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Article 9 of the Uniform Commercial Code (UCC), as adopted by all fifty states, generally governs secured transactions where security interests are taken in personal property. [1] 1 It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.
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 ...
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.
This definition includes things such as home loans, car loans, inventory loans, farm crop loans, and many more. [9] Depending on the type of collateral special rules may apply to the secured transaction. Article 9 of the U.C.C. defines many types of collateral, which are not always the same as the common meaning. [12]
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.
Key takeaways. A secured credit card is a type of credit card that requires a cash deposit as collateral. This deposit amount is usually equal to the credit limit you’ll receive.
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.