What is the main theme of Article 9 of the UCC?

Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.

What does Article 9 of the UCC cover?

Article 9 of the Uniform Commercial Code (UCC), as adopted by all fifty states, generally governs secured transactions where security interests are taken in personal property. It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.

What is not covered by Article 9?

Some of the most notable exclusions from Article 9 include the fact that 9 does not apply (1) to the extent that a statute, regulation, or treaty of the United States preempts Article 9; (2) with respect to perfection to the extent such issues are addressed pursuant to a state’s Certificate of Title laws; and (3) with …

What are the three 3 main methods of perfecting a security interest under the Uniform Commercial Code UCC )?

The three requirements of: giving value, debtor rights in the collateral, and an authenticated security agreement apply to the most common types of collateral, such as equipment, inventory and even payments due under a contract.

Who must follow Article 9?

Anyone working for agencies, as independent providers or programs which are funded by the Division of Developmental Disabilities are required to follow Article 9. The foundation of Article 9 is Positive Behavior Supports for someone who may be having a difficult time communicating.

What is Article 9 of the Constitution?

The State shall endeavour to create a civil society free of oppression, discrimination and violence, based on the rule of law, protection of human rights and dignity, and to ensure the fundamental rights and freedoms of the people.

Does UCC Article 9 apply to real estate?

In general, Article 9 of the Uniform Commercial Code applies only to security interests in personal property and fixtures, not liens on real property.

What is Article 3 of the UCC?

Every state has adopted Article 3 of the Uniform Commercial Code (UCC), with some modifications, as the law governing negotiable instruments. The UCC defines a negotiable instrument as an unconditioned writing that promises or orders the payment of a fixed amount of money.

Does a UCC 1 need to be signed?

UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized. Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.

How long is Article 9 training?

3 years
$35.00 Article 9 This course includes a clear definition of techniques that are prohibited from use at any time, techniques that require a division approved behavior plan and/or techniques that require no prior approval. Course taught by a certified Article 9 Instructor. This certificate is valid for 3 years.

Can I do Article 9 online?

Online Zoom Courses Available Course taught by a certified Article 9 Instructor. This certificate is valid for 3 years.

What is covered by UCC?

The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions.

What is the UCC law?

The Uniform Commercial Code (UCC) is a document that suggests sales and commerce laws for adoption by individual states. The constitution allows states the right to govern themselves in the areas of sales and commerce, so the UCC is a suggestion, not a law. UCC article 9 is the section of the Uniform Commercial Code…

What is Article 9 security interest?

Article 9 UCC Security Interest. Security interest. Interest in property pursuant to a security agreement. Any interest in property acquired by contract for the purpose of securing payment or performance of an obligation or indemnifying against loss or liability (Black’s Law 6th Ed.).

What is Article 9 sale?

What happens in an Article 9 sale is the UCC-1 creditor acts on the secured position they have and take possession of the assets from the borrowing entity, very similar to what occurs in foreclosure, and then sells the assets to a pre-arranged buyer. When the secured party takes possession of the assets,…

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