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 9-322 – Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral
(a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules: (1) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the […]
Section 9-338 – Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in § 9-516(b)(5) which is incorrect at the time the financing statement is filed: (1) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of […]
Section 9-323 – Future Advances
(a) Except as otherwise provided in subsection (b), for purposes of determining the priority of a perfected security interest under § 9-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: (1) Is made while the security interest is perfected only: (A) Under […]
Section 9-339 – Priority Subject to Subordination
This title does not preclude subordination by agreement by a person entitled to priority.
Section 9-324 – Priority of Purchase-Money Security Interests
(a) Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in § 9-327, a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is […]