§46-9-101. Short Title
Subpart 1. Short Title, Definitions, And General Concepts. §46-9-101. Short title. This article may be cited as Uniform Commercial Code-Secured Transactions.
§46-9-102. Definitions and Index of Definitions
(a) Article 9 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.
§46-9-103. 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
§46-9-103a. &Quot;production-Money Crops"; &Quot;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 particular obligation, the payment must be applied: (1) In accordance with any […]
§46-9-104. 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;
§46-9-105. 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 facts giving control: a system satisfies subsection […]
§46-9-106. Control of Investment Property
(a) Control under section 8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 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 commodity contract is carried; or
§46-9-107. 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 section 5-114(c) or otherwise applicable law or practice.
§46-9-108. Sufficiency of Description
(a) Sufficiency of description. 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) Examples of reasonable identification. Except as otherwise provided in subsection (d), a description of collateral […]
§46-9-109. Scope
§46-9-109. Scope. (a) General scope of article. -– 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;
§46-9-110. Security Interests Arising Under Article Two or Two-A
A security interest arising under section 2-401, 2-505, 2-711(3) or 2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods: (1) The security interest is enforceable, even if section 9-203(b)(3) has not been satisfied;
§46-9-201. General Effectiveness of Security Agreement
Interest; Rights Of Parties To Security Agreement. Subpart 1. Effectiveness And Attachment. §46-9-201. General effectiveness of security agreement. (a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) Applicable consumer laws and […]
§46-9-202. 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.
§46-9-203. Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites
(a) Attachment. 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) Enforceability. Except as otherwise provided in subsections (c) through (i), inclusive, of this section, a security interest is enforceable against the debtor and third parties […]
§46-9-204. After-Acquired Property; Future Advances
(a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to: (1) Consumer goods, other than an accession when given […]
§46-9-205. Use or Disposition of Collateral Permissible
(a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) The debtor has the right or ability to:
§46-9-206. Security Interest Arising in Purchase or Delivery of Financial Asset
(a) Security interest when person buys through securities intermediary. 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 the securities intermediary at […]
§46-9-207. Rights and Duties of Secured Party Having Possession or Control of Collateral
(a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), 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 includes taking necessary steps to preserve rights against prior […]
§46-9-208. Additional Duties of Secured Party Having Control of Collateral
(a) Applicability of section. 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) Duties of secured party after receiving demand from debtor. Within ten days after receiving an authenticated demand by the debtor: (1) […]
§46-9-209. Duties of Secured Party if Account Debtor Has Been Notified of Assignment
(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) There is no outstanding secured obligation; and