UCC Article 9

Scope of Article 9
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Terms in this set (50)
Scope of Article 9
1) Security interests in personal property;
2) Sales of:
a) accounts,
b) chattel paper,
c) payment intangibles, and
d) promissory notes;
3) Consignments;
4) Agricultural Liens (priority and perfection, not formation); AND
5) Lease-purchase agreements.
Exceptions from Article 9
1) Transactions governed by other state or federal laws.
2) Most transactions involving interests or liens on land. (But "fixtures" do apply.)
3) Assignments of "tort claims" - except "commercial tort claims" or proceeds.
4) Assignments of Deposit Accounts in Consumer Transactions (except "proceeds".)
5) State statutory or common law liens - e.g. mechanic's liens, agisters liens, tax liens, etc.
6) Assignments of wage claims.
Security interest
Interest in personal property or fixtures that secures payment or performance of an obligation. 1-201(b)(35).
Collateral
Property subject to a security interest;
proceeds to which the security interest attaches;
accounts, chattel paper, payment intangibles and notes that have been sold;
and goods that are subject to consignment. § 9-102(a)(12).
Debtor
(1) a person having an interest, other than a security interest or other lien, in the collateral whether or not that person is an obligor;
(2) a seller of accounts, chattel paper, payment intangibles or promissory notes;
(3) a consignee. § 9-102(a)(28).
Secured Party
(1) a person in whose favor a security interest has been created;
(2) a person that holds an agricultural lien;
(3) a consignor;
(4) a purchaser of accounts, chattel paper, payment intangibles or promissory notes;
(5) a trustee who holds a security interest;
(6) holder of other statutory liens. § 9-102(a)(72).
Obligor
A person, with respect to an obligation secured by a security interest in or an agricultural lien on collateral, who:
(1) owes payment or other performance of the obligation;
(2) has provided property other than collateral to secure payment or performance of the obligation;
(3) is otherwise accountable in whole or in part for the obligation. § 9-102(a)(59).
Secondary obligor
An obligor whose obligation is secondary or the obligor has a right of recourse against the Debtor, another obligor or the property of either. § 9-102(a)(71).
Consumer transaction
A transaction in which:
(1) an individual incurs an obligation primarily for personal, family, or household purposes,
(2) a security interest secures the obligation, AND
(3) the collateral is held or acquired primarily for personal, family, or household purposes. The term includes consumer-goods transactions. § 9-102(a)(26).
Attachment (definition)
The moment in time when the security interest attaches to the collateral which is when the security interest is enforceable against the Debtor with respect to the collateral. § 9-203(a).