70A-9a-102.1. Definitions from other chapters. (1) “Control” as provided in Section 70A-7a-106 and the following definitions in other chapters of this title apply to this chapter: (a) “Applicant” Section 70A-5-102. (b) “Beneficiary” Section 70A-5-102. (c) “Broker” Section 70A-8-101. (d) “Certificated security” Section 70A-8-101. (e) “Check” Section 70A-3-104. (f) “Clearing corporation” Section 70A-8-101. (g) “Contract for […]
70A-9a-103. Purchase-money security interest — Application of payments — Burden of establishing. (1) In this section: (a) “purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (b) “purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral […]
70A-9a-104. Control of deposit account. (1) A secured party has control of a deposit account if: (a) the secured party is the bank with which the deposit account is maintained; (b) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party […]
70A-9a-105. Control of electronic chattel paper. (1) A secured party has control of electronic chattel paper if a system employed by evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to whom the chattel paper was assigned. (2) A system satisfies Subsection (1) if the record or […]
70A-9a-106. Control of investment property. (1) A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 70A-8-105. (2) A secured party has control of a commodity contract if: (a) the secured party is the commodity intermediary with which the commodity contract is carried; or (b) the commodity customer, […]
70A-9a-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 Subsection 70A-5-114(3) or otherwise applicable […]
70A-9a-108. Sufficiency of description. (1) Except as otherwise provided in Subsections (3), (4), and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2) Except as otherwise provided in Subsection (4), a description of collateral reasonably identifies the collateral if it […]
70A-9a-109. Scope. (1) Except as otherwise provided in Subsections (3) and (4), this chapter applies to: (a) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (b) an agricultural lien; (c) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (d) a consignment; (e) […]
70A-9a-110. Security interests arising under Chapter 2 or 2a. A security interest arising under Section 70A-2-401 or 70A-2-505, or Subsection 70A-2-711(3) or 70A-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 Subsection 70A-9a-203(2)(c) has not been satisfied; (2) filing is not […]
