Article 9 is a section under the UCC governing
What is the point 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 are the nine articles of the Uniform Commercial Code?
The nine articles of the UCC is a set of laws governing the sale of goods, leases of goods, negotiable instruments, bank deposits, fund transfers, letters of credit, bulk sales, warehouse receipts, bills of lading, investment securities and secured transactions.
What is the main purpose of the UCC?
Created by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI), the primary purpose of the UCC is to make business activities consistent and therefore efficient, across all U.S. states.
What does PMSI mean?
purchase money security interest
Do you have a purchase money security interest (PMSI)? This page tells you how to work out if your security interest that you are registering on the PPSR is a PMSI (purchase money security interest). These are special types of security interests that give you a super priority.
What is perfection under UCC Article 9?
Uniform Commercial Code. § 9-312. PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, LETTER-OF-CREDIT RIGHTS, AND MONEY; PERFECTION BY PERMISSIVE FILING; TEMPORARY PERFECTION WIT.
What is a secured transaction under Article 9?
At its core, secured credit is the law that governs a creditor’s right to seize a debtor’s property in repayment of a debt. The Secured Transactions course has two major parts: creditors’ rights against debtor and creditors’ rights against the rest of the world.
Who does the UCC protect?
It provides remedies and rights for both the buyer and seller. The UCC includes provisions for the sale of goods, commercial paper, bank deposits and collections, bulk transfers, investments securities, and secured transactions. Additionally, the UCC contains provisions for several types of warranties.
Does the UCC apply to everyone?
Basically, the UCC will not apply to your contract unless it meets at least one of the triggers that the law defines. These include: Goods: Article 2 of the UCC, which governs contracts, limits its application to contracts involving the sale and purchase of goods in the amount of $500 or more.
Is the UCC binding law?
The provisions of the UCC or any uniform code are not binding on a jurisdiction unless they have been adopted by that jurisdiction. However, the UCC has been adopted in whole or in large part by all 50 states. The UCC contains multiple articles dealing with various components of commerce.
How many articles are in the Uniform Commercial Code?
nine separate
The Uniform Commercial Code (UCC) is a set of business laws that regulate financial contracts and transactions employed across states. The UCC code consists of nine separate articles, each of which covers separate aspects of banking and loans.
What is Article 8 of the Uniform Commercial Code?
Article 8 is concerned with the settlement of transactions in securities and with certain aspects of the relationships between issuers and investors, intermediaries and those for whom securities accounts are maintained, and sellers or pledgers and their purchasers.
What is Article 7 of the Uniform Commercial Code?
The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 7 governs documents of title, including bills of lading and warehouse receipts.
What is Article 3 of the Uniform Commercial Code?
The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 3 governs negotiable instruments, including checks and notes.
What is Article 4 of the Uniform Commercial Code?
4 Bank Deposits: UCC Article 4 covers the liability of a bank for action or non-action with respect to an item handled by it for purposes of presentment, payment, or collection. The law of the place where the bank is located governs.
What is Article 2 of the Uniform Commercial Code?
Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.