District of Columbia Code
Title 28 - Commercial Instruments and Transactions. [Enacted title]
Subtitle I - Uniform Commercial Code

§ 28:8–406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate - If a security certificate has been lost, apparently destroyed, or...

§ 28:8–407. Authenticating trustee, transfer agent, and registrar - A person acting as authenticating trustee, transfer agent, registrar, or...

§ 28:8–408. Statements of uncertificated securities - (a) Within 2 business days after the transfer of an...

Part V - Security Entitlements

§ 28:8–501. Securities account; acquisition of security entitlement from securities intermediary - (a) For the purposes of this article, the term “securities...

§ 28:8–502. Assertion of adverse claim against entitlement holder - An action based on an adverse claim to a financial...

§ 28:8–503. Property interest of entitlement holder in financial asset held by securities intermediary - (a) To the extent necessary for a securities intermediary to...

§ 28:8–504. Duty of securities intermediary to maintain financial asset - (a) A securities intermediary shall promptly obtain and thereafter maintain...

§ 28:8–505. Duty of securities intermediary with respect to payments and distributions - (a) A securities intermediary shall take action to obtain a...

§ 28:8–506. Duty of securities intermediary to exercise rights as directed by entitlement holder - A securities intermediary shall exercise rights with respect to a...

§ 28:8–507. Duty of securities intermediary to comply with entitlement order - (a) A securities intermediary shall comply with an entitlement order...

§ 28:8–508. 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...

§ 28:8–509. 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...

§ 28:8–510. Rights of purchaser of security entitlement from entitlement holder - (a) In a case not covered by the priority rules...

§ 28:8–511. Priority among security interests and entitlement holders - (a) Except as otherwise provided in subsections (b) and (c)...

Part VI - Transitional Provisions

§ 28:8–601. Savings clause - (a) This article does not affect an action or proceeding...

Article 9 - Secured Transactions

Part I - General Provisions

Subpart 1 - Short Title, Definitions, and General Concepts

§ 28:9–101. Short title - This article may be cited as Uniform Commercial Code—Secured Transactions....

§ 28:9–102. Definitions and index of definitions - (a) In this article: (1) “Accession” means goods that are...

§ 28:9–103. Purchase-money security interest; application of payments; burden of establishing - (a) In this section: (1) “Purchase-money collateral” means goods or...

§ 28:9–104. Control of deposit account - (a) A secured party has control of a deposit account...

§ 28:9–105. Control of electronic chattel paper - (a) A secured party has control of electronic chattel paper...

§ 28:9–106. Control of investment property - (a) A person has control of a certificated security, uncertificated...

§ 28:9–107. Control of letter-of-credit right - A secured party has control of a letter-of-credit right to...

§ 28:9–108. Sufficiency of description - (a) Except as otherwise provided in subsections (c), (d), and...

Subpart 2 - Applicability of Article

§ 28:9–109. Scope - (a) Except as otherwise provided in subsections (c) and (d),...

§ 28:9–110. Security interests arising under Article 2 or 2A - A security interest arising under § 28:2-401, 2 -505, 2...

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

Subpart 1 - Effectiveness and Attachment

§ 28:9–201. General effectiveness of security agreement - (a) Except as otherwise provided in Subtitle I of Title...

§ 28:9–202. Title to collateral immaterial - Except as otherwise provided with respect to consignments or sales...

§ 28:9–203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites - (a) A security interest attaches to collateral when it becomes...

§ 28:9–204. After-acquired property; future advances - (a) Except as otherwise provided in subsection (b), a security...

§ 28:9–205. Use or disposition of collateral permissible - (a) A security interest is not invalid or fraudulent against...

§ 28:9–206. 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

§ 28:9–207. Rights and duties of secured party having possession or control of collateral - (a) Except as otherwise provided in subsection (d), a secured...

§ 28:9–208. Additional duties of secured party having control of collateral - (a) This section applies to cases in which there is...

§ 28:9–209. Duties of secured party if account debtor has been notified of assignment - (a) Except as otherwise provided in subsection (c), this section...

§ 28:9–210. Request for accounting; request regarding list of collateral or statement of account - (a) In this section: (1) “Request” means a record of...

Part III - Perfection and Priority

Subpart 1 - Law Governing Perfection and Priority

§ 28:9–301. Law governing perfection and priority of security interests - Except as otherwise provided in §§ 28:9-303 through 28:9-306, the...

§ 28:9–302. Law governing perfection and priority of agricultural liens - While farm products are located in a jurisdiction, the local...

§ 28:9–303. 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...

§ 28:9–304. Law governing perfection and priority of security interests in deposit accounts - (a) The local law of a bank’s jurisdiction governs perfection,...

§ 28:9–305. Law governing perfection and priority of security interests in investment property - (a) Except as otherwise provided in subsection (c), the following...

