Section 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; and (2) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use […]
Section 9-209 – Duties of Secured Party if Account Debtor Has Been Notified of Assignment
(a) Except as otherwise provided in subsection (c), this section applies if: (1) There is no outstanding secured obligation; and (2) The secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within 10 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has […]
Section 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 an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit […]
Section 9-105 – Control of Electronic Chattel Paper
(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (b) A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, […]
Section 9-106 – Control of Investment Property
(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8-106 of this article. (b) A secured party has control of a commodity contract if: (1) The secured party is the commodity intermediary with which the commodity contract is carried; or (2) The commodity customer, secured party, and commodity intermediary have […]
Section 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 of credit under § 5-114(c) of this article or otherwise applicable law or […]
Section 9-108 – 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), a description of collateral reasonably identifies the collateral if it identifies the collateral by: (1) Specific listing; […]
Section 9-109 – Scope
(a) Except as otherwise provided in subsections (c) and (d), this title 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 accounts, chattel paper, payment intangibles, or promissory notes; (4) A consignment; (5) A security interest arising under § 2–401, § […]
Section 9-110 – Security Interests Arising Under Title 2 or 2a
A security interest arising under § 2-401, § 2-505, § 2-711(3), or § 2A-508(5) of this article is subject to this title. However, until the debtor obtains possession of the goods: (1) The security interest is enforceable, even if § 9-203(b)(3) has not been satisfied; (2) Filing is not required to perfect the security interest; (3) The rights […]
Section 9-201 – General Effectiveness of Security Agreement
(a) Except as otherwise provided by Titles 1 through 10 of this article, 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 title may also be subject to other statutes or regulations which establish different rules for consumers, including other […]