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These documents are currently being revised to incorporate the changes made during the 2024 Legislative Session. Please consult the Sections Affected Table for changes made during the 2024 Legislative Session.

Article 9A

SECURED TRANSACTIONS; SALES OF ACCOUNTS, CONTRACT RIGHTS AND CHATTEL PAPER

Sections

PART 1
GENERAL PROVISIONS
SUBPART 1. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS
HTMLPDF 62A.9A-101Short title.
HTMLPDF 62A.9A-102Definitions and index of definitions.
HTMLPDF 62A.9A-103Purchase-money security interest; application of payments; burden of establishing.
HTMLPDF 62A.9A-104Control of deposit account.
HTMLPDF 62A.9A-105Control of electronic chattel paper.
HTMLPDF 62A.9A-1051Control of electronic money.
HTMLPDF 62A.9A-106Control of investment property.
HTMLPDF 62A.9A-107Control of letter-of-credit right.
HTMLPDF 62A.9A-1071Control of controllable electronic record, controllable account, or controllable payment intangible.
HTMLPDF 62A.9A-1072No requirement to acknowledge or confirm; no duties.
HTMLPDF 62A.9A-108Sufficiency of description in security agreement.
SUBPART 2. APPLICABILITY OF ARTICLE
HTMLPDF 62A.9A-109Scope.
HTMLPDF 62A.9A-110Security interests arising under Article 2 or 2A.
PART 2
EFFECTIVENESS OF SECURITY AGREEMENT;
ATTACHMENT OF SECURITY INTEREST;
RIGHTS OF PARTIES TO SECURITY AGREEMENT
SUBPART 1. EFFECTIVENESS AND ATTACHMENT
HTMLPDF 62A.9A-201General effectiveness of security agreement.
HTMLPDF 62A.9A-202Title to collateral immaterial.
HTMLPDF 62A.9A-203Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
HTMLPDF 62A.9A-204After-acquired property; future advances.
HTMLPDF 62A.9A-205Use or disposition of collateral permissible.
HTMLPDF 62A.9A-206Security interest arising in purchase or delivery of financial asset.
SUBPART 2. RIGHTS AND DUTIES
HTMLPDF 62A.9A-207Rights and duties of secured party having possession or control of collateral.
HTMLPDF 62A.9A-208Additional duties of secured party having control of collateral.
HTMLPDF 62A.9A-209Duties of secured party if account debtor has been notified of assignment.
HTMLPDF 62A.9A-210Request for accounting; request regarding list of collateral or statement of account.
PART 3
PERFECTION AND PRIORITY
SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY
HTMLPDF 62A.9A-301Law governing perfection and priority of security interests.
HTMLPDF 62A.9A-302Law governing perfection and priority of agricultural liens.
HTMLPDF 62A.9A-303Law governing perfection and priority of security interests in goods covered by a certificate of title.
HTMLPDF 62A.9A-304Law governing perfection and priority of security interests in deposit accounts.
HTMLPDF 62A.9A-305Law governing perfection and priority of security interests in investment property.
HTMLPDF 62A.9A-306Law governing perfection and priority of security interests in letter-of-credit rights.
HTMLPDF 62A.9A-3061Law governing perfection and priority of security interests in chattel paper.
HTMLPDF 62A.9A-3062Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles.
HTMLPDF 62A.9A-307Location of debtor.
SUBPART 2. PERFECTION
HTMLPDF 62A.9A-308When security interest or agricultural lien is perfected; continuity of perfection.
HTMLPDF 62A.9A-309Security interest perfected upon attachment.
HTMLPDF 62A.9A-310When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
HTMLPDF 62A.9A-311Perfection of security interests in property subject to certain statutes, regulations, and treaties.
HTMLPDF 62A.9A-312Perfection 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 without filing or transfer of possession.
HTMLPDF 62A.9A-313When possession by or delivery to secured party perfects security interest without filing.
HTMLPDF 62A.9A-314Perfection by control.
HTMLPDF 62A.9A-3141Perfection by possession and control of chattel paper.
HTMLPDF 62A.9A-315Secured party's rights on disposition of collateral and in proceeds.
HTMLPDF 62A.9A-316Effect of change in governing law.