§ 28:9–306. Law governing perfection and priority of security interests in letter-of-credit rights - (a) Subject to subsection (c), the local law of the...

§ 28:9–307. Location of debtor - (a) In this section, “place of business” means a place...

Subpart 2 - Perfection

§ 28:9–308. When security interest or agricultural lien is perfected; continuity of perfection - (a) Except as otherwise provided in this section and §...

§ 28:9–309. Security interest perfected upon attachment - The following security interests are perfected when they attach: (1)...

§ 28:9–310. 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 §...

§ 28:9–311. Perfection of security interests in property subject to certain statutes, regulations, and treaties - (a) Except as otherwise provided in subsection (d), the filing...

§ 28:9–312. 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 withou... - (a) A security interest in chattel paper, negotiable documents, instruments,...

§ 28:9–313. When possession by or delivery to secured party perfects security interest without filing - (a) Except as otherwise provided in subsection (b), a secured...

§ 28:9–314. Perfection by control - (a) A security interest in investment property, deposit accounts, letter-of-credit...

§ 28:9–315. Secured party’s rights on disposition of collateral and in proceeds - (a) Except as otherwise provided in this article and in...

§ 28:9–316. Effect of change in governing law - (a) A security interest perfected pursuant to the law of...

Subpart 3 - Priority

§ 28:9–317. Interests that take priority over or take free of unperfected security interest or agricultural lien - (a) A security interest or agricultural lien is subordinate to...

§ 28:9–318. 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,...

§ 28:9–319. Rights and title of consignee with respect to creditors and purchasers - (a) Except as otherwise provided in subsection (b), for purposes...

§ 28:9–320. Buyer of goods - (a) Except as otherwise provided in subsection (e), a buyer...

§ 28:9–321. Licensee of general intangible and lessee of goods in ordinary course of business - (a) In this section, “licensee in ordinary course of business”...

§ 28:9–322. Priorities among conflicting security interests in and agricultural liens on same collateral - (a) Except as otherwise provided in this section, priority among...

§ 28:9–323. Future advances - (a) Except as otherwise provided in subsection (c), for purposes...

§ 28:9–324. Priority of purchase-money security interests - (a) Except as otherwise provided in subsection (g), a perfected...

§ 28:9–325. Priority of security interests in transferred collateral - (a) Except as otherwise provided in subsection (b), a security...

§ 28:9–326. Priority of security interests created by new debtor - (a) Subject to subsection (b) of this section, a security...

§ 28:9–327. Priority of security interests in deposit account - The following rules govern priority among conflicting security interests in...

§ 28:9–328. Priority of security interests in investment property - The following rules govern priority among conflicting security interests in...

§ 28:9–329. Priority of security interests in letter-of-credit right - The following rules govern priority among conflicting security interests in...

§ 28:9–330. Priority of purchaser of chattel paper or instrument - (a) A purchaser of chattel paper has priority over a...

§ 28:9–331. 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...

§ 28:9–332. Transfer of money; transfer of funds from deposit account - (a) A transferee of money takes the money free of...

§ 28:9–333. Priority of certain liens arising by operation of law - (a) In this section, “possessory lien” means an interest, other...

§ 28:9–334. Priority of security interests in fixtures and crops - (a) A security interest under this article may be created...

§ 28:9–335. Accessions - (a) A security interest may be created in an accession...

§ 28:9–336. Commingled goods - (a) In this section, “commingled goods” means goods that are...

§ 28:9–337. Priority of security interests in goods covered by certificate of title - If, while a security interest in goods is perfected by...

§ 28:9–338. 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...

§ 28:9–339. Priority subject to subordination - This article does not preclude subordination by agreement by a...

Subpart 4 - Rights of Bank

§ 28:9–340. Effectiveness of right of recoupment or set-off against deposit account - (a) Except as otherwise provided in subsection (c), a bank...

§ 28:9–341. Bank’s rights and duties with respect to deposit account - Except as otherwise provided in § 28:9-340(c), and unless the...

§ 28:9–342. Bank’s right to refuse to enter into or disclose existence of control agreement - This article does not require a bank to enter into...

Part IV - Rights of Third Parties

§ 28:9–401. Alienability of debtor’s rights - (a) Except as otherwise provided in subsection (b) and §§...

§ 28:9–402. Secured party not obligated on contract of debtor or in tort - The existence of a security interest, agricultural lien, or authority...

§ 28:9–403. Agreement not to assert defenses against assignee - (a) In this section, “value” has the meaning provided in...

§ 28:9–404. Rights acquired by assignee; claims and defenses against assignee - (a) Unless an account debtor has made an enforceable agreement...

§ 28:9–405. Modification of assigned contract - (a) A modification of or substitution for an assigned contract...

