Section 9-317 – Interests That Take Priority Over or Take Free of Unperfected 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 § 9–322; and (2) Except as provided in subsection (e), a person that becomes a lien creditor before the earlier of the time: (A) The security interest or agricultural lien is perfected; or (B) One of the conditions specified in […]
Section 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.
Section 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 equitable interest in the collateral sold. (b) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel […]
Section 9-303 – Law Governing Perfection and Priority of Security Interests in Goods Covered by 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 are covered and the goods or the debtor. (b) Goods become covered by a certificate of title when a valid application for the certificate of title and the […]
Section 9-319 – Rights and Title of Consignee With Respect to Creditors and Purchasers
(a) Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had […]
Section 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 bank. (b) The following rules determine a bank’s jurisdiction for purposes of this subtitle: (1) If an agreement between the bank and its customer governing the deposit account […]
Section 9-305 – Law Governing Perfection and Priority of Security Interests in Investment Property
(a) Except as otherwise provided in subsection (c), the following rules apply: (1) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in the certificated security represented thereby. (2) The local law of the issuer’s jurisdiction as […]
Section 9-306 – 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 a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state. (b) For purposes of this part, an issuer’s jurisdiction or […]
Section 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 individual’s principal residence. (2) A debtor that is an organization and has only one place of business […]
Section 9-308 – When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
(a) Except as otherwise provided in this section and § 9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in §§ 9-310 through 9-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches. (b) An […]