The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. A crops grown, growing, or to be grown, including: The first makes loans for the purchase of real property; the second will acquire nonperforming loans at a discount from their face value and then will either renegotiate them or foreclose on the underlying collateral.
Attachment requires three things: The term does not include investment property or accounts evidenced by an instrument. A is registered as a futures commission merchant under federal commodities law; or B in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.
The most common method of perfection is through filing a financing statement often referred to by its form number: Article 9 of the Uniform Commercial Code UCCas adopted by all fifty statesgenerally governs secured transactions where security interests are taken in personal property. A a person directly or indirectly controlling, controlled by, or under common control with the organization; B an officer or director of, or a person performing similar functions with respect to, the organization; C an officer or director of, or a person performing similar functions with respect to, a person described in subparagraph A ; D the spouse of an individual described in subparagraph ABor C ; or E an individual who is related by blood or marriage to an individual described in subparagraph ABCor D and shares the same home with the individual.
General Provisions [Table of Contents] [Subpart 1. The term includes payment intangibles and software. A traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or B traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.
A that creates a purchase-money security interest in a manufactured homeother than a manufactured home held as inventory ; or B in which a manufactured homeother than a manufactured home held as inventoryis the primary collateral.
A proceeds to which a security interest attaches; B accountschattel paperpayment intangiblesand promissory notes that have been sold; and C goods that are the subject of a consignment. The term includes any structure that meets all of the requirements of this paragraph except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the United States Secretary of Housing and Urban Development and complies with the standards established under Title 42 of the United States Code.
The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures.
The term also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if i the program is associated with the goods in such a manner that it customarily is considered part of the goods, or ii by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods.
Secured transactions in the United States From Wikipedia, the free encyclopedia Jump to navigation Jump to search Secured transactions in the United States are an important part of the law and economy of the country. A a person having an interest, other than a security interest or other lien, in the collateralwhether or not the person is an obligor ; C a consignee.
A to deposit in the mail, deliver for transmission, or transmit by any other usual means of communication, with postage or cost of transmission provided for, addressed to any address reasonable under the circumstances; or B to cause the record or notification to be received within the time that it would have been received if properly sent under subparagraph A.
The term includes savings banks, savings and loan associations, credit unions, and trust companies.
A a person in whose favor a security interest is created or provided for under a security agreementwhether or not any obligation to be secured is outstanding; B a person that holds an agricultural lien ; D a person to which accountschattel paperpayment intangiblesor promissory notes have been sold; E a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or F a person that holds a security interest arising under Section, 32A 5, or There are a variety of situations in which this distinction is important.
For example, a non-depository mortgage lender may fund their operations with a warehouse line of creditwhile a distressed loan workout specialist may obtain a line of credit.
The term includes mortgages and other liens on real property. A whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral ; B whatever is collected on, or distributed on account of, collateral ; C rights arising out of collateral ; D to the extent of the value of collateralclaims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, the collateral; or E to the extent of the value of collateral and to the extent payable to the debtor or the secured partyinsurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, the collateral.
Transactions where security interests are taken in real property are regulated not by Article 9, but by real property laws that vary among jurisdictions. A a creditor that has acquired a lien on the property involved by attachment, levy, or the like; B an assignee for benefit of creditors from the time of assignment; C a trustee in bankruptcy from the date of the filing of the petition; or D a receiver in equity from the time of appointment.
A an individual incurs an obligation primarily for personal, family, or household purposes; and B a security interest in consumer goods secures the obligation.
However, the assignment or conveyance of a contract secured by real property may be regulated by Article 3 to the extent that the contract is a negotiable instrument. A authenticated by a secured party ; B indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and C identifying the components of the obligations in reasonable detail.
A identifies, by its file numberthe initial financing statement to which it relates; and B indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.
A to sign; or B to execute or otherwise adopt a symbol, or encrypt or similarly process a record in whole or in part, with the present intent of the authenticating person to identify the person and adopt or accept a record.
A are leased by a person as lessor; B are held by a person for sale or lease or to be furnished under a contract of service; C are furnished by a person under a contract of service; or D consist of raw materials, work in process, or materials used or consumed in a business.
The term does not include the right of a beneficiary to demand payment or performance under a letter of credit. UCC Article 9 replaced a wildly diverse array of security devices that had evolved in the various states during the 19th and early 20th centuries, in response to the reluctance of U.
The term includes i fixturesii standing timber that is to be cut and removed under a conveyance or contract for sale, iii the unborn young of animals, iv crops grown, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and v manufactured homes.
The term does not include issuers or nominated persons under a letter of credit. Subject to some minor restrictions relating to consumer goods and commercial tort claims, a security interest can encumber after-acquired property—that is, it can attach to property the debtor acquires after authentication of the security agreement.
A which secures payment or performance of an obligation for: For real property, the creditor records a security instrument such as a mortgage or deed of trust in the county where the real property is located.
The term also does not include accountschattel papercommercial tort claimsdeposit accountsdocumentsgeneral intangiblesinstrumentsinvestment propertyletter-of-credit rightsletters of credit, money, or oil, gas, or other minerals before extraction.
Study 6 3. Privileges flashcards from Michael L. on StudyBlue. Study 6 3. Privileges flashcards from Michael L. on StudyBlue. These are real security devices that arise only by operation of law. UCC9 Security Interest beats all, except for a.
A security interest in software is a purchase-money security interest to the extent that the security interest also secures a purchase-money obligation incurred with respect to goods in which the secured party holds or held a purchase-money security interest if.
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Learn the rules about how to attach and perfect a security interest under the UCC.
How to Attach and Perfect a Security Interest Under the UCC | olivierlile.com .Ucc9 and security devices and what