§ 28:9–406. 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) through (i) of this section,...

§ 28:9–407. 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...

§ 28:9–408. 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...

§ 28:9–409. Restrictions on assignment of letter-of-credit rights ineffective - (a) A term in a letter of credit or a...

Part V - Filing

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

§ 28:9–501. Filing office - (a) Except as otherwise provided in subsection (b), if the...

§ 28:9–502. 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...

§ 28:9–503. Name of debtor and secured party - (a) A financing statement sufficiently provides the name of the...

§ 28:9–504. Indication of collateral - A financing statement sufficiently indicates the collateral that it covers...

§ 28:9–505. 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...

§ 28:9–506. Effect of errors or omissions - (a) A financing statement substantially satisfying the requirements of this...

§ 28:9–507. Effect of certain events on effectiveness of financing statement - (a) A filed financing statement remains effective with respect to...

§ 28:9–508. Effectiveness of financing statement if new debtor becomes bound by security agreement - (a) Except as otherwise provided in this section, a filed...

§ 28:9–509. Persons entitled to file a record - (a) A person may file an initial financing statement, amendment...

§ 28:9–510. Effectiveness of filed record - (a) A filed record is effective only to the extent...

§ 28:9–511. Secured party of record - (a) A secured party of record with respect to a...

§ 28:9–512. Amendment of financing statement - (a) Subject to § 28:9-509, a person may add or...

§ 28:9–513. Termination statement - (a) A secured party shall cause the secured party of...

§ 28:9–514. Assignment of powers of secured party of record - (a) Except as otherwise provided in subsection (c), an initial...

§ 28:9–515. Duration and effectiveness of financing statement; effect of lapsed financing statement - (a) Except as otherwise provided in subsections (b), (e), (f),...

§ 28:9–516. What constitutes filing; effectiveness of filing - (a) Except as otherwise provided in subsection (b), communication of...

§ 28:9–517. Effect of indexing errors - The failure of the filing office to index a record...

§ 28:9–518. 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

§ 28:9–519. Numbering, maintaining, and indexing records; communicating information provided in records - (a) For each record filed in a filing office, the...

§ 28:9–520. Acceptance and refusal to accept record - (a) A filing office shall refuse to accept a record...

§ 28:9–521. Uniform form of written financing statement and amendment - (a) A filing office that accepts written records may not...

§ 28:9–522. Maintenance and destruction of records - (a) The filing office shall maintain a record of the...

§ 28:9–523. Information from filing office; sale or license of records - (a) If a person that files a written record requests...

§ 28:9–524. Delay by filing office - Delay by the filing office beyond a time limit prescribed...

§ 28:9–525. Fees - (a) The Mayor shall promulgate rules, in accordance with subchapter...

§ 28:9–526. Filing-office rules - (a) The Mayor shall adopt and publish rules to implement...

§ 28:9–527. Duty to report - The Mayor shall report annually on or before April 1...

Part VI - Default

Subpart 1 - Default and Enforcement of Security Interest

§ 28:9–601. 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...

§ 28:9–602. Waiver and variance of rights and duties - Except as otherwise provided in § 28:9-624, to the extent...

§ 28:9–603. Agreement on standards concerning rights and duties - (a) The parties may determine by agreement the standards measuring...

§ 28:9–604. Procedure if security agreement covers real property or fixtures - (a) If a security agreement covers both personal and real...

§ 28:9–605. Unknown debtor or secondary obligor - A secured party does not owe a duty based on...

§ 28:9–606. Time of default for agricultural lien - For purposes of this part, a default occurs in connection...

§ 28:9–607. Collection and enforcement by secured party - (a) If so agreed, and in any event after default,...

§ 28:9–608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus - (a) If a security interest or agricultural lien secures payment...

§ 28:9–609. Secured party’s right to take possession after default - (a) After default, a secured party: (1) May take possession...

§ 28:9–610. Disposition of collateral after default - (a) After default, a secured party may sell, lease, license,...

§ 28:9–611. Notification before disposition of collateral - (a) In this section, “notification date” means the earlier of...

§ 28:9–612. Timeliness of notification before disposition of collateral - (a) Except as otherwise provided in subsection (b), whether a...

§ 28:9–613. Contents and form of notification before disposition of collateral: general - Except in a consumer-goods transaction, the following rules apply: (1)...

§ 28:9–614. Contents and form of notification before disposition of collateral: consumer-goods transaction - In a consumer-goods transaction, the following rules apply: (1) A...

§ 28:9–615. Application of proceeds of disposition; liability for deficiency and right to surplus - (a) A secured party shall apply or pay over for...

§ 28:9–616. Explanation of calculation of surplus or deficiency - (a) In this section: (1) “Explanation” means a writing that:...

