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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 ...
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]
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.
In addition to the basic lien-priority coverage, UCC insurance covers many of the risks associated with the perfection of a security interest through the central filing system, such as the authorized execution of the lien-granting document by the debtor, misindexed filings, unauthorized termination statements filed against the record, the ...
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.
Spoilers ahead! We've warned you. We mean it. Read no further until you really want some clues or you've completely given up and want the answers ASAP. Get ready for all of today's NYT ...
Born to a doctor father and microbiologist mother in the south Indian city of Chennai, Gukesh became India's youngest grandmaster aged 12 years, seven months and 17 days, and among the youngest in ...
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 ...