Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code

§ 4-8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate - If a security certificate has been lost, apparently destroyed, or...

§ 4-8-407. Authenticating trustee, transfer agent, and registrar - A person acting as authenticating trustee, transfer agent, registrar, or...

Part 5 - Security Entitlements

§ 4-8-501. Securities account — Acquisition of security entitlement from securities intermediary - (a) “Securities account” means an account to which a financial...

§ 4-8-502. Assertion of adverse claim against entitlement holder - An action based on an adverse claim to a financial...

§ 4-8-503. Property interest of entitlement holder in financial asset held by securities intermediary - (a) To the extent necessary for a securities intermediary to...

§ 4-8-504. Duty of securities intermediary to maintain financial asset - (a) A securities intermediary shall promptly obtain and thereafter maintain...

§ 4-8-505. Duty of securities intermediary with respect to payments and distributions - (a) A securities intermediary shall take action to obtain a...

§ 4-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder - A securities intermediary shall exercise rights with respect to a...

§ 4-8-507. Duty of securities intermediary to comply with entitlement order - (a) A securities intermediary shall comply with an entitlement order...

§ 4-8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding - A securities intermediary shall act at the direction of an...

§ 4-8-509. Specification of duties of securities intermediary by other statute or regulation — Manner of performance of duties of securities intermediary and exercise of rights of entitlement holder - (a) If the substance of a duty imposed upon a...

§ 4-8-510. Rights of purchaser of security entitlement from entitlement holder - (a) In a case not covered by the priority rules...

§ 4-8-511. Priority among security interests and entitlement holders - (a) Except as otherwise provided in subsections (b) and (c),...

Part 6 - Applicability

§ 4-8-603. Savings clause - (a) This chapter does not affect an action or proceeding...

Chapter 9 - Secured Transactions

Part 1 - General Provisions

Subpart 1 - Short Title, Definitions, and General Concepts

§ 4-9-101. Short title - This chapter may be cited as Uniform Commercial Code —...

§ 4-9-102. Definitions and index of definitions - (a) In this chapter: (1) “Accession” means goods that are...

§ 4-9-103. Purchase-money security interest — Application of payments — Burden of establishing - (a) In this section: (1) “purchase-money collateral” means goods or...

§ 4-9-104. Control of deposit account - (a) A secured party has control of a deposit account...

§ 4-9-105. Control of electronic chattel paper - (a) A secured party has control of electronic chattel paper...

§ 4-9-106. Control of investment property - (a) A person has control of a certificated security, uncertificated...

§ 4-9-107. Control of letter-of-credit right - A secured party has control of a letter-of-credit right to...

§ 4-9-108. Sufficiency of description - (a) Except as otherwise provided in subsections (c), (d), and...

Subpart 2 - Applicability of Chapter

§ 4-9-109. Scope - (a) Except as otherwise provided in subsections (c) and (d)...

§ 4-9-110. Security interests arising under Chapter 2 or Chapter 2A - A security interest arising under § 4-2-401, § 4-2-505, §...

Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement

Subpart 1 - Effectiveness and Attachment

§ 4-9-201. General effectiveness of security agreement - (a) Except as otherwise provided in the Uniform Commercial Code,...

§ 4-9-202. Title to collateral immaterial - Except as otherwise provided with respect to consignments or sales...

§ 4-9-203. Attachment and enforceability of security interest — Proceeds — Supporting obligations — Formal requisites - (a) A security interest attaches to collateral when it becomes...

§ 4-9-204. After-acquired property — Future advances - (a) Except as otherwise provided in subsection (b), a security...

§ 4-9-205. Use or disposition of collateral permissible - (a) A security interest is not invalid or fraudulent against...

§ 4-9-206. Security interest arising in purchase or delivery of financial asset - (a) A security interest in favor of a securities intermediary...

Subpart 2 - Rights and Duties

§ 4-9-207. Rights and duties of secured party having possession or control of collateral - (a) Except as otherwise provided in subsection (d), a secured...

§ 4-9-208. Additional duties of secured party having control of collateral - (a) This section applies to cases in which there is...

§ 4-9-209. Duties of secured party if account debtor has been notified of assignment - (a) Except as otherwise provided in subsection (c), this section...

§ 4-9-210. Request for accounting — Request regarding list of collateral or statement of account - (a) In this section: (1) “Request” means a record of...

Part 3 - Perfection and Priority

Subpart 1 - Law Governing Perfection and Priority

§ 4-9-301. Law governing perfection and priority of security interests - Except as otherwise provided in §§ 4-9-303 — 4-9-306, the...

§ 4-9-302. Law governing perfection and priority of agricultural liens - While farm products are located in a jurisdiction, the local...

§ 4-9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title - (a) This section applies to goods covered by a certificate...