SUBPART 3. PRIORITY
HTMLPDF 62A.9A-317Interests that take priority over or take free of security interest or agricultural lien.
HTMLPDF 62A.9A-318No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.
HTMLPDF 62A.9A-319Rights and title of consignee with respect to creditors and purchasers.
HTMLPDF 62A.9A-320Buyer of goods.
HTMLPDF 62A.9A-321Licensee of general intangible and lessee of goods in ordinary course of business.
HTMLPDF 62A.9A-322Priorities among conflicting security interests in and agricultural liens on same collateral.
HTMLPDF 62A.9A-323Future advances.
HTMLPDF 62A.9A-324Priority of purchase-money security interests.
HTMLPDF 62A.9A-325Priority of security interests in transferred collateral.
HTMLPDF 62A.9A-326Priority of security interests created by new debtor.
HTMLPDF 62A.9A-3261Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible.
HTMLPDF 62A.9A-327Priority of security interests in deposit account.
HTMLPDF 62A.9A-328Priority of security interests in investment property.
HTMLPDF 62A.9A-329Priority of security interests in letter-of-credit right.
HTMLPDF 62A.9A-330Priority of purchaser of chattel paper or instrument.
HTMLPDF 62A.9A-331Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8.
HTMLPDF 62A.9A-332Transfer of money; transfer of funds from deposit account.
HTMLPDF 62A.9A-333Priority of certain liens arising by operation of law.
HTMLPDF 62A.9A-334Priority of security interests in fixtures and crops.
HTMLPDF 62A.9A-335Accessions.
HTMLPDF 62A.9A-336Commingled goods.
HTMLPDF 62A.9A-337Priority of security interests in goods covered by certificate of title.
HTMLPDF 62A.9A-338Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
HTMLPDF 62A.9A-339Priority subject to subordination.
SUBPART 4. RIGHTS OF BANK
HTMLPDF 62A.9A-340Effectiveness of right of recoupment or set-off against deposit account.
HTMLPDF 62A.9A-341Bank's rights and duties with respect to deposit account.
HTMLPDF 62A.9A-342Bank's right to refuse to enter into or disclose existence of control agreement.
PART 4
RIGHTS OF THIRD PARTIES
HTMLPDF 62A.9A-401Alienability of debtor's rights.
HTMLPDF 62A.9A-402Secured party not obligated on contract of debtor or in tort.
HTMLPDF 62A.9A-403Agreement not to assert defenses against assignee.
HTMLPDF 62A.9A-404Rights acquired by assignee; claims and defenses against assignee.
HTMLPDF 62A.9A-405Modification of assigned contract.
HTMLPDF 62A.9A-406Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.
HTMLPDF 62A.9A-407Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
HTMLPDF 62A.9A-408Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
HTMLPDF 62A.9A-409Restrictions on assignment of letter-of-credit rights ineffective.
PART 5
FILING
SUBPART 1. FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT
HTMLPDF 62A.9A-501Filing office.
HTMLPDF 62A.9A-502Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.
HTMLPDF 62A.9A-503Name of debtor and secured party.
HTMLPDF 62A.9A-504Indication of collateral.
HTMLPDF 62A.9A-505Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
HTMLPDF 62A.9A-506Effect of errors or omissions.
HTMLPDF 62A.9A-507Effect of certain events on effectiveness of financing statement.
HTMLPDF 62A.9A-508Effectiveness of financing statement if new debtor becomes bound by security agreement.
HTMLPDF 62A.9A-509Persons entitled to file a record.
HTMLPDF 62A.9A-510Effectiveness of filed record.
HTMLPDF 62A.9A-511Secured party of record.
HTMLPDF 62A.9A-512Amendment of financing statement.
HTMLPDF 62A.9A-513Termination statement.
HTMLPDF 62A.9A-514Assignment of powers of secured party of record.
HTMLPDF 62A.9A-515Duration and effectiveness of financing statement; effect of lapsed financing statement.
HTMLPDF 62A.9A-516What constitutes filing; effectiveness of filing.
HTMLPDF 62A.9A-517Effect of indexing errors.
HTMLPDF 62A.9A-518Claim concerning inaccurate or wrongfully filed record.
