Section 507 – Effect of certain events on effectiveness of financing statement.
70A-9a-507. Effect of certain events on effectiveness of financing statement. (1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. (2) Except […]
Section 508 – Effectiveness of financing statement if new debtor becomes bound by security agreement.
70A-9a-508. Effectiveness of financing statement if new debtor becomes bound by security agreement. (1) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would […]
Section 509 – Persons entitled to file a record.
70A-9a-509. Persons entitled to file a record. (1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: (a) the debtor authorizes the filing in an authenticated record or pursuant to Subsection (2) or (3); or […]
Section 510 – Effectiveness of filed record.
Effective 5/12/2015 70A-9a-510. Effectiveness of filed record. (1) A filed record is effective only to the extent that it was filed by a person that may file it under Section 70A-9a-509 or by the filing office under Section 70A-9a-513.5. (2) A record authorized by one secured party of record does not affect the financing statement […]
Section 511 – Secured party of record.
70A-9a-511. Secured party of record. (1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under […]
Section 512 – Amendment of financing statement.
70A-9a-512. Amendment of financing statement. (1) Subject to Section 70A-9a-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to Subsection (5), otherwise amend the information provided in, a financing statement by filing an amendment that: (a) identifies, by its file number, the initial financing statement to […]
Section 406 – Discharge of account debtor — Notification of assignment — Identification and proof of assignment — Restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.
70A-9a-406. Discharge of account debtor — Notification of assignment — Identification and proof of assignment — Restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. (1) Subject to Subsections (2) through (9), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the […]
Section 407 – Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest.
70A-9a-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest. (1) Except as otherwise provided in Subsection (2), a term in a lease agreement is ineffective to the extent that it: (a) prohibits, restricts, or requires the consent of a party to the lease to the assignment or […]
Section 408 – Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
70A-9a-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. (1) Except as otherwise provided in Subsection (2), 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 […]
Section 409 – Restrictions on assignment of letter-of-credit rights ineffective.
70A-9a-409. Restrictions on assignment of letter-of-credit rights ineffective. (1) 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 […]