Uniform Commercial Code
U.C.C. - ARTICLE 9 - SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL
..PART 1. SHORT TITLE, APPLICABILITY AND DEFINITIONS
§ 9-102. Policy and Subject Matter of Article.
- (a) to any transaction (regardless of its form) which is intended to create a security interest in personal property or fixtures including goods, documents, instruments, general intangibles, chattel paper or accounts; and also
- (b) to any sale of accounts or chattel paper.
(2) This Article applies to security interests created by contract including pledge, assignment, chattel mortgage, chattel trust, trust deed, factor's lien, equipment trust, conditional sale, trust receipt, other lien or title retention contract and lease or consignment intended as security. This Article does not apply to statutory liens except as provided in Section 9-310.
(3) The application of this Article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this Article does not apply.
The adoption of this Article should be accompanied by the repeal of existing
statutes dealing with conditional sales, trust receipts, factor's liens where
the factor is given a non-possessory lien, chattel mortgages, crop mortgages,
mortgages on railroad equipment, assignment of accounts and generally statutes
regulating security interests in personal property.
- Where the state has a retail installment selling act or small loan act, that legislation should be carefully examined to determine what changes in those acts are needed to conform them to this Article. This Article primarily sets out rules defining rights of a secured party against persons dealing with the debtor; it does not prescribe regulations and controls which may be necessary to curb abuses arising in the small loan business or in the financing of consumer purchases on credit. Accordingly there is no intention to repeal existing regulatory acts in those fields by enactment or re-enactment of Article 9. See Section 9-203(4) and the Note thereto.
As amended in 1972.
See Appendix II for material relating to changes made in text in 1972.
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