§ 4-9-304. Law governing perfection and priority of security interests in deposit accounts - (a) The local law of a bank's jurisdiction governs perfection,...

§ 4-9-305. Law governing perfection and priority of security interests in investment property - (a) Except as otherwise provided in subsection (c), the following...

§ 4-9-306. Law governing perfection and priority of security interests in letter-of-credit rights - (a) Subject to subsection (c), the local law of the...

§ 4-9-307. Location of debtor - (a) In this section, “place of business” means a place...

Subpart 2 - Perfection

§ 4-9-308. When security interest or agricultural lien is perfected — Continuity of perfection - (a) Except as otherwise provided in this section and §...

§ 4-9-309. Security interest perfected upon attachment - The following security interests are perfected when they attach: (1)...

§ 4-9-310. 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 §...

§ 4-9-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties - (a) Except as otherwise provided in subsection (d) of this...

§ 4-9-312. 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 witho... - (a) A security interest in chattel paper, negotiable documents, instruments,...

§ 4-9-313. When possession by or delivery to secured party perfects security interest without filing - (a) Except as otherwise provided in subsection (b), a secured...

§ 4-9-314. Perfection by control - (a) A security interest in investment property, deposit accounts, letter-of-credit...

§ 4-9-315. Secured party's rights on disposition of collateral and in proceeds - (a) Except as otherwise provided in this chapter and in...

§ 4-9-316. Effect of change in governing law - (a) A security interest perfected pursuant to the law of...

Subpart 3 - Priority

§ 4-9-317. Interests that take priority over or take free of security interest or agricultural lien - (a) A security interest or agricultural lien is subordinate to...

§ 4-9-318. 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,...

§ 4-9-319. Rights and title of consignee with respect to creditors and purchasers - (a) Except as otherwise provided in subsection (b), for purposes...

§ 4-9-320. Buyer of goods - (a) Except as otherwise provided in subsection (e), a buyer...

§ 4-9-321. Licensee of general intangible and lessee of goods in ordinary course of business - (a) In this section, “licensee in ordinary course of business”...

§ 4-9-322. Priorities among conflicting security interests in and agricultural liens on same collateral - (a) Except as otherwise provided in this section, priority among...

§ 4-9-323. Future advances - (a) Except as otherwise provided in subsection (c), for purposes...

§ 4-9-324. Priority of purchase-money security interests - (a) Except as otherwise provided in subsection (g), a perfected...

§ 4-9-325. Priority of security interests in transferred collateral - (a) Except as otherwise provided in subsection (b), a security...

§ 4-9-326. Priority of security interests created by new debtor - (a) Subject to subsection (b), a security interest that is...

§ 4-9-327. Priority of security interests in deposit account - The following rules govern priority among conflicting security interests in...

§ 4-9-328. Priority of security interests in investment property - The following rules govern priority among conflicting security interests in...

§ 4-9-329. Priority of security interests in letter-of-credit right - The following rules govern priority among conflicting security interests in...

§ 4-9-330. Priority of purchaser of chattel paper or instrument - (a) A purchaser of chattel paper has priority over a...

§ 4-9-331. Priority of rights of purchasers of instruments, documents, and securities under other chapters — Priority of interests in financial assets and security entitlements under Chapter 8 - (a) This chapter does not limit the rights of a...

§ 4-9-332. Transfer of money — Transfer of funds from deposit account - (a) A transferee of money takes the money free of...

§ 4-9-333. Priority of certain liens arising by operation of law - (a) In this section, “possessory lien” means an interest, other...

§ 4-9-334. Priority of security interests in fixtures and crops - (a) A security interest under this chapter may be created...

§ 4-9-335. Accessions - (a) A security interest may be created in an accession...

§ 4-9-336. Commingled goods - (a) In this section, “commingled goods” means goods that are...

§ 4-9-337. Priority of security interests in goods covered by certificate of title - If, while a security interest in goods is perfected by...

§ 4-9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information - If a security interest or agricultural lien is perfected by...

§ 4-9-339. Priority subject to subordination - This chapter does not preclude subordination by agreement by a...

Subpart 4 - Rights of Bank

§ 4-9-340. Effectiveness of right of recoupment or set-off against deposit account - (a) Except as otherwise provided in subsection (c), a bank...

§ 4-9-341. Bank's rights and duties with respect to deposit account - Except as otherwise provided in § 4-9-340(c), and unless the...

§ 4-9-342. Bank's right to refuse to enter into or disclose existence of control agreement - This chapter does not require a bank to enter into...

Part 4 - Rights of Third Parties

§ 4-9-401. Alienability of debtor's rights - (a) Except as otherwise provided in subsection (b) and §§...

§ 4-9-402. Secured party not obligated on contract of debtor or in tort - The existence of a security interest, agricultural lien, or authority...

§ 4-9-403. Agreement not to assert defenses against assignee - (a) In this section, “value” has the meaning provided in...

