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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 .
^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).
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.
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
MEMPHIS, Tenn. (AP) — A Tennessee state senator has been charged with stealing more than $600,000 in federal funds received by a health care company she directed and using the money to pay for ...
Tennessee has an opportunity to demonstrate an unwavering commitment to supporting victims of crime by enacting Marsy’s Law - its mission perfectly aligns with our goal during this important week.
This concept has been applied to both tangible and intangible products. [9] In particular, "knowledge management" presents problems with regard to this principle. [10] Google's possession of a large amount of content has been the cause of some wariness due to this principle. [11]