What is Article 9 of the UCC?

What is Article 9 of the UCC?

What is Article 9 of the UCC?

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.

What is a Article 9?

Within the code one of the most important articles is Article 9, Secured Transactions, which provides the governing rules for any transaction that combines a debt with a creditor’s interest in a debtor’s personal property. In 1998 revisions to Article 9 were completed and were approved by all fifty states by 2001.

What is attachment under Article 9?

[1] This concept is often referred to as “attachment” under Article 9. Attachment is essentially the moment when a security interest becomes enforceable against a Debtor.

What is the scope of Article 9?

New Article 9 covers security interests in such collateral as proceeds but extends coverage to original interests in health-care-insurance receivables and, other than in consumer transactions, deposit accounts.

What is Article 9 of the Indian Constitution?

Constitution of India. Persons voluntarily acquiring citizenship of a foreign State not to be citizens. No person shall be a citizen of India by virtue of article 5, or be deemed to be a citizen of India by virtue of article 6 or article 8, if he has voluntarily acquired the citizenship of any foreign State.

Does Article 9 of the UCC apply to real estate?

Article 9 provides a procedure for the buyer or lender to record a document in the real estate records to reflect that assignment. UCC § 9-607(b).

How does the UCC define default under Article 9?

Key Points for the Secured Party to Remember Upon Debtor’s Default. – The term default is not defined under Article 9; the debtor and Secured Party are left to define events of default within their contract. – The collateral may be repossessed.

Which of the following is included in the rules of priority established by Article 9?

Which of the following is included in the rules of priority established by Article 9? A creditor with a perfected security interest has greater rights in the collateral than a creditor with an unperfected security interest.

What are the 3 types of security interests in real property?

Overview. “There are only four kinds of consensual security known to English law: (i) pledge; (ii) contractual lien; (iii) equitable charge and (iv) mortgage.

Does Article 9 apply to leases?

True leases are not subject to Article 9, and true lessors do not need to file Article 9 financing statements or otherwise comply with Article 9. See U.C.C. § 1-201 (b)(35) (“[T]he right of a seller or lessor of goods under Article 2 or 2A to retain or acquire possession of the goods is not a ‘security interest.

What are the residuary powers?

Reserved powers, residual powers, or residuary powers are the powers that are neither prohibited nor explicitly given by law to any organ of government. Such powers, as well as general power of competence, are given because it is impractical to detail in legislation every act allowed to be carried out by the state.

What is Article 7 of the Indian Constitution?

iii) Citizenship of migrants of Pakistan (Article 7): If a citizen of India has migrated to Pakistan after March 1, 1947, but returned to India on the basis of permit for resettlement in India, the person is entitled to become a citizen of India if he/she registers herself as a citizen of India, after residing for at …