§ 4-9-404. Rights acquired by assignee — Claims and defenses against assignee - (a) Unless an account debtor has made an enforceable agreement...

§ 4-9-405. Modification of assigned contract - (a) A modification of or substitution for an assigned contract...

§ 4-9-406. Discharge of account debtor — Notification of assignment — Identification and proof of assignment — Restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective - (a) Subject to subsections (b)-(i), an account debtor on an...

§ 4-9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest - (a) Except as otherwise provided in subsection (b), a term...

§ 4-9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective - (a) Except as otherwise provided in subsection (b), a term...

§ 4-9-409. Restrictions on assignment of letter-of-credit rights ineffective - (a) A term in a letter of credit or a...

Part 5 - Filing

Subpart 1 - Filing Office — Contents and Effectiveness of Financing Statement

§ 4-9-501. Filing office - (a) Except as otherwise provided in subsection (b), if the...

§ 4-9-502. Contents of financing statement — Record of mortgage as financing statement — Time of filing financing statement - (a) Subject to subsection (b), a financing statement is sufficient...

§ 4-9-503. Name of debtor and secured party - (a) A financing statement sufficiently provides the name of the...

§ 4-9-504. Indication of collateral - A financing statement sufficiently indicates the collateral that it covers...

§ 4-9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions - (a) A consignor, lessor, or other bailor of goods, a...

§ 4-9-506. Effect of errors or omissions - (a) A financing statement substantially satisfying the requirements of this...

§ 4-9-507. Effect of certain events on effectiveness of financing statement - (a) A filed financing statement remains effective with respect to...

§ 4-9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement - (a) Except as otherwise provided in this section, a filed...

§ 4-9-509. Persons entitled to file a record - (a) A person may file an initial financing statement, amendment...

§ 4-9-510. Effectiveness of filed record - (a) A filed record is effective only to the extent...

§ 4-9-511. Secured party of record - (a) A secured party of record with respect to a...

§ 4-9-512. Amendment of financing statement - (a) Subject to § 4-9-509, a person may add or...

§ 4-9-513. Termination statement - (a) A secured party shall cause the secured party of...

§ 4-9-514. Assignment of powers of secured party of record - (a) Except as otherwise provided in subsection (c), an initial...

§ 4-9-515. Duration and effectiveness of financing statement — Effect of lapsed financing statement - (a) Except as otherwise provided in subsections (b), (e), (f),...

§ 4-9-516. What constitutes filing — Effectiveness of filing - (a) Except as otherwise provided in subsection (b), communication of...

§ 4-9-517. Effect of indexing errors - The failure of the filing office to index a record...

§ 4-9-518. Claim concerning inaccurate or wrongfully filed record - (a) A person may file in the filing office an...

Subpart 2 - Duties and Operation of Filing Office

§ 4-9-519. Numbering, maintaining, and indexing records — Communicating information provided in records - (a) For each record filed in a filing office, the...

§ 4-9-520. Acceptance and refusal to accept record - (a) A filing office shall refuse to accept a record...

§ 4-9-521. Uniform form of written financing statement and amendment - (a) A filing office that accepts written records may not...

§ 4-9-522. Maintenance and destruction of records - (a) The filing office shall maintain a record of the...

§ 4-9-523. Information from filing office — Sale or license of records - (a) If a person that files a written record requests...

§ 4-9-524. Delay by filing office - Delay by the filing office beyond a time limit prescribed...

§ 4-9-525. Fees - (a) Except as otherwise provided in subsection (e), the fee...

§ 4-9-526. Filing office rules - (a) The Secretary of State shall adopt and publish rules...

§ 4-9-527. Duty to report - The Secretary of State shall report annually on or before...

§ 4-9-528. Methods of payment - (a) As used in this section: (1) “Prepaid account” means...

§ 4-9-529. Unauthorized financing statement filings — Procedures — Remedies - (a) An individual, representative of an organization, or other lender...

Part 6 - Default

Subpart 1 - Default and Enforcement of Security Interest

§ 4-9-601. Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes - (a) After default, a secured party has the rights provided...

§ 4-9-602. Waiver and variance of rights and duties - Except as otherwise provided in § 4-9-624, to the extent...

§ 4-9-603. Agreement on standards concerning rights and duties - (a) The parties may determine by agreement the standards measuring...

§ 4-9-604. Procedure if security agreement covers real property or fixtures - (a) If a security agreement covers both personal and real...

§ 4-9-605. Unknown debtor or secondary obligor - A secured party does not owe a duty based on...

§ 4-9-606. Time of default for agricultural lien - For purposes of this part, a default occurs in connection...

§ 4-9-607. Collection and enforcement by secured party - (a) If so agreed, and in any event after default,...

§ 4-9-608. Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus - (a) If a security interest or agricultural lien secures payment...

