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 […]
Section 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 title with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
Section 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 the time of attachment. (b) Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the collateral only if: (1) Value […]
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 […]