Ask a question on the site
Questions
Lawyers
Blogs
Legislation
Contacts
Become a lawyer
Login Registration
Section 42a-9-101. - Short title. - This article may be cited as “Uniform Commercial Code–Secured Transactions”....
Section 42a-9-102. - Definitions and index of definitions. - (a) In this article: (1) “Accession” means goods that are...
Section 42a-9-103. - Accounts, contract rights, general intangibles and equipment relating to another jurisdiction; incoming goods already subject to security interest. - Section 42a-9-103 is repealed. (1959, P.A. 133, S. 9-103; 1963,...
Section 42a-9-103a. - Purchase-money security interest. - (a) In this section: (1) “Purchase-money collateral” means goods or...
Section 42a-9-104. - Control of deposit account. - (a) A secured party has control of a deposit account...
Section 42a-9-105. - Control of electronic chattel paper. - (a) A secured party has control of electronic chattel paper...
Section 42a-9-106. - Control of investment property. - (a) A person has control of a certificated security, uncertificated...
Section 42a-9-107. - Control of letter-of-credit right. - A secured party has control of a letter-of-credit right to...
Section 42a-9-108. - Sufficiency of description. - (a) Except as otherwise provided in subsections (c), (d) and...
Section 42a-9-109. - Scope. - (a) Except as otherwise provided in subsections (c) and (d),...
Section 42a-9-110. - Security interests arising under article 2 or 2A. - A security interest arising under section 42a-2-401, section 42a-2-505, subsection...
Section 42a-9-111. - Applicability of bulk transfer laws. - Section 42a-9-111 is repealed. (1959, P.A. 133, S. 9-111; P.A....
Section 42a-9-112 to 42a-9-116. - Where collateral is not owned by debtor. Security interests arising under article 2 on sales. Consignment. Investment property. Security interest arising in purchase or delivery of financial asset. - Sections 42a-9-112 to 42a-9-116, inclusive, are repealed, effective October 1,...
Section 42a-9-201. - General effectiveness of security agreement. - (a) Except as otherwise provided in this title, a security...
Section 42a-9-202. - Title to collateral immaterial. - Except as otherwise provided with respect to consignments or sales...
Section 42a-9-203. - Attachment and enforceability of security interest. Proceeds. Supporting obligations. Formal requisites. - (a) A security interest attaches to collateral when it becomes...
Section 42a-9-204. - After-acquired property. Future advances. - (a) Except as otherwise provided in subsection (b), a security...
Section 42a-9-205. - Use or disposition of collateral permissible. - (a) A security interest is not invalid or fraudulent against...
Section 42a-9-206. - Security interest arising in purchase or delivery of financial asset. - (a) A security interest in favor of a securities intermediary...
Section 42a-9-206a. - Effectiveness of security agreement in household furniture. - Any agreement for security in household furniture owned and in...
Section 42a-9-207. - Rights and duties of secured party having possession or control of collateral. - (a) Except as otherwise provided in subsection (d), a secured...
Section 42a-9-208. - Additional duties of secured party having control of collateral. - (a) This section applies to cases in which there is...
Section 42a-9-209. - Duties of secured party if account debtor has been notified of assignment. - (a) Except as otherwise provided in subsection (c), this section...
Section 42a-9-210. - Request for accounting. Request regarding list of collateral or statement of account. - (a) In this section: (1) “Request” means a record of...
Section 42a-9-301. - Law governing perfection and priority of security interests. - Except as otherwise provided in sections 42a-9-303 to 42a-9-306, inclusive,...
Section 42a-9-302. - Law governing perfection and priority of agricultural liens. - While farm products are located in a jurisdiction, the local...
Section 42a-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...
Section 42a-9-304. - Law governing perfection and priority of security interests in deposit accounts. - (a) The local law of a bank's jurisdiction governs perfection,...
Section 42a-9-305. - Law governing perfection and priority of security interests in investment property. - (a) Except as otherwise provided in subsection (c), the following...
Section 42a-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...
Section 42a-9-307. - Location of debtor. - (a) In this section, “place of business” means a place...
Section 42a-9-308. - When security interest or agricultural lien is perfected. Continuity of perfection. - (a) Except as otherwise provided in this section and section...
