Effective – 01 Jul 2001 400.9-301. Law governing perfection and priority of security interests. — Except as otherwise provided in sections 400.9-303 through 400.9-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (1) Except as otherwise provided in this section, […]
Effective – 01 Jul 2001 400.9-302. Law governing perfection and priority of agricultural liens. — While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. ——– (L. 1963 p. 503 § 9-302, […]
Effective – 01 Mar 2011, 2 histories 400.9-303. Law governing perfection and priority of security interests in goods covered by certificate of title. — (a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered […]
Effective – 01 Jul 2001 400.9-304. Law governing perfection and priority of security interests in deposit accounts. — (a) The local law of a bank’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank. (b) The following rules determine a […]
Effective – 01 Jul 2001 400.9-305. Law governing perfection and priority of security interests in investment property. — (a) Except as otherwise provided in subsection (c), the following rules apply: (1) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and […]
Effective – 01 Jul 2001 400.9-306. Law governing perfection and priority of security interests in letter-of-credit rights. — (a) Subject to subsection (c), the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if […]
Effective – 28 Aug 2013 400.9-307. Location of debtor. — (a) In this section, “place of business” means a place where a debtor conducts its affairs. (b) Except as otherwise provided in this section, the following rules determine a debtor’s location: (1) A debtor who is an individual is located at the individual’s principal residence; […]
Effective – 01 Jul 2001 400.9-308. When security interests or agricultural lien is perfected — continuity of perfection. — (a) Except as otherwise provided in this section and section 400.9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 400.9-310 through 400.9-316 have been satisfied. […]
Effective – 01 Jul 2001 400.9-309. Security interest perfected upon attachment. — The following security interests are perfected when they attach: (1) A purchase-money security interest in consumer goods, except as otherwise provided in section 400.9-311(b) with respect to consumer goods that are subject to a statute or treaty described in section 400.9-311(a); (2) An […]
Effective – 01 Jul 2001 400.9-310. When filing required to perfect security interest or agricultural lien — security interests and agricultural liens to which filing provisions do not apply. — (a) Except as otherwise provided in subsection (b) and section 400.9-312(b), a financing statement must be filed to perfect all security interests and agricultural liens. […]
Effective – 28 Aug 2014, 4 histories 400.9-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties. — (a) Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: (1) A statute, regulation, or […]
Effective – 01 Jul 2001 400.9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money — perfection by permissive filing — temporary perfection without filing or transfer of possession. — (a) A security interest in chattel paper, negotiable documents, instruments, or investment property […]
Effective – 01 Jul 2001 400.9-313. When possession by or delivery to secured party perfects security interest without filing. — (a) Except as otherwise provided in subsection (b), a secured party may perfect a security interest in negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party […]
Effective – 01 Jul 2001 400.9-314. Perfection by control. — (a) A security interest in investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper may be perfected by control of the collateral under section 400.9-104, 400.9-105, 400.9-106 or 400.9-107. (b) A security interest in deposit accounts, electronic chattel paper, or letter-of-credit rights is perfected […]
Effective – 01 Jul 2001 400.9-315. Secured party’s rights on disposition of collateral and in proceeds. — (a) Except as otherwise provided in this article and in section 400.2-403(2): (1) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized in writing […]
Effective – 28 Aug 2013 400.9-316. Effect of change in governing law. — (a) A security interest perfected pursuant to the law of the jurisdiction designated in section 400.9-301(1) or 400.9-305(c) remains perfected until the earliest of: (1) The time perfection would have ceased under the law of that jurisdiction; (2) The expiration of four […]
Effective – 28 Aug 2014, 2 histories 400.9-317. Interests that take priority over or take free of security interest or agricultural lien. — (a) A security interest or agricultural lien is subordinate to the rights of: (1) A person entitled to priority under section 400.9-322; and (2) Except as otherwise provided in subsection (e), a […]
Effective – 01 Jul 2001 400.9-318. No interest retained in right to payment that is sold — rights and title of seller of account or chattel paper with respect to creditors and purchasers. — (a) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or […]
Effective – 01 Jul 2001 400.9-319. Rights and title of consignee with respect to creditors and purchasers. — (a) Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the […]
Effective – 01 Jul 2001 400.9-320. Buyer of goods. — (a) Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest […]
