What is UCC Article 9?
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.
What is a UCC & how does it work?
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
What is Article 9 & how does it affect a debtor?
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
What are the new UCC amendments?
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).
STATE OF MISSISSIPPI UCC Revised Article 9 – Executive Summary