Section 42a-9-309. - Security interest perfected upon attachment. - The following security interests are perfected when they attach: (1)...
Section 42a-9-310. - When filing required to perfect security interest or agricultural lien. Security interests and agricultural liens. Security interests and agricultural liens to which filing provisions do not apply. - (a) Except as otherwise provided in subsection (b) of this...
Section 42a-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...
Section 42a-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 perfectio... - (a) A security interest in chattel paper, negotiable documents, instruments...
Section 42a-9-313. - When possession by or delivery to secured party perfects security interest without filing. - (a) Except as otherwise provided in subsection (b) of this...
Section 42a-9-314. - Perfection by control. - (a) A security interest in investment property, deposit accounts, letter-of-credit...
Section 42a-9-315. - Secured party's rights on disposition of collateral and in proceeds. - (a) Except as otherwise provided in this article and in...
Section 42a-9-316. - Effect of change in governing law. - (a) A security interest perfected pursuant to the law of...
Section 42a-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...
Section 42a-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,...
Section 42a-9-319. - Rights and title of consignee with respect to creditors and purchasers. - (a) Except as otherwise provided in subsection (b) of this...
Section 42a-9-320. - Buyer of goods. - (a) Except as otherwise provided in subsection (e) of this...
Section 42a-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”...
Section 42a-9-322. - Priorities among conflicting security interests in and agricultural liens on same collateral. - (a) Except as otherwise provided in this section, priority among...
Section 42a-9-323. - Future advances. - (a) Except as otherwise provided in subsection (c) of this...
Section 42a-9-324. - Priority of purchase-money security interests. - (a) Except as otherwise provided in subsection (g), a perfected...
Section 42a-9-325. - Priority of security interests in transferred collateral. - (a) Except as otherwise provided in subsection (b), a security...
Section 42a-9-326. - Priority of security interests created by new debtor. - (a) Subject to subsection (b) of this section, a security...
Section 42a-9-327. - Priority of security interests in deposit account. - The following rules govern priority among conflicting security interests in...
Section 42a-9-328. - Priority of security interests in investment property. - The following rules govern priority among conflicting security interests in...
Section 42a-9-329. - Priority of security interests in letter-of-credit right. - The following rules govern priority among conflicting security interests in...
Section 42a-9-330. - Priority of purchaser of chattel paper or instrument. - (a) A purchaser of chattel paper has priority over a...
Section 42a-9-331. - Priority of rights of purchasers of instruments, documents and securities under other articles. Priority of interests in financial assets and security entitlements under article 8. - (a) This article does not limit the rights of a...
Section 42a-9-332. - Transfer of money. Transfer of funds from deposit account. - (a) A transferee of money takes the money free of...
Section 42a-9-333. - Priority of certain liens arising by operation of law. - (a) In this section, “possessory lien” means an interest, other...
Section 42a-9-334. - Priority of security interests in fixtures and crops. - (a) A security interest under this article may be created...
Section 42a-9-335. - Accessions. - (a) A security interest may be created in an accession...
Section 42a-9-336. - Commingled goods. - (a) In this section, “commingled goods” means goods that are...
Section 42a-9-337. - Priority of security interests in goods covered by certificate of title. - If, while a security interest in goods is perfected by...
Section 42a-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...
Section 42a-9-339. - Priority subject to subordination. - This article does not preclude subordination by agreement by a...
Section 42a-9-340. - Effectiveness of right of recoupment or set-off against deposit account. - (a) Except as otherwise provided in subsection (c), a bank...
Section 42a-9-341. - Bank's rights and duties with respect to deposit account. - Except as otherwise provided in subsection (c) of section 42a-9-340,...
Section 42a-9-342. - Bank's right to refuse to enter into or disclose existence of control agreement. - This article does not require a bank to enter into...
Section 42a-9-401. - Alienability of debtor's rights. - (a) Except as otherwise provided in subsection (b) and sections...
Section 42a-9-402. - Secured party not obligated on contract of debtor or in tort. - The existence of a security interest, agricultural lien or authority...
Section 42a-9-403. - Agreement not to assert defenses against assignee. - (a) In this section, “value” has the meaning provided in...