§ 4-9-609. Secured party's right to take possession after default - (a) After default, a secured party: (1) may take possession...

§ 4-9-610. Disposition of collateral after default - (a) After default, a secured party may sell, lease, license,...

§ 4-9-611. Notification before disposition of collateral - (a) In this section, “notification date” means the earlier of...

§ 4-9-612. Timeliness of notification before disposition of collateral - (a) Except as otherwise provided in subsection (b), whether a...

§ 4-9-613. Contents and form of notification before disposition of collateral: General - Except in a consumer-goods transaction, the following rules apply: (1)...

§ 4-9-614. Contents and form of notification before disposition of collateral: Consumer-goods transaction - In a consumer-goods transaction, the following rules apply: (1) A...

§ 4-9-615. Application of proceeds of disposition — Liability for deficiency and right to surplus - (a) A secured party shall apply or pay over for...

§ 4-9-616. Explanation of calculation of surplus or deficiency - (a) In this section: (1) “Explanation” means a writing that:...

§ 4-9-617. Rights of transferee of collateral - (a) A secured party's disposition of collateral after default: (1)...

§ 4-9-618. Rights and duties of certain secondary obligors - (a) A secondary obligor acquires the rights and becomes obligated...

§ 4-9-619. Transfer of record or legal title - (a) In this section, “transfer statement” means a record authenticated...

§ 4-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral - (a) Except as otherwise provided in subsection (g), a secured...

§ 4-9-621. Notification of proposal to accept collateral - (a) A secured party that desires to accept collateral in...

§ 4-9-622. Effect of acceptance of collateral - (a) A secured party's acceptance of collateral in full or...

§ 4-9-623. Right to redeem collateral - (a) A debtor, any secondary obligor, or any other secured...

§ 4-9-624. Waiver - (a) A debtor or secondary obligor may waive the right...

Subpart 2 - Noncompliance with Chapter

§ 4-9-625. Remedies for secured party's failure to comply with chapter - (a) If it is established that a secured party is...

§ 4-9-626. Action in which deficiency or surplus is in issue - (a) In an action arising from a transaction, other than...

§ 4-9-627. Determination of whether conduct was commercially reasonable - (a) The fact that a greater amount could have been...

§ 4-9-628. Nonliability and limitation on liability of secured party — Liability of secondary obligor - (a) Unless a secured party knows that a person is...

Part 7 - Transition

§ 4-9-701. Effective date - Acts 2001, No. 1439, takes effect on July 1, 2001.

§ 4-9-702. Savings clause - (a) Except as otherwise provided in this part, Acts 2001,...

§ 4-9-703. Security interest perfected before effective date - (a) A security interest that is enforceable immediately before Acts...

§ 4-9-704. Security interest unperfected before effective date - A security interest that is enforceable immediately before this act...

§ 4-9-705. Effectiveness of action taken before effective date - (a) If action, other than the filing of a financing...

§ 4-9-706. When initial financing statement suffices to continue effectiveness of financing statement - (a) The filing of an initial financing statement in the...

§ 4-9-707. Amendment of pre-effective-date financing statement - (a) In this section, “pre-effective-date financing statement” means a financing...

§ 4-9-708. Persons entitled to file initial financing statement or continuation statement - A person may file an initial financing statement or a...

§ 4-9-709. Priority - (a) This act determines the priority of conflicting claims to...

Part 8 - Transition Provisions for 2010 Amendments

§ 4-9-801. Effective date - This act takes effect on July 1, 2013.

§ 4-9-802. Savings clause - (a) Except as otherwise provided in this part, this act...

§ 4-9-803. Security interest perfected before effective date - (a) A security interest that is a perfected security interest...

§ 4-9-804. Security interest unperfected before effective date - A security interest that is an unperfected security interest immediately...

§ 4-9-805. Effectiveness of action taken before effective date - (a) The filing of a financing statement before this act...

§ 4-9-806. When initial financing statement suffices to continue effectiveness of financing statement - (a) The filing of an initial financing statement in the...

§ 4-9-807. Amendment of pre-effective-date financing statement - (a) In this section, “pre-effective-date financing statement” means a financing...

§ 4-9-808. Persons entitled to file initial financing statement or continuation statement - A person may file an initial financing statement or a...

§ 4-9-809. Priority - This act determines the priority of conflicting claims to collateral....

Chapter 10 - Effective Date and Repealer

§ 4-10-101. Effective date - This subtitle shall become effective at midnight on December 31,...

§ 4-10-102. Specific repealer and amendments — Provision for transition - (1) The following statutes are hereby repealed: (2) All the...

§ 4-10-103. General repealer - Except as provided in the following section, all acts and...

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Arkansas Code Title 4 - Business and Commercial Law Subtitle 1 - Uniform Commercial Code

Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code