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^1 Even Louisiana, much of whose commercial law is based on Continental civil law, and not on the Anglo-American common law from which the UCC ultimately derives, has adopted Article 9 to govern its secured transactions. See La. Rev. Stat. Ann. tit. 10, §§ 9-101 to -710 (West 2004).
Art. 8, Investment Securities; Art. 9, Secured Transactions; Art. 12, Controllable Electronic Records; These articles have been adopted to varying degrees in the United States (U.S.) by the 50 states, District of Columbia, territories, and some Native American tribes.
The obligee which is the debtor shall return all assets stated in the collateral to secured party after the perfection of default by secured party in response to protest by the Obligee within specified time frame in the civil code and UCC Article 9-3. The Model Tribal Secured Transactions Act (MTSTA) is a model act written by the Uniform Law ...
A security interest can be created by contracts, liens created by statutes, and liens created by judicial acts. [9] UCC §9-203(b) requires three things to create a security interest in the United States: possession of the collateral or an authenticated security agreement with a description of the collateral, value of the collateral, and
This is permitted under Article 9 of the Uniform Commercial Code. [1] The secured party in a strict foreclosure takes physical possession of collateral, and the debt for which the property served as collateral is discharged as fulfilled. Strict foreclosure is an effective remedy where the creditor has a need or use for the physical property itself.
Personal property can often be secured with a similar kind of device, variously called a chattel mortgage, a trust receipt, or a security interest. In the United States, Article 9 of the Uniform Commercial Code governs the creation and enforcement of security interests in most (but not all) types of personal property.
UCC Insurance generally insures the attachment, perfection and priority of security interests in personal property. UCC Insurance is utilized for transactions described in Article 9, "Secured Transactions", of the Uniform Commercial Code,"UCC". All of the larger land-title insurance companies now offer various versions of UCC insurance.
The first major attempt to bring the benefits of UCC Article 9 to civil law jurisdictions was launched by the European Bank for Reconstruction and Development in 1992, which resulted in the EBRD Model Law for Secured Transactions in 1994. However, the EBRD Model Law's approach to the entire subject differed radically from UCC Article 9, and it ...