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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] An example of this would be the definition of "farm products", which includes not only the eggs a chicken lays, but the chicken too. [13]
The most common method of perfection is through filing a financing statement (often referred to by its form number: UCC-1) in the appropriate state office (usually the office of the Secretary of State) in the U.S. state in which the debtor is located. See U.C.C. §§ 9-301, 9-310.
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.
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 .
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 result was Article 9 of the Uniform Commercial Code (UCC), which regulates security interests in personal property (as opposed to real property) and establishes a unified concept of a security interest as a right in a debtor's property that secures payment or performance of an obligation. [41]
LII electronically publishes on the Web the U.S. Code, U.S. Supreme Court opinions, Uniform Commercial Code, the US Code of Federal Regulations, several Federal Rules, [5] and a variety of other American primary law materials. [6] LII also provides access to other national and international sources, such as treaties and United Nations materials ...
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
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