SUBPART 2. DUTIES AND OPERATION OF FILING OFFICE
HTMLPDF 62A.9A-519Numbering, maintaining, and indexing records; communicating information provided in records.
HTMLPDF 62A.9A-520Acceptance and refusal to accept record.
HTMLPDF 62A.9A-521Uniform form of written financing statement and amendment.
HTMLPDF 62A.9A-522Maintenance and destruction of records.
HTMLPDF 62A.9A-523Information from filing office; sale or license of records.
HTMLPDF 62A.9A-524Delay by filing office.
HTMLPDF 62A.9A-525Fees.
HTMLPDF 62A.9A-526Filing-office rules.
HTMLPDF 62A.9A-527Duty to report.
PART 6
DEFAULT
SUBPART 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
HTMLPDF 62A.9A-601Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
HTMLPDF 62A.9A-602Waiver and variance of rights and duties.
HTMLPDF 62A.9A-603Agreement on standards concerning rights and duties.
HTMLPDF 62A.9A-604Procedure if security agreement covers real property, fixtures, or manufactured home.
HTMLPDF 62A.9A-605Unknown debtor or secondary obligor.
HTMLPDF 62A.9A-606Time of default for agricultural lien.
HTMLPDF 62A.9A-607Collection and enforcement by secured party.
HTMLPDF 62A.9A-608Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
HTMLPDF 62A.9A-609Secured party's right to take possession after default.
HTMLPDF 62A.9A-610Disposition of collateral after default.
HTMLPDF 62A.9A-611Notification before disposition of collateral.
HTMLPDF 62A.9A-612Timeliness of notification before disposition of collateral.
HTMLPDF 62A.9A-613Contents and form of notification before disposition of collateral: General.
HTMLPDF 62A.9A-614Contents and form of notification before disposition of collateral: Consumer-goods transaction.
HTMLPDF 62A.9A-615Application of proceeds of disposition; liability for deficiency and right to surplus.
HTMLPDF 62A.9A-616Explanation of calculation of surplus or deficiency.
HTMLPDF 62A.9A-617Rights of transferee of collateral.
HTMLPDF 62A.9A-618Rights and duties of certain secondary obligors.
HTMLPDF 62A.9A-619Transfer of record or legal title.
HTMLPDF 62A.9A-620Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
HTMLPDF 62A.9A-621Notification of proposal to accept collateral.
HTMLPDF 62A.9A-622Effect of acceptance of collateral.
HTMLPDF 62A.9A-623Right to redeem collateral.
HTMLPDF 62A.9A-624Waiver.
SUBPART 2. NONCOMPLIANCE WITH ARTICLE
HTMLPDF 62A.9A-625Remedies for secured party's failure to comply with Article.
HTMLPDF 62A.9A-626Action in which deficiency or surplus is in issue.
HTMLPDF 62A.9A-627Determination of whether conduct was commercially reasonable.
HTMLPDF 62A.9A-628Nonliability and limitation on liability of secured party; liability of secondary obligor.
PART 7
TRANSITION
HTMLPDF 62A.9A-701Effective date—2000 c 250.
HTMLPDF 62A.9A-702Savings clause.
HTMLPDF 62A.9A-703Security interest perfected before effective date.
HTMLPDF 62A.9A-704Security interest unperfected before effective date.
HTMLPDF 62A.9A-705Effectiveness of action taken before effective date.
HTMLPDF 62A.9A-706When initial financing statement suffices to continue effectiveness of financing statement.
HTMLPDF 62A.9A-707Amendment of preeffective-date financing statement.
HTMLPDF 62A.9A-708Persons entitled to file initial financing statement or continuation statement.
HTMLPDF 62A.9A-709Priority.
PART 8
TRANSITION PROVISIONS FOR 2010 AMENDMENTS
HTMLPDF 62A.9A-803Security interest perfected before effective date.
HTMLPDF 62A.9A-804Security interest unperfected before effective date.
HTMLPDF 62A.9A-805Effectiveness of action taken before effective date.
HTMLPDF 62A.9A-806When initial financing statement suffices to continue effectiveness of financing statement.
HTMLPDF 62A.9A-807Amendment of preeffective date financing statement.
HTMLPDF 62A.9A-808Person entitled to file initial financing statement or continuation statement.
HTMLPDF 62A.9A-809Priority.
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