Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.
Article 9 regulates security interests in personal property as collateral for an outstanding debt.
ANSWER: Well, Jack, Article 9 of the Uniform Commercial Code governs the relationship between a debtor and its secured creditors. … A secured creditor’s remedies include an Article 9 sale, the right to sell the collateral to a third party in a private or public sale without judicial proceedings.
Pursuant to Article 9, a lender seeking to collateralize an advance on the personal property of its debtor may negotiate and memorialize its security interest in an agreement, perfect its position as a secured lender relative to other interests in the property, and enforce its security interest by repossessing and …
Professor Livingston writes: Article 9 of the Uniform Commercial Code applies to any “transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract.” U.C.C.
Credit extended for the operation of a business is not consumer debt and even consumer goods or consumer intangibles taken as security would not make the transaction a consumer transaction (though as noted above, some provisions of Revised Article 9 apply to transactions secured by consumer goods even though the credit …
Article 9 of the Convention on the Rights of Persons with Disabilities stipulates that, “to enable persons with disabilities to live independently and participate fully in all aspects of life, States Parties shall take appropriate measures to ensure to persons with disabilities access, on an equal basis with others, to …
Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.
An Article 9 private sale can be consummated expeditiously because there is no requisite marketing process. … While notice must be reasonable, the foreclosing lender is deemed compliant under a safe harbor provision if notice is given to the notice parties 10 days or more prior to the date of sale.
Personal property, which includes both tangibles, especially goods, and intangibles, for example, accounts receivables, is to be distinguished from real property. Under new section 9-109(d)(11) the creation of a security interest in real estate is outside the scope of new Article 9.
Under Revised Article 9 of the UCC, electronic chattel paper may be used as collateral in a secured transaction.
Article 9 applies to both a security interest in a mortgage note to secure an obligation and to the rights of a buyer of a mortgage note. … Generally, the seller or person creating a security interest to secure an obligation must “authenticate” a security agreement describing the mortgage note. UCC § 9-203(b)(3)(A).
In general, Article 9 of the Uniform Commercial Code applies only to security interests in personal property and fixtures, not liens on real property.
The UCC code consists of nine separate articles, each of which covers separate aspects of banking and loans. Companies that conduct business transactions outside of their home state must comply with the Uniform Commercial Code (UCC). The UCC code has been fully adopted by most states and adapted slightly by others.
Generally, for non-consumer goods, the UCC requires that a new secured party cause an existing secured party to file the Termination within 20 days after a secured party receives an authenticated demand from a debtor and there has been payoff in full of the obligations to the existing secured party and cessation of any …
The UCC treats the interest of a buyer of accounts, chattel paper, payment intangibles, or promissory notes as a security interest.
Debtors are individuals or businesses that owe money, whether to banks or other individuals. Debtors are often called borrowers if the money owed is to a bank or financial institution, however, they are called issuers if the debt is in the form of securities.
Arizona Administrative Code r6-6-901, commonly known as Article 9, is an Arizona law. This law relates to how the Divisions of Developmental Disabilities will proactively and positively support people’s positive and adaptive behavior.
The United Nations Convention on the Rights of Persons with Disabilities (CRPD or Convention) formulates ‘accessibility’ as a general principle and overarching obligation of the Convention, rather than as a human right per se.
A foreclosure is the legal process by which a lender takes possession of a property and sells it when the homeowner fails to make their mortgage repayments. The lender repossesses the property to try to recoup money owing on the loan. … Pre-foreclosure refers to the initial stages of a foreclosure action.
You can’t sell an asset pledged as collateral on a small business loan unless you have the lender’s consent and you‘ve paid the appropriate price for the release. If you’ve sold the collateral without the lender’s consent, the lender has legal recourse against you and the buyer.
Under revised Article 9, the local filing requirement is eliminated for these types of collateral. Instead, most financing statements will be filed in a single state-wide office, such as the Secretary of State’s office. Special rules apply if the debtor is a transmitting utility.
The UCC does not address transactions or financing of real property. … The code has the effect of law only when it is adopted by the particular state. California has largely adopted the UCC, with some changes. Indeed, the UCC has been adopted by all 50 states of the U.S, although with variations.
The Uniform Commercial Code (UCC), which has been adopted in most states, is a comprehensive body of laws governing uniformity and fair dealing with transactions. It provides remedies and rights for both the buyer and seller.
Follow. The Uniform Civil Code (UCC) calls for the formulation of one law for India, which would be applicable to all religious communities in matters such as marriage, divorce, inheritance, adoption.
Within contract law, promissory estoppel refers to the doctrine that a party may recover on the basis of a promise made when the party’s reliance on that promise was reasonable, and the party attempting to recover detrimentally relied on the promise.
UCC is required to ensure that each citizen gets equal treatment before the law with regard to his/her personal laws. The existing personal laws are also not solemn, they need to be relooked also as the laws in themselves, lack uniformity.
Ask the lender to terminate the lien upon payoff.
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company’s asset (or assets) and remove the UCC-1 filing.
In a word, yes, as long as there is no existing obligation to the lender and one follows a specific process. The process for debtors to terminate UCC filings on themselves is provided for in the Uniform Commercial Code and can be found here in Section 9-513 of the Uniform Commercial Code.
If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.
It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.
The main difference between a promissory note and a mortgage is that a promissory note is the written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property. … You may also hear a mortgage called a home loan.
A security agreement normally will contain a clear statement that the debtor is granting the secured party a security interest in specified goods. The agreement also must provide a description of the collateral.