Section 42a-9-404. - Rights acquired by assignee. Claims and defenses against assignee. - (a) Unless an account debtor has made an enforceable agreement...
Section 42a-9-405. - Modification of assigned contract. - (a) A modification of or substitution for an assigned contract...
Section 42a-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) to (j), inclusive, of this...
Section 42a-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...
Section 42a-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) of this...
Section 42a-9-408a. - Financing statements covering consigned or leased goods. - Section 42a-9-408a is repealed, effective October 1, 2001. (P.A. 76-369,...
Section 42a-9-409. - Restrictions on assignment of letter-of-credit rights ineffective. - (a) A term in a letter of credit or a...
Section 42a-9-501. - Filing office. - (a) Except as otherwise provided in subsection (b), if the...
Section 42a-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...
Section 42a-9-503. - Name of debtor and secured party. - (a) A financing statement sufficiently provides the name of the...
Section 42a-9-504. - Indication of collateral. - A financing statement sufficiently indicates the collateral that it covers...
Section 42a-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...
Section 42a-9-506. - Effect of errors or omissions. - (a) A financing statement substantially satisfying the requirements of this...
Section 42a-9-507. - Effect of certain events on effectiveness of financing settlement. - (a) A filed financing statement remains effective with respect to...
Section 42a-9-508. - Effectiveness of financing statement if new debtor becomes bound by security agreement. - (a) Except as otherwise provided in this section, a filed...
Section 42a-9-509. - Persons entitled to file a record. - (a) A person may file an initial financing statement, amendment...
Section 42a-9-510. - Effectiveness of filed record. - (a) A filed record is effective only to the extent...
Section 42a-9-511. - Secured party of record. - (a) A secured party of record with respect to a...
Section 42a-9-512. - Amendment of financing statement. - (a) Subject to section 42a-9-509, a person may add or...
Section 42a-9-513. - Termination statement. - (a) A secured party shall cause the secured party of...
Section 42a-9-514. - Assignment of powers of secured party of record. - (a) Except as otherwise provided in subsection (c), an initial...
Section 42a-9-515. - Duration and effectiveness of financing statement. Effect of lapsed financing statement. - (a) Except as otherwise provided in subsections (b), (e), (f)...
Section 42a-9-516. - What constitutes filing. Effectiveness of filing. - (a) Except as otherwise provided in subsection (b) of this...
Section 42a-9-517. - Effect of indexing errors. - The failure of the filing office to index a record...
Section 42a-9-518. - Claim concerning inaccurate or wrongfully filed record. Petition to invalidate record that was falsely filed or amended. - (a) A person may file in the filing office an...
Section 42a-9-519. - Numbering, maintaining and indexing records. Communicating information provided in records. - (a) For each record filed in a filing office, the...
Section 42a-9-520. - Acceptance and refusal to accept record. - (a) A filing office shall refuse to accept a record...
Section 42a-9-521. - Refusal to accept financing statement, amendment or other written record in prescribed form prohibited. Exception. - A filing office that accepts written records may not refuse...
Section 42a-9-522. - Maintenance and destruction of records. - (a) The filing office shall maintain a record of the...
Section 42a-9-523. - Information from filing office. Sale or license of records. - (a) If a person that files or records a written...
Section 42a-9-524. - Delay by filing office. - Delay by the filing office beyond a time limit prescribed...
Section 42a-9-525. - Fees. - (a) The filing office described in subdivision (2) of subsection...
Section 42a-9-526. - Filing-office regulations. - The Secretary of the State shall adopt regulations in accordance...
Section 42a-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...
Section 42a-9-602. - Waiver and variance of rights and duties. - Except as otherwise provided in section 42a-9-624, to the extent...
Section 42a-9-603. - Agreement on standards concerning rights and duties. - (a) The parties may determine by agreement the standards measuring...
Section 42a-9-604. - Procedure if security agreement covers real property or fixtures. - (a) If a security agreement covers both personal and real...
Section 42a-9-605. - Unknown debtor or secondary obligor. - (a) A secured party does not owe a duty based...
Section 42a-9-606. - Time of default for agricultural lien. - For purposes of this part, a default occurs in connection...
Section 42a-9-607. - Collection and enforcement by secured party. - (a) If so agreed, and in any event after default,...
