What Is Article 9 of the Ucc

Here is a brief summary of Article 9 of the UCC on what it regulates: priority – when your claim is made effective against other creditors; What is the legal order of collateral order? This article was edited and edited by FindLaw Attorney Writers | Last updated: 06 April 2018 In 2002, Article 9 was revised to significantly modernize the scope of what can be used as security to include credit card receivables, electronic household effects, receivables and business inventory. Although Article 9 provides a great deal of detail about the many loans secured by different types of collateral, there are still disputes over who has priority ownership of an asset that is the subject of an interest-hedging transaction. As part of the process, it is always important that the choice of law and jurisdiction of the parties is clearly defined in order to ensure prompt enforcement. This is usually the debtor`s location. The complications arise from the need to understand the general legal definitions used in the many sections of the article, the fact that its rules contain exceptions that a credit servicer must understand, and that the timing of actions and the specificity of documentation, if not followed, compromise the legal protection sought by the creditor. Priority conflicts for motor vehicles and other certified goods Richard L. Epling, 41(2): 361–76 (Feb. 1986) This article examines priority conflicts that often arise when a dealer of automobiles, recreational vehicles, trucks or other certified goods becomes insolvent and unable to pay its debts. Priority conflicts between dealer suppliers, secure floor plan provider, customers and buyers, and the insolvency administrator are investigated. In particular, the effects of physical possession of the manufacturer`s certificate of ownership or declaration of origin by different rights holders are examined. Legislative Process and Commercial Law: Lessons from the Copyright Act of 1976 and the Uniform Commercial Code Harold R. Weinberg and William J. Woodward, Jr., 48(2): 437–82 (Feb.

1993) In more recent cases, it has been found that the Copyright Act partially anticipates Article 9 of the UCC, And these participations contribute to the unsatisfactory state of the law governing the use of intellectual property in secured financing. The authors attribute these developments in the field of copyright to a lengthy federal legislative process that took little account of twentieth-century developments in state secured funding law, particularly Article 9 of the UCC. The authors conclude with proposals to improve the coordination of federal and state law to reduce preemption problems in the future. Uniformity into – and Improving the Working of – the Uniform Commercial Code: The New National Financing Statement Form Harry C. Sigman, 51(3): 721–43 (May 1996) U.C.C. Article 9 does not prescribe any particular form of financing declaration and notifying parties have been forced to deal with the variety of forms accepted by notifying parties. This article provides an in-depth discussion of the newly developed national form, which is already available in three-quarters of states and acceptable for submission. The frequency of use, as well as the greatly improved formatting of the form, should result in a significant reduction in errors and significantly improve the efficiency of the submission process for both applicants and applicants. Collateralization of Non-Assignable Contracts, Licenses and Permits: Half a loaf is better than no loaf Timothy J. Boyce, 52(2): 559–75 (Feb. 1997) The question of whether and to what extent a security right in non-transferable contracts, authorizations and licences should be recognized has long irritated lenders, borrowers and licensors of such licences and authorizations. This article analyzes case law, particularly with respect to the Federal Communications Commission`s broadcasting licences, as well as proposed amendments to the U.S.

C.C., to indicate that an acceptable compromise position can be achieved that affects both the fundamental interests of lenders in adequately guaranteeing their loans and the licensors of these licenses and authorizations by restricting those with whom they do business. Protect. Model Provisions of Revised Article 9 of the Uniform Commercial Code: Part I Timothy R. Zinnecker, 54(3): 1113–79 (May 1999) The two sponsors of the U.C.C. (NCCUSL and ALI) recently adopted the revised Article 9, which governs security rights in personal property and furniture.