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 […]
Section 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 § 9-311(b) with respect to consumer goods that are subject to a statute or treaty described in § 9-311(a); (2) An assignment of accounts or payment intangibles which does not by itself or in conjunction […]
Section 9-204 – 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 property clause to: (1) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within […]
Section 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 repossessed goods; (B) Collect, compromise, enforce, or otherwise deal with collateral; (C) Accept the return of collateral or make repossessions; or (D) Use, commingle, […]
Section 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 in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and (2) The securities intermediary credits […]
Section 9-101 – Short Title
This title may be cited as the Maryland Uniform Commercial Code – Secured Transactions.
Section 9-207 – 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 paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed. (b) Except as otherwise provided in […]