Section 9-405 – Modification of Assigned Contract
(a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through […]
Section 9-406 – Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Term Prohibiting Assignment Ineffective
(a) Subject to subsections (b) through (j), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has been assigned and […]
Section 9-407 – Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor’s Residual Interest
(a) Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) Prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party […]
Section 9-408 – Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective
(a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health–care–insurance receivable or a general intangible, including a contract, permit, license, or franchise, and which term prohibits, restricts, or requires the consent of the person obligated on […]
Section 9-409 – Restrictions on Assignment of Letter-of-Credit Rights Ineffective
(a) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary’s assignment of or creation of a security interest in a letter-of-credit right is ineffective to […]
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 […]