UCC Revised Article 9 – Executive Summary and others review the “UCC Article 9 Customer Filing Guide
2010 Amendments to UCC Article 9. Summary of Alternative Sections in 9-503(a). Name to be Provided on a Financing Statement When the Debtor is an Individual.
In brief R9-408 permits the creation
In 2018 the Uniform Law Commission and American Law Institute approved a narrow set of amendments to Article 9 of the Uniform Commercial Code (UCC). The
SECURED TRANSACTIONS: PRACTICAL THINGS EVERY BUSINESS LAWYER SHOULD KNOW ABOUT UCC ARTICLE 9. By Joseph H. Flack. At the outset Normal M. Powell1 captured
Filings that do not include the proper fee will be rejected and returned for filing again. A fee schedule is included as part of the. “UCC RA9 Summary”
Article 9 covers security interests in “electronic chattel paper” and this section governs how Instructions for UCC Financing Statement (Form UCC1).
Oct 9 2013 of the entry summary declaration; to specify the ... (c) the cases referred to in Article 9(4) where the customs.
Jan 26 2022 26
See also Smith Summary of Article 9
ARTICLE 9 –SECURED TRANSACTIONS •Article 9 – provides a framework for a creditor to obtain a security interest in the personal propertyof a debtor to secure payment of a creditor’s claim Become a secured creditor in the personal property
If Article 9 of the Uniform Commercial Code were a computer code the present text of the article would be identified as version 3 1 First adop 1 ted by its co-sponsors -- the National Conference of Commissioners on Uniform State Laws (NCCUSL) 2 3and the American Law Institute (ALI)--
“Risk comes from not knowing what you’re doing” -Warren Buffett As a credit manager in the world of business to business (B2B) commerce, it is your job to facilitate sales while managing the risk associated with the extension of credit and protecting your company’s investment in accounts receivable. Trade credit is essential to the accommodation of...
Overview
Uniform Commercial Code (UCC) Article 9 governs secured transactions in personal property. The 2010 Amendments to Article 9 modify the existing statute to respond to filing issues and address other matters that have arisen in practice following a decade of experience with the 1998 version.
UCC stands for the “Uniform Commercial Code” representing a set of rules applicable to the sale of goods by merchants. The UCC is broken down into nine articles outlined as follows: Article 1: General Provisions Article 2: Sales Article 2A: Leases Article 3: Negotiable Instruments Article 4: Bank Deposits and Collections
Article 9 regulates security interests in personal property offered as collateral by a debtor to secure outstanding debt Creditors having the ability to secure an interest in movable property, intangible assets, or fixtures, are encouraged to issue loans and lend money to those who need it
The amendments span almost every article of the UCC and add a new Article 12 addressing certain types of digital assets defined as “CControllable Electronic Records” (CERs).