Section 321 – Licensee of general intangible and lessee of goods in ordinary course of business.
70A-9a-321. Licensee of general intangible and lessee of goods in ordinary course of business. (1) In this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in […]
Section 322 – Priorities among conflicting security interests in and agricultural liens on same collateral.
70A-9a-322. Priorities among conflicting security interests in and agricultural liens on same collateral. (1) 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: (a) Conflicting perfected security interests and agricultural liens rank according to priority in time of […]
Section 323 – Future advances.
70A-9a-323. Future advances. (1) Except as otherwise provided in Subsection (3), for purposes of determining the priority of a perfected security interest under Subsection 70A-9a-322(1)(a), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: (a) is made while the security […]
Section 324 – Priority of purchase-money security interests.
70A-9a-324. Priority of purchase-money security interests. (1) Except as otherwise provided in Subsection (7), 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 Section 70A-9a-327, a perfected security interest in its identifiable proceeds also has […]
Section 325 – Priority of security interests in transferred collateral.
70A-9a-325. Priority of security interests in transferred collateral. (1) Except as otherwise provided in Subsection (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (a) the debtor acquired the collateral subject to the security interest created by the other person; (b) […]
Section 326 – Priority of security interests created by new debtor.
70A-9a-326. Priority of security interests created by new debtor. (1) Subject to Subsection (2), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for […]
Section 316 – Effect of change in governing law.
70A-9a-316. Effect of change in governing law. (1) A security interest perfected pursuant to the law of the jurisdiction designated in Subsection 70A-9a-301(1) or 70A-9a-305(3) remains perfected until the earliest of: (a) the time perfection would have ceased under the law of that jurisdiction; (b) the expiration of four months after a change of the […]
Section 307 – Location of debtor.
70A-9a-307. Location of debtor. (1) In this section, “place of business” means a place where a debtor conducts its affairs. (2) Except as otherwise provided in this section, the following rules determine a debtor’s location: (a) A debtor who is an individual is located at the individual’s principal residence. (b) A debtor that is an […]
Section 308 – When security interest or agricultural lien is perfected — Continuity of perfection.
70A-9a-308. When security interest or agricultural lien is perfected — Continuity of perfection. (1) Except as otherwise provided in this section and Section 70A-9a-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sections 70A-9a-310 through 70A-9a-316 have been satisfied. A security interest is perfected when […]
Section 309 – Security interest perfected upon attachment.
70A-9a-309. Security interest perfected upon attachment. The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in Subsection 70A-9a-311(2) with respect to consumer goods that are subject to a statute or treaty described in Subsection 70A-9a-311(1); (2) an assignment of accounts or payment intangibles […]