Section 9-602 – Waiver and Variance of Rights and Duties
Except as otherwise provided in § 9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) § 9-207(b)(4)(C), which deals with use and operation of the collateral by […]
Section 9-512 – Amendment of Financing Statement
(a) Subject to § 9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that: (1) Identifies, by its file number, the initial financing statement to which the amendment relates; and (2) If the […]
Section 9-513 – Termination Statement
(a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (1) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or […]
Section 9-514 – Assignment of Powers of Secured Party of Record
(a) Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party. (b) Except as otherwise provided in subsection […]
Section 9-515 – Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement
(a) Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five years after the date of filing. (b) Except as otherwise provided in subsections (e), (f), and (g), an initial financing statement filed in connection with a public–finance transaction or manufactured–home transaction is effective for […]
Section 9-501 – Filing Office
(a) Except as otherwise provided in subsection (b), if the local law of this State governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: (1) The office designated for the filing or recording of a record of a mortgage […]
Section 9-501.1 – Filing False Financing Statement Prohibited
(a) (1) In this section, “filing office” means an office described in § 9–501(a). (2) “Filing office” includes the State Department of Assessments and Taxation. (b) This section does not apply to a financing statement that is a mortgage or deed of trust. (c) A person may not cause to be filed or recorded under this title a financing statement […]
Section 9-502 – Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement
(a) Subject to subsection (b), a financing statement is sufficient only if it: (1) Provides the name of the debtor; (2) Provides the name of the secured party or a representative of the secured party; and (3) Indicates the collateral covered by the financing statement. (b) Except as otherwise provided in § 9–501(b), to be sufficient, a financing statement that […]
Section 9-503 – Name of Debtor and Secured Party
(a) A financing statement sufficiently provides the name of the debtor: (1) Except as otherwise provided in paragraph (3), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization’s name on […]
Section 9-340 – Effectiveness of Right of Recoupment or Set-Off Against Deposit Account
(a) Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (b) Except as otherwise provided in subsection (c), the application of this article to a security interest in a […]