§ 28:9–617. Rights of transferee of collateral - (a) A secured party’s disposition of collateral after default: (1)...

§ 28:9–618. Rights and duties of certain secondary obligors - (a) A secondary obligor acquires the rights and becomes obligated...

§ 28:9–619. Transfer of record or legal title - (a) In this section, “transfer statement” means a record authenticated...

§ 28:9–620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral - (a) Except as otherwise provided in subsection (g), a secured...

§ 28:9–621. Notification of proposal to accept collateral - (a) A secured party that desires to accept collateral in...

§ 28:9–622. Effect of acceptance of collateral - (a) A secured party’s acceptance of collateral in full or...

§ 28:9–623. Right to redeem collateral - (a) A debtor, any secondary obligor, or any other secured...

§ 28:9–624. Waiver - (a) A debtor or secondary obligor may waive the right...

Subpart 2 - Noncompliance With Article

§ 28:9–625. Remedies for secured party’s failure to comply with article - (a) If it is established that a secured party is...

§ 28:9–626. Action in which deficiency or surplus is in issue - (a) In an action arising from a transaction, other than...

§ 28:9–627. Determination of whether conduct was commercially reasonable - (a) The fact that a greater amount could have been...

§ 28:9–628. Nonliability and limitation on liability of secured party; liability of secondary obligor - (a) Unless a secured party knows that a person is...

Part VII - Transition

§ 28:9–701. Effective date - This article takes effect on July 1, 2001. (Oct. 26,...

§ 28:9–702. Savings clause - (a) Except as otherwise provided in this part, this article...

§ 28:9–703. Security interest perfected before July 1, 2001 - (a) A security interest that is enforceable immediately before July...

§ 28:9–704. Security interest unperfected before July 1, 2001 - A security interest that is enforceable immediately before July 1,...

§ 28:9–705. Effectiveness of action taken before July 1, 2001 - (a) If action, other than the filing of a financing...

§ 28:9–706. When initial financing statement suffices to continue effectiveness of financing statement - (a) The filing of an initial financing statement in the...

§ 28:9–707. Amendment of pre-effective-date financing statement - (a) In this section, “pre-effective-date financing statement” means a financing...

§ 28:9–708. Persons entitled to file initial financing statement or continuation statement - A person may file an initial financing statement or a...

§ 28:9–709. Priority - (a) This article determines the priority of conflicting claims to...

Part VIII - Transition Provisions for 2012 Amendments

§ 28:9–801. Definitions - In this part: (1) “Applicability date” means July 1, 2013....

§ 28:9–802. Savings clause - (a) Except as otherwise provided in this part, the amendments...

§ 28:9–803. Security interest perfected before applicability date - (a) A security interest that is a perfected security interest...

§ 28:9–804. Security interest unperfected before applicability date - A security interest that is an unperfected security interest immediately...

§ 28:9–805. Effectiveness of action taken before applicability date - (a) The filing of a financing statement before the applicability...

§ 28:9–806. When initial financing statement suffices to continue effectiveness of financing statement - (a) The filing of an initial financing statement in the...

§ 28:9–807. Amendment of pre-effective-date financing statement - (a) For the purposes of this section and § 28:9-806,...

§ 28:9–808. Person entitled to file initial financing statement or continuation statement - A person may file an initial financing statement or a...

§ 28:9–809. Priority - Article 9 as amended by the 2012 Act determines the...

Article 10 - Construction with Other Laws

§ 28:10–101. Effective date. [Omitted] - Omitted.

§ 28:10–102. Specific repealer; provision for transition. [Omitted] - Omitted.

§ 28:10–103. Inconsistent laws; what law governs - (a) Except as provided by section 28:10-104, if any provision...

§ 28:10–104. Laws not repealed - (1) The article on documents of title (article 7) does...

Article 11 - Effective Date and Transition Provisions

§ 28:11–101. Effective date - The provisions of this act which amend article 9 and...

§ 28:11–103. Transition to this act — general rule - Transactions validly entered into after January 1, 1965 and before...

§ 28:11–104. Transition provision on change of requirement of filing - A security interest for the perfection of which filing or...

§ 28:11–105. Transition provision on change of place of filing - (1) A financing statement or continuation statement filed prior to...

§ 28:11–106. Required refilings - (1) If a security interest is perfected or has priority...

§ 28:11–107. Transition provisions as to priorities - Except as otherwise provided in this article, the Uniform Commercial...

§ 28:11–108. Presumption that rule of law continues unchanged - Unless a change in law has clearly been made, the...

Next >>

District of Columbia Code Title 28 - Commercial Instruments and Transactions. [Enacted title] Subtitle I - Uniform Commercial Code

District of Columbia Code
Title 28 - Commercial Instruments and Transactions. [Enacted title]
Subtitle I - Uniform Commercial Code