What is Article 9 of the Uniform Commercial Code?
Article 9 of the Uniform Commercial Code (UCC) provides a comprehensive statutory scheme for the regulation of creating, perfecting, and enforcing security interests in personal property and fixtures (see Practice Note, UCC Creation, Perfection, and Priority of Security Interests (6-381-0551).
Who writes the UCC text & draft revisions?
The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws (referred to as the Uniform Law Commissioners ), in collaboration with the American Law Institute.
Can a secured creditor foreclose on collateral under UCC Article 9?
A Practice Note discussing a secured creditor’s rights under UCC Article 9 to enforce its security interest by foreclosing on collateral. This Note addresses the basic timeline, process, and requirements for conducting an Article 9 sale.
Where is the UCC enacted?
Currently, the UCC (in whole or in part) has been enacted, with some local variation, in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands. II. Organization of the UCC
Uniform Commercial Code Revised Article 9. Secured Transactions