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The availability of such remedies encourages lenders to lend capital at lower interest rates, which in turn facilitates the free flow of credit and stimulates economic growth. 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 ...
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.
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]
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 .
When you find an article that you don't have time to read, print the article to read on-the-go or at a later time. To print an article: 1. Go to the menu bar on your computer. 2. Hover over the file tab. 3. Select print. This will take you directly to a print preview window that will display the article you are attempting to print. 4. Click ...
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]
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