Section 57A-9-101 – Short title.
57A-9-101. Short title. This chapter may be cited as Uniform Commercial Code–Secured Transactions. Source: SL 2000, ch 231.
Section 57A-9-102 – Definitions and index of definitions.
57A-9-102. Definitions and index of definitions. (a) In this chapter: (1)”Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2)”Account,” except as used in “account for,” means a right to payment of a monetary obligation, whether or not earned by […]
Section 57A-9-103 – Purchase money security interest–Application of payments–Burden of establishing nature of interest.
57A-9-103. Purchase money security interest–Application of payments–Burden of establishing nature of interest. (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 […]
Section 57A-9-104 – Control of deposit account.
57A-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 […]
Section 57A-9-105 – Control of electronic chattel paper.
57A-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) and a secured party […]
Section 57A-9-106 – Control of security, security settlement, or commodity contract.
57A-9-106. Control of security, security settlement, or commodity contract. (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in §57A-8-106. (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 […]
Section 57A-9-107 – Control of letter-of-credit right.
57A-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 §57A-5-114(c) or otherwise applicable law […]
Section 57A-9-108 – Sufficiency of description of property.
57A-9-108. Sufficiency of description of property. (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 […]
Section 57A-9-109 – Application of chapter.
57A-9-109. Application of chapter. (a) Except as otherwise provided in subsections (c) and (d), this chapter 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 […]
Section 57A-9-110 – Provisions governing security interests arising under other sections.
57A-9-110. Provisions governing security interests arising under other sections. A security interest arising under §57A-2-401, 57A-2-505, 57A-2-711(3), or 57A-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods: (1)The security interest is enforceable, even if §57A-9-203(b)(3) has not been satisfied; (2)Filing is not required to perfect the security interest; (3)The […]
Section 57A-9-201 – Effectiveness of security interest in general–Applicability of other laws–Conflict of law.
57A-9-201. Effectiveness of security interest in general–Applicability of other laws–Conflict of law. (a) Except as otherwise provided in the Uniform Commercial Code, 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 chapter is subject to any applicable rule […]
Section 57A-9-202 – Immateriality of title to collateral.
57A-9-202. Immateriality of title to collateral. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. Source: SL 2000, ch 231.
Section 57A-9-203 – Attachment and enforceability of security interest–Proceeds–Supporting obligations–Formal requisites
57A-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 […]
Section 57A-9-204 – Interest in after-acquired collateral.
57A-9-204. Interest in after-acquired collateral. (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 […]
Section 57A-9-204.1 – Attachment of security interest in transactions entered into between June 30, 1978, and July 1, 1979.
57A-9-204.1. Attachment of security interest in transactions entered into between June 30, 1978, and July 1, 1979. In transactions entered into after June 30, 1978, and prior to July 1, 1979, whereby the intent of the transaction was to create a security interest pursuant to this title, that security interest shall be deemed to have […]
Section 57A-9-205 – Effect of debtor’s right to use or dispose of collateral–Requirement of possession.
57A-9-205. Effect of debtor’s right to use or dispose of collateral–Requirement of possession. (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 […]
Section 57A-9-206 – Interest in favor of securities intermediary–Interest in favor of person who delivers financial asset.
57A-9-206. Interest in favor of securities intermediary–Interest in favor of person who delivers 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 […]
Section 57A-9-207 – Rights and duties of secured party having possession or control of collateral.
57A-9-207. Rights and duties of secured party having possession or control of collateral. (a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps […]
Section 57A-9-208 – Additional duties of secured party having control of collateral.
57A-9-208. Additional duties of secured party having control of collateral. (a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within ten days after receiving an authenticated demand by the debtor: (1)A secured party […]
Section 57A-9-209 – Secured party’s obligation to release account debtor that has received note of assignment.
57A-9-209. Secured party’s obligation to release account debtor that has received note 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 […]