§ 9—101. Short title

§ 9—101. Short title This article may be cited as Uniform Commercial Code—Secured Transactions. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

§ 9—102. Definitions and index of definitions

§ 9—102. Definitions and index of definitions (a) In this article: (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 […]

§ 9—103. Purchase-money security interest; application of payments; burden of establishing

§ 9—103. Purchase-money security interest; application of payments; burden of establishing (a) In this section: (1) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (2) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for […]

§ 9—103A. “Production-money crops”; “production-money obligation”; “production-money security interest”; burden of establishing

§ 9—103A. “Production-money crops”; “production-money obligation”; “production-money security interest”; burden of establishing (a) A security interest in crops is a production-money security interest to the extent that the crops are production-money crops. (b) If the extent to which a security interest is a production-money security interest depends on the application of a payment to a […]

§ 9—104. Control of deposit account

§ 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 […]

§ 9—105. Control of electronic chattel paper

§ 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) of this section […]

§ 9—106. Control of investment property

§ 9—106. Control of investment property (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 8—106 of this title. (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 […]

§ 9—107. Control of letter-of-credit right

§ 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 subsection 5—114(c) of this […]

§ 9—108. Sufficiency of description in a security agreement

§ 9—108. Sufficiency of description in a security agreement (a) Except as otherwise provided in subsections (c), (d), and (e) of this section, 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) of this […]

§ 9—109. Scope

§ 9—109. Scope (a) Except as otherwise provided in subsections (c) and (d) of this section, this article 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; […]

§ 9—110. Security interests arising under Article 2 or 2a

§ 9—110. Security interests arising under Article 2 or 2a A security interest arising under section 2—401, or 2—505, or subsection 2—711(3) or 2A—508(5) of this title is subject to this article. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if subdivision 9—203(b)(3) of this title has […]

§ 9—201. General effectiveness of security agreement

§ 9—201. General effectiveness of security agreement (a) Except as otherwise provided in this title, 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 article is subject to any applicable rule of law which establishes a different rule […]

§ 9—202. Title to collateral immaterial

§ 9—202. Title to collateral immaterial Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. (Added 1999, No. 106 (Adj. Sess.), […]

§ 9—203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites

§ 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) of this section, a […]

§ 9—204. After-acquired property; future advances

§ 9—204. After-acquired property; future advances (a) Except as otherwise provided in subsection (b) of this section, 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 […]

§ 9—205. Use or disposition of collateral permissible

§ 9—205. Use or disposition of collateral permissible (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 deal with […]

§ 9—206. Security interest arising in purchase or delivery of financial asset

§ 9—206. Security interest arising in purchase or delivery of 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 price to […]

§ 9—207. Rights and duties of secured party having possession or control of collateral

§ 9—207. Rights and duties of secured party having possession or control of collateral (a) Except as otherwise provided in subsection (d) of this section, 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 […]

§ 9—208. Additional duties of secured party having control of collateral

§ 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 10 days after receiving an authenticated demand by the debtor: (1) a […]

§ 9—209. Duties of secured party if account debtor has been notified of assignment

§ 9—209. Duties of secured party if account debtor has been notified of assignment (a) Except as otherwise provided in subsection (c) of this section, 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 […]