What does UCC Article 9 cover?

What does UCC Article 9 cover?

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 lien creditor UCC?

(52) “Lien creditor” means: (A) a creditor that has acquired a lien on the property involved by attachment, levy, or the like; (B) an assignee for benefit of creditors from the time of assignment; (C) a trustee in bankruptcy from the date of the filing of the petition; or.

What are consumer goods under UCC?

(23) “Consumer goods” means goods that are used or bought for use primarily for personal, family, or household purposes.

What is RA 9 UCC?

Revised Article 9 of the Uniform Commercial Code placed greater responsibility on secured parties to use the correct debtor name when preparing financing statements. RA9 provides that a financing statement is effective only if recorded under the “correct name” of the debtor.

What is the meaning of Article 9?

Article 9 protects your right to freedom of thought, belief and religion. It includes the right to change your religion or beliefs at any time. You also have the right to put your thoughts and beliefs into action.

What is the difference between a secured and unsecured creditor?

Secured creditors often require collateral in the event the borrower defaults. Usually, bankruptcy is the only option for unsecured creditors if the borrower defaults. Unsecured creditors can range from credit card companies to doctor’s offices.

How do I remove a UCC filing?

If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.

Does Article 9 apply to consumer goods?

Credit extended for the operation of a business is not consumer debt and even consumer goods or consumer intangibles taken as security would not make the transaction a consumer transaction (though as noted above, some provisions of Revised Article 9 apply to transactions secured by consumer goods even though the credit …

Who files a UCC termination?

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.

What is UCC Article 1 of the New York Code?

(c) Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article. Read this complete New York Consolidated Laws, Uniform Commercial Code – UCC § 9-102. Definitions And Index of Definitions on Westlaw

What does UCC section 9102 mean in New York?

New York Consolidated Laws, Uniform Commercial Code – UCC § 9-102. Definitions And Index of Definitions (a) Article 9 definitions. In this article: (1) “ Accession ” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.

What is the UCC code for Ohio Revised Code?

2006 Ohio Revised Code – 1309.102. (UCC 9-102) Definitions and index of definitions. § 1309.102. (UCC 9-102) Definitions and index of definitions. (A) As used in this chapter, unless the context requires otherwise:

What is the UCC code for Secured Transactions?

1309.102. (UCC 9-102) Definitions and index of definitions. :: 1309. Secured Transactions. :: TITLE XIII. Commercial Transactions-Other Commercial Transactions :: 2006 Ohio Revised Code :: Ohio Revised Code :: US Codes and Statutes :: US Law :: Justia.

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