/* Perhaps the most important of the changes made by the UCC was that in secured lending. Article 9 (written by bank attorneys for banks) simplified the making of loans and the taking of liens in anything. Nevertheless it is also fraught with traps. */
ARTICLE 9
SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL PAPER
PART 1. SHORT TITLE, APPLICABILITY AND DEFINITIONS
Section
9-101. Short Title.
9-102. Policy and Subject Matter of Article.
9-103. Perfection of Security Interest in Multiple State
9-l08. When After-Acquired Collateral Not Security for
Antecedent Debt.
9-109. Classification of Goods: "Consumer Goods"; "Equipment";
"Farm Products"; Inventory"
9-110. Sufficiency of Description.
9-111. Applicability of Bulk Transfer Laws.
9-112. Where Collateral Is Not Owned by Debtor.
9-113. Security Interests Arising Under Article on Sales or
Under Article on Leases.
9-114. Consignment
PART 2. VALIDITY OF SECURITY AGREEMENT AND RIGHTS OF PARTIES THERETO
9-201. General Validity of Security Agreement
9-202. Title to Collateral Immaterial.
9-203. Attachment and Enforceability of Security Interest;
Proceeds; Formal Requisites.
9-204 After-Acquired Property; Future Advances.
9-205. Use or Disposition of Collateral Without Accounting
Permissible.
9-206. Agreement Not to Assent Defenses Against Assignee; Modification of Sales Warranties Where Security Agreement Exists.
9-207. Rights and Duties When Collateral Is in Secured Party's
Possession.
9-208. Request for Statement of Account or List of
Collateral.
PART 3. RIGHTS OF THIRD PARTIES; PERFECTED AND UNPERFECTED
SECURITY INTERESTS; RULES OF PRIORITY
9-301. Persons Who Take Priority Over Unperfected Security
Interests; Rights of "Lien Creditor".
9-302. When Filing Is Required to Perfect Security Interest;
Security Interests to Which Filing Provisions of This Article Do
Not Apply.
9-303. When Security Interest Is Perfected; Continuity of
Perfection.
9-304. Perfection of Security Interest in Instruments, Documents, and Goods Covered by Documents; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession.
9-305. When Possession by Secured Party Perfects Security
Interest Without Filing.
9-306. "Proceeds"; Secured Party's Rights on Disposition of Collateral.
9-307. Protection of Buyers of Goods.
9-308. Purchase of Chattel Paper and Instruments.
9-309. Protection of Purchasers of Instruments, Documents, and
Securities.
9-310. Priority of Certain Liens Arising by Operation by Law.
9-311. Alienability of Debtor's Rights: Judicial Process.
9-312. Priorities Among Conflicting Security Interests in the
Same Collateral.
9-313. Priority of Security Interests in Fixtures.
9-314. Accessions.
9-315. Priority When Goods Are Commingled or Processed.
9-316. Priority Subject to Subordination.
9-317. Secured party Not Obligated on Contract of Debtor.
9-318. Defenses Against Assignee; Modification of Contract
After Notification of Assignment; Term Prohibiting Assignment
Ineffective; Identification and Proof of Assignment.
PART 4. FILING
9-401. Place of Filing; Erroneous Filing; Removal of Collateral.
9-402. Formal Requisites of Financing Statement; Amendments;
Mortgage as Financing Statement.
9-403. What Constitutes Filing; Duration of Filing; Effect of
Lapsed Filing; Duties of Filing Officer.
9-404. Termination Statement.
9-405. Assignment of Security Interest; Duties of Filing
Officer; Fees.
9-406. Release of Collateral; Duties of Filing Officer; Fees.
9-407. Information From Filing Officer.
9-408. Financing Statements Covering Consigned or Leased Goods.
PART 5. DEFAULT
9-501. Default; Procedure When Security Agreement Covers Both
Real and Personal Property.
9-502. Collection Rights of Secured Party.
9-503. Secured Party's Right to Take Possession After Default.
9-504. Secured Party's Right to Dispose of Collateral After
Default; Effect of Disposition.
9-505. Compulsory Disposition of Collateral; Acceptance of the
Collateral as Discharge of Obligation.
9-506. Debtor's Right to Redeem Collateral.
9-507. Secured Party's Liability for Failure to Comply With This
Part.
ARTICLE 9
SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL PAPER
PART 1
SHORT TITLE, APPLICABILITY AND DEFINITIONS
9-101. Short Title.
This Article shall be known and may be cited as Uniform
Commercial Code -- Secured Transactions.
9-102. Policy and Subject Matter of Article.
(1) Except as otherwise Provided in Section 9-104 on
excluded transactions, this Article applies
(a) to any transaction (regardless of its form) which is
intended to create a security interest in personal property or
fixtures including goods, documents, instruments, general
intangibles, chattel paper or accounts; and also
(b) to any sale of accounts or chattel paper.
(2) This Article applies to security interests created by
contract including pledge, assignment, chattel mortgage, chattel
sale, trust receipt, other lien or title retention contract and
lease or consignment intended as security. This Article does
not apply to statutory liens except as provided in Section 9-310.
(3) The application of this Article to a security interest
in a secured obligation is not affected by the fact that the
obligation is itself secured by a transaction or interest to
which this Article does not apply.
9-103. Perfection of Security interest in Multiple State
Transactions.
(1) Documents, instruments and ordinary goods.
(a) This subsection applies to documents and instruments
and to goods other than those covered by a certificate of title
described in subsection (2), mobile goods described in subsection
(3), and minerals described in subsection (5).
(b) Except as otherwise provided in this subsection,
perfection and the effect of perfection or non-perfection of a
security interest in collateral are governed by the law of the
jurisdiction where the collateral is when the last event occurs
on which is based the assertion that the security interest is
perfected or unperfected.
(c) If the parties to a transaction creating a purchase
money security interest in goods in one jurisdiction understand
at the time that the security interest attaches that the goods
will be kept in another jurisdiction, then the law of the other
jurisdiction governs the perfection and the effect of perfection
or non-perfection of the security interest from the time it
attaches until thirty days after the debtor receives possession
of the goods and thereafter if the goods are taken to the otherjurisdiction before the end of the thirty-day period.
(d) When collateral is brought into and kept in this state
while subject to a security interest perfected under the law of
the jurisdiction from which the collateral was removed, the
security interest remains perfected, but if action is required by
part 3 of this Article to perfect the security interest,
(i) if the action is not taken before the expiration of the
period of perfection in the other jurisdiction or the end of four
months after the collateral is brought into this state, whichever
period first expires, the security interest becomes unperfected at the end of that period and is thereafter deemed to have been unperfected as against a person who became a purchaser after removal;
(ii) if the action is taken before the expiration of the
period specified in subparagraph (i), the security interest
continues perfected thereafter;
(iii) for the purpose of priority over a buyer of consumer
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