3 edition of comparison of former UCC Article 9 and new UCC Article 9 found in the catalog.
comparison of former UCC Article 9 and new UCC Article 9
Steven O. Weise
|Statement||by Steven O. Weise ; annotated for Oregon by Richard A. Canaday.|
|Contributions||Canaday, Richard A., Oregon State Bar. Continuing Legal Education.|
|LC Classifications||KFO2575 .W44 2001|
|The Physical Object|
|Pagination||iii, 54 p. :|
|Number of Pages||54|
2. U.C.C. § (); see id.§ cmt. (''If former Article 9 is in effect in some jurisdictions, and this Article is in effect in others, horrendous complications may arise."). 3. Prefatory Note to AMENDMENTS TO UNIFORM COMMERCIAL CODE ARTICLE 9, at 1. An Introduction to Florida’s Newly Revised UCC Article 9 Background. The Uniform Laws Commission was established over a hundred years ago. Its mission is to provide states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.
(1) in the case of a request for an accounting, by authenticating and sending to the debtor an accounting; and. (2) in the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction. This book is a wonderful introduction to the law governing security interests in personal property, which is based on Article 9 of the UCC. This book explains the terminology, structure, and methodology of security interests governed by Article 9 in a readable, concise, and yet thorough Size: KB.
(3) the secured party becomes the bank's customer with respect to the deposit account. (b) [Debtor's right to direct disposition.] A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. ‹ § The UCC Article 1 – General Provisions - Sets forth general provisions, definitions, and rules that apply to entire UCC - Most important section is , the general definitions Article 9 – Secured Transactions - Governs how a security interest is created in personal property to secure a debtArticle 9: A Primer on Attachment, Perfection.
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COMPARISON HANDBOOK The Oregon State Bar has published A Comparison of Former UCC Article 9 and New UCC Article 9. This handbook includes a chart showing the differences between the old and new Uniform Law, including references to topics and sections and annotations to Oregon law where it differs from the Uniform Law.
The handbook is $35 and. Article 9 of the Uniform Commercial Code (the "UCC") was substantially revised in by the Uniform Law Commission and was enacted in all 50 states and the District of Columbia. Over the years, it became clear that there need to be some amendments to address filing issues and other concerns.
REVISION OF UNIFORM COMMERCIAL CODE ARTICLE 9 – SECURED TRANSACTIONS PART 1 GENERAL PROVISIONS SUBPART 1. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS SECTION SHORT TITLE. This article may be cited as Uniform Commercial Code–Secured Transactions.
SECTION DEFINITIONS AND INDEX OF DEFINITIONS. (a) Article 9. It represents a significant change in the law governing security interests in personal property. Revised Article 9: defines new categories of collateral; promotes electronic filing; and resolves conflicting case law under current Article 9.
I know this from my work experience involving Article 9 of the UCC (which governs secured transactions), first while serving as assistant general counsel for one of the largest provider of UCC.
This page provides a variety of charts, forms and other resources related to search and filing issues under Article 9 of the Uniform Commercial Code (“UCC”), tax liens and statutory liens.
In addition, the page includes materials on other topics of interest to commercial lenders and their legal counsel, including real estate recording and.
The Amendments to UCC Article 9 modify the existing statute to respond to filing issues and address other matters that have arisen in practice. Article 9: An article under the Uniform Commercial Code (UCC) that governs secured transactions. Article 9 encompasses a wide variety of possessory.
Official Comments to New Article 9 Official Comment 8 to new 8. Subsection (g), [(c) in the most recent version of Article 1] which is essentially identical to former section (2), indicates that choice of law rules provided in the other Articles govern when applicable.
Secured Transactions: Enforcing a Security Interest After Default Under UCC Article 9 Navigating the Notice Requirements, Remedies and Enforcement Rules New York Teresa Wilton Harmon, Partner, Sidley Austin, Chicago Christopher J. Rockers, Partner, Husch BlackwellFile Size: KB. UCC Article 9 replaced a wildly diverse array of security devices that had evolved in the various states during the 19th and early 20th centuries, in response to the reluctance of U.S.
courts to enforce general nonpossessory security interests as either against public policy or because they were perceived as fraudulent conveyances. After default, a secured party: (1) may take possession of the collateral; and.
(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under Section (b) [Judicial and nonjudicial process.] A secured party may proceed under subsection (a): (1) pursuant to judicial process; or.
(a) [Application of proceeds.] A secured party shall apply or pay over for application the cash proceeds of disposition under Section in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses.
claims other than commercial tort claims. Rev. UCC § (d). Revised Article 9 does not apply to the extent that a statute, regu-lation, or treaty of the United States preempts it; this does not mean that Article 9 bows out just because a federal law covers some aspects of the transaction, as some cases under current law : Barkley Clark.
NEW YORK, NY--(Marketwire - 11/16/10) - As the year comes to a close, lenders, lessors and law firms need to prepare for the first changes to the Uniform Commercial Code (UCC) Article 9.
UCC Article 9 Background • Uniform Commercial Code Article 9 – Law governing security interests in personal property. • Security Interest −Security interest is a consensual lien that arises by contract. • This allows secured party to repossess and foreclose on the collateral after default by the debtor • Secured party gets priority over debtor’s other creditors to.
While there is no relevant New York case law on this issue, because the UCC specifically imposes the obligation of good faith on a secured party’s enforcement under Article 9, it is likely that a failure of a mezzanine lender to comply with UCC § is actionable under UCC § (UCC ) (See generally; Zinneker The Default Provisions of Revised Article 9, ABA publication, Section of Business Law).
These rules require the secured creditor to proceed in a “commercially reasonable manner” and prescribe the consequences of not complying with the Code (UCC Section ).
An interest in an LLC or partnership can constitute either a “general intangible” under UCC Article 9 or a “security” under UCC Article 8. However, if and to what extent New. Current Article 9 Forms (for all jurisdictions except New York and Puerto Rico): UCC1 - Initial financing statement.; UCC1 Addendum - Always use the addendum form for fixture/real-estate-related filings, when you have up to two additional debtors or one additional secured party or when you want to designate an assignor secured party.; UCC1AP - Use this Additional Party form to list up to three.
fortunately, the message of Article 9 of the Uniform Commercial. Code (UCC or Code) is less comforting. The message of Article 9 might.
be more aptly phrased: Seek but you may not find. Article 9 provides "a comprehensive scheme for the regulation of [con-sensual] security interests in personal property and fixtures." 2. In order toAuthor: Gerald T. McLaughlin.UPDATE: UCC – Amendments to Revised Article 9.
As you may be aware, there are many important modifications filers and searchers will want to be aware of regarding revisions to Uniform Commercial Code (UCC) Revised Article date, every state and Puerto Rico and has enacted the amendments except for Oklahoma and New York*—who both introduced it this year (1).
New York State, in particular, must modify the revised Article 9 to address the unique aspects of buying and selling into a residential cooperative.
The New York State Bar Association Committee on Liens has been working for over two years on these modifications, which have now been introduced into the state legislature for enactment.