Section 42a-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...
Section 42a-9-609. - Secured party's right to take possession after default. Use of electronic self-help restricted. - (a) After default, a secured party: (1) May take possession...
Section 42a-9-610. - Disposition of collateral after default. - (a) After default, a secured party may sell, lease, license...
Section 42a-9-611. - Notification before disposition of collateral. - (a) In this section, “notification date” means the earlier of...
Section 42a-9-612. - Timeliness of notification before disposition of collateral. - (a) Except as otherwise provided in subsection (b), whether a...
Section 42a-9-613. - Contents and form of notification before disposition of collateral: General. - Except in a consumer-goods transaction, the following rules apply: (1)...
Section 42a-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...
Section 42a-9-615. - Application of proceeds of disposition. Liability for deficiency and right to surplus. - (a) A secured party shall apply or pay over for...
Section 42a-9-616. - Explanation of calculation of surplus or deficiency. - (a) In this section: (1) “Explanation” means a writing that:...
Section 42a-9-617. - Rights of transferee of collateral. - (a) A secured party's disposition of collateral after default: (1)...
Section 42a-9-618. - Rights and duties of certain secondary obligors. - (a) A secondary obligor acquires the rights and becomes obligated...
Section 42a-9-619. - Transfer of record or legal title. - (a) In this section, “transfer statement” means a record authenticated...
Section 42a-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...
Section 42a-9-621. - Notification of proposal to accept collateral. - (a) A secured party that desires to accept collateral in...
Section 42a-9-622. - Effect of acceptance of collateral. - (a) A secured party's acceptance of collateral in full or...
Section 42a-9-623. - Right to redeem collateral. - (a) A debtor, any secondary obligor or any other secured...
Section 42a-9-624. - Waiver. - (a) A debtor or secondary obligor may waive the right...
Section 42a-9-625. - Remedies for secured party's failure to comply with this article. - (a) If it is established that a secured party is...
Section 42a-9-626. - Action in which deficiency or surplus is in issue. - (a) In an action arising from a transaction, other than...
Section 42a-9-627. - Determination of whether conduct was commercially reasonable. - (a) The fact that a greater amount could have been...
Section 42a-9-628. - Nonliability and limitation on liability of secured party. Liability of secondary obligor. - (a) Unless a secured party knows that a person is...
Section 42a-9-702. - Savings clause. - (a) Except as otherwise provided in this part, public act...
Section 42a-9-703. - Security interest perfected before October 1, 2001. - (a) A security interest that is enforceable immediately before October...
Section 42a-9-704. - Security interest unperfected before October 1, 2001. - A security interest that is enforceable immediately before October 1,...
Section 42a-9-705. - Effectiveness of action taken before October 1, 2001. - (a) If action, other than the filing of a financing...
Section 42a-9-706. - When initial financing statement suffices to continue effectiveness of financing statement. - (a) The filing of an initial financing statement in the...
Section 42a-9-707. - Amendment of pre-effective-date financing statement. - (a) In this section, “pre-effective-date financing statement” means a financing...
Section 42a-9-708. - Persons entitled to file initial financing statement or continuation statement. - A person may file an initial financing statement or a...
Section 42a-9-709. - Priority. - (a) Public act 01-132* determines the priority of conflicting claims...
Section 42a-9-802. - Savings clause. - (a) Except as otherwise provided in this part, public act...
Section 42a-9-803. - Security interest perfected before July 1, 2013. - (a) A security interest that is a perfected security interest...
Section 42a-9-804. - Security interest unperfected before July 1, 2013. - A security interest that is an unperfected security interest immediately...
Section 42a-9-805. - Effectiveness of action taken before July 1, 2013. - (a) The filing of a financing statement before July 1,...
Section 42a-9-806. - When initial financing statement suffices to continue effectiveness of financing statement. - (a) The filing of an initial financing statement in the...
Section 42a-9-807. - Amendment of financing statement filed before July 1, 2013. - (a) In this section and section 42a-9-806, “pre-effective-date financing statement”...
Section 42a-9-808. - Person entitled to file initial financing statement or continuation statement. - A person may file an initial financing statement or a...
Section 42a-9-809. - Priority. - Public act 11-108* determines the priority of conflicting claims to...