(1) No security agreement is necessary to make the security interest enforceable (section 4-9-203 (b)(3)(A));
(2) No filing is required to perfect the security interest; and
(3) The security interest has priority over conflicting perfected security interests in the item, accompanying documents, or proceeds.
Source: L. 94: Entire article amended with relocations, p. 891, § 2, effective January 1, 1995. L. 2001: (c)(1) amended, p. 1441, § 27, effective July 1. L. 2006: IP(c) amended, p. 497, § 27, effective September 1.
Editor's note: This section is similar to former § 4-4-208 as it existed prior to 1994, and the former § 4-4-210 was relocated to § 4-4-212.
Structure Colorado Code
Title 4 - Uniform Commercial Code
Article 4 - Bank Deposits and Collections
Part 2 - Collection of Items - Depositary and Collecting Banks
§ 4-4-202. Responsibility for Collection or Return - When Action Timely
§ 4-4-203. Effect of Instructions
§ 4-4-204. Methods of Sending and Presenting - Sending Directly to Payor Bank
§ 4-4-205. Depositary Bank Holder of Unindorsed Item
§ 4-4-206. Transfer Between Banks
§ 4-4-207. Transfer Warranties
§ 4-4-208. Presentment Warranties
§ 4-4-209. Encoding and Retention Warranties
§ 4-4-210. Security Interest of Collecting Bank in Items, Accompanying Documents, and Proceeds
§ 4-4-211. When Bank Gives Value for Purposes of Holder in Due Course
§ 4-4-213. Medium and Time of Settlement by Bank
§ 4-4-214. Right of Charge-Back or Refund - Liability of Collecting Bank - Return of Item