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UCC Article 9 replaced a wildly diverse array of security devices that had evolved in the various states during the 19th and early 20th centuries, in response to the reluctance of U.S. courts to enforce general nonpossessory security interests as either against public policy or because they were perceived as fraudulent conveyances. [2]
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 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.
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]
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.
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The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
The security agreement sets out the various rights the grantee will have with respect to the collateral, which are in addition to all other rights which the lender may have by law, such as those rights contained in Article 9 of the Uniform Commercial Code which has been adopted in some form by each state in the United States. The Security ...