payment of a …

Purchase-money security interest; application of payments; burden of establishing. (a) In this section: (i) "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (ii) "Purchase-money obligation" …

"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 which a secu…

Control of deposit account. (a) A secured party has control of a deposit account if: (i) The secured party is the bank with which the deposit account is maintained; (ii) The debtor, secured party and bank have agreed in an authenticated record that the bank will comply with instr…

Control of electronic chattel paper. (a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interest in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (b) A s…

Control of investment property. (a) A person has control of a certificated security, uncertificated security or security entitlement as provided in section 34.1-8-106. (b) A secured party has control of a commodity contract if: (i) The secured party is the commodity intermediary …

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 of cred…

Sufficiency of description. (a) Except as otherwise provided in subsections (c), (d) and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Except as otherwise provided in subsection (d)…

Scope. (a) Except as otherwise provided in subsections (c) and (d), this article applies to: (i) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (ii) An agricultural lien; (iii) A sale of accounts, chattel pape…

Security interests arising under article 2 or 2A. (a) A security interest arising under section 34.1-2-401, 34.1-2-505, 34.1-2-711(c) or 34.1-2A-508(e) is subject to this article. However, until the debtor obtains possession of the goods: (i) The security interest is enforceable,…

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 article is sub…

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 is in the…

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 the time …

After-acquired property; future advances. (a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) A security interest does not attach under a term constituting an after-acquired prope…

Use or disposition of collateral permissible. (a) A security interest is not invalid or fraudulent against creditors solely because: (i) The debtor has the right or ability to: (A) Use, commingle or dispose of all or part of the collateral, including returned or repossessed goods…

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: (i) The person buys a financial asset through the securities intermediary in a transaction in which …

Rights and duties of secured party having possession or control of collateral. (a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel pap…

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 ten (10) days afte…

Duties of secured party if account debtor has been notified of assignment. (a) Except as otherwise provided in subsection (c), this section applies if: (i) There is no outstanding secured obligation; and (ii) The secured party is not committed to make advances, incur obligations …

Request for accounting; request regarding list of collateral or statement of account. (a) In this section: (i) "Request" means a record of a type described in paragraph (ii), (iii) or (iv); (ii) "Request for an accounting" means a record authenticated by a debtor requesting that …

Law governing perfection and priority of security interests. (a) Except as otherwise provided in sections 34.1-9-303 through 34.1-9-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest …

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.

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 the goods …

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 bank. (b) T…

Law governing perfection and priority of security interests in investment property. (a) Except as otherwise provided in subsection (c), the following rules apply: (i) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection,…

Law governing perfection and priority of security interests in letter-of-credit rights. (a) Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of…

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: (i) A debtor who is an individual is located at the individual's pr…

When security interest or agricultural lien is perfected; continuity of perfection. (a) Except as otherwise provided in this section and section 34.1-9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 34.1-…

Security interest perfected upon attachment. (a) The following security interests are perfected when they attach: (i) A purchase-money security interest in consumer goods, except as otherwise provided in section 34.1-9-311(b) with respect to consumer goods that are subject to a s…

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) and section 34.1-9-312(b), a financing statement must be filed to perfect …

Perfection of security interests in property subject to certain statutes, regulations and treaties. (a) Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: (i) A s…

Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. (a) A s…

When possession by or delivery to secured party perfects security interest without filing. (a) Except as otherwise provided in subsection (b), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money or tangible chattel paper by …

Perfection by control. (a) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under section 34.1-7-106, 34.1-9-104, 34.1-9-105, 34.1-9-106 or 34.1-9-…

Secured party's rights on disposition of collateral and in proceeds. (a) Except as otherwise provided in this article and in section 34.1-2-403(b): (i) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposi…

Effect of change in governing law. (a) A security interest perfected pursuant to the law of the jurisdiction designated in section 34.1-9-301(a)(i) or 34.1-9-305(c) remains perfected until the earliest of: (i) The time perfection would have ceased under the law of that jurisdicti…