Section 801 – Savings clause.
70A-9a-801. Savings clause. (1) Except as otherwise provided in this part, Laws of Utah 2013, Chapter 225 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013. (2)Laws of Utah 2013, Chapter 225 does not affect an action, case, or proceeding […]
Section 701 – Effective date — Terminology.
70A-9a-701. Effective date — Terminology. (1) This act takes effect on July 1, 2001. (2) References in this part to “former Chapter 9” are to Chapter 9, Secured Transactions – Sales of Accounts, Contract Rights and Chattel Paper, as in effect on June 30, 2001. Enacted by Chapter 252, 2000 General Session
Section 703 – Security interest perfected before effective date.
70A-9a-703. Security interest perfected before effective date. (1) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements […]
Section 704 – Security interest unperfected before effective date.
70A-9a-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for one year after this act takes effect; (2) remains enforceable […]
Section 705 – Effectiveness of action taken before effective date.
70A-9a-705. Effectiveness of action taken before effective date. (1) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable […]
Section 706 – When initial financing statement suffices to continue effectiveness of financing statement.
70A-9a-706. When initial financing statement suffices to continue effectiveness of financing statement. (1) The filing of an initial financing statement in the office specified in Section 70A-9a-501 continues the effectiveness of a financing statement filed before this act takes effect if: (a) the filing of an initial financing statement in that office would be effective […]
Section 619 – Transfer of record or legal title.
70A-9a-619. Transfer of record or legal title. (1) In this section, “transfer statement” means a record authenticated by a secured party stating: (a) that the debtor has defaulted in connection with an obligation secured by specified collateral; (b) that the secured party has exercised its post-default remedies with respect to the collateral; (c) that, by […]
Section 620 – Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral.
70A-9a-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral. (1) Except as otherwise provided in Subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a) the debtor consents to the acceptance under Subsection (3); (b) the secured […]
Section 621 – Notification of proposal to accept collateral.
70A-9a-621. Notification of proposal to accept collateral. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of […]
Section 622 – Effect of acceptance of collateral.
70A-9a-622. Effect of acceptance of collateral. (1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (a) discharges the obligation to the extent consented to by the debtor; (b) transfers to the secured party all of a debtor’s rights in the collateral; (c) discharges the security interest or […]