Section 7-9A-101 – Short Title.

Section 7-9A-101 Short title. This article may be cited as Uniform Commercial Code-Secured Transactions. (Act 2001-481, p. 647, §1.)

Section 7-9A-102 – Definitions and Index of Definitions.

Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. 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 […]

Section 7-9A-103 – Purchase-Money Security Interest; Application of Payments; Burden of Establishing.

Section 7-9A-103 Purchase-money security interest; application of payments; burden of establishing. (a) Definitions. In this section: (1) “purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (2) “purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral […]

Section 7-9A-104 – Control of Deposit Account.

Section 7-9A-104 Control of deposit account. (a) Requirements for control. 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 […]

Section 7-9A-105 – Control of Electronic Chattel Paper.

Section 7-9A-105 Control of electronic chattel paper. (a) General rule: control of electronic chattel paper. 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) Specific […]

Section 7-9A-106 – Control of Investment Property.

Section 7-9A-106 Control of investment property. (a) Control under Section 7-8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 7-8-106. (b) Control of commodity contract. A secured party has control of a commodity contract if: (1) the secured party is the commodity intermediary with which the […]

Section 7-9A-107 – Control of Letter-of-Credit Right.

Section 7-9A-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 Section 7-5-114(c) or otherwise […]

Section 7-9A-108 – Sufficiency of Description.

Section 7-9A-108 Sufficiency of description. (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Examples of reasonable identification. Except as otherwise provided in subsection (d), a description […]