Secured Transactions in a Nutshell
The new version of UCC (Uniform Commercial Code) Article 9 on secured transactions is significantly different from the prior version. To date, 17 states have enacted the 1999 version. The text also contains extensive coverage of the prior version because the majority of states have not yet adopted the new one. Also provides an overview of the security agreement; relationship of parties prior to default; perfection of security interest; bankruptcy; and the enforcement of security interest.
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Purpose and Policy of Article 9
Sales of Accounts Chattel Paper Payment
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20 days account debtor after-acquired property agricultural lien Article 9 assignment assignor Bank Bankruptcy Code buyer in ordinary certificate of title Chapter chattel paper claim Code provisions collateral conditional sales conflicting security interests consignment consignor consumer continuation statement contract course of business dealer debt default deposit accounts discussion disposition effective Example file a financing filing officer financing statement covering fixture filing four months future advances insolvent instrument interest is perfected inventory investment property lease Lender lien creditor ment money secured party money security interest mortgage necessary Note notice notification Nutshell obligation ordinary course payment intangibles perfected security interest permits pre-Code promissory note purchase money security real estate record repossession respect rity interest secu secured transaction security agreement security interest attaches seller sells sion sold statutes sumer takes free termination statement third person tion trustee UCC Article Uniform Commercial Code unperfected widgets