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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 copy of record evidencing 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, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable 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 controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other articles; priority of interests in financial assets and security entitlements and protection against assertions of claim under Articles 8 and 12.
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.