This article applies to a transaction to the extent that it is governed by another article of this act. Ucc article 9 for dummies is here to decode and help explain from a credit managers perspective, the more relevant aspects of the article and demystify the relevant aspects so we know what to do when it is required to secure a transaction. Ucc records are effective to the extent they were filed by a person that may do so under 9509. Alerts and special information the transition rules in sb 171 sections 188.
Uniform commercial code filings general information. Effectiveness cannot be determined from the record. Background the predicate rules of part 6 are found in sections 9 601 and 9 602. Issues relating to the transfer, ownership, and enforcement of mortgage notes are primarily governed by two articles of the ucc.
Browse links to both the current and older article 9 forms in fillable pdf. Michigan secured transactions under article 9 of the. Here well look at just a few key terms and principles. The michigan business law the michigan business law. Uniform commercial code all articles state of michigan. This isnt a book to save to read at the end of the semester. Revised uniform commercial code article 9 scholarly repository.
Uniform commercial code, article 9 administrative rules. Double click on the pdf and a separate page will open. If you are not a current nic maryland ucc subscriber, learn more or sign up now. Article 9 of the ucc promotes filing a financing statement as the primary method of perfection. Article 9 secured transactions article 9 provides a framework for a creditor to obtain a security interest in the personal property of a debtor to secure payment of a creditors claim become a secured creditor in the personal property a security interest is only valid if a creditor follows the requirements of article 9 of the ucc. Financing statements are not signed and are not enforceable documents financing statement merely notice that a security interest may exist. Commercial code 810 ilcs 5 uniform commercial code. An act to enact the uniform commercial code, relating to certain commercial transactions in or regarding. Among these changes was an amendment to section 9521, the uniform form of a written financing statement and amendment. Dec 21, 2014 the uniform commercial code ucc has proven to be the standardized solution to accommodate the vast commercialized growth in the us for decades, with article 9 addressing the secured interest of. Michigan, like many other states, receives hundreds, if not thousands of bogus ucc filings every year. See the uniform commercial code filing guide, uccguide charts 2000. Official comments to new article 9 official comment 8 to new 1.
The uniform commercial code ucc, a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in american law. The 2010 article 9 amendments are effective in all states, the district of columbia and in puerto rico. All citations to other articles of the ucc are to the current version. Michigan secured transactions under article 9 of the uniform commercial code. New michigan ucc article 9 amendments take effect march 30 in late december 2008 michigan enacted amendments to ucc article 9. It does not apply to money, to payment orders governed by article 4a, or to securities governed by article 8.
The following is a list of common questions that lenders and legal counsel may have about the 2010 amendments. Nationalize the revised article 9 filing system iu robert h. If this information statement relates to a record filed or recorded in a filing office described in section 9 501a1 and this information statement is filed in such a filing office, provide the date and time on which the initial financing statement identified in item. So, searchers must conduct further inquiry article 9, case law and commentary all indicate that searchers. If this is an agricultural lien as defined in applicable states enactment of the uniform commercial code or if this is not a ucc security interest filing e. Additions and corrections to the ucc filing guide ucc. Our ucc corner series will provide an overview of various portions of the ucc, starting with article 2. Ucc 9315 secured party\s rights on disposition of collateral and in proceeds. Ucc 9315 secured partys rights on disposition of collateral and in proceeds. Additional nolo articles on secured transactions contain more details. This legislation, effective on january 1, 2002, is based on the ucc revised article 9 ra9 model act as drafted by the national conference of commissioners on uniform state laws nccusl. This article shall be known and may be cited as uniform commercial codesecured transactions.
This article shall be known and may be cited as uniform commercial code secured transactions. Delete paragraph appearing within framed border relating to maturity dates. Practitioners can use the book to become rapidly conversant with the scope, concepts, and. With the exception of new york and puerto rico, all jurisdictions now accept the new current article 9 forms. This book is a great overview of the subject, to give the student or lawyer a big picture view before diving into the minute details.
Revisions to article 9 of the uniform commercial code ucc, which governs security interests in personal property, became effective on july 1 st. Uniform commercial code excerpt act 174 of 1962 article 9 secured transactions part 1 general provisions subpart 1. B provides an explanation in accordance with subsection c of how the secured party calculated the surplus or deficiency. Secured transactions in personal property 463 4th ed. Uniform commercial code act 174 of 1962 an act to enact the uniform commercial code, relating to certain commercial transactions in or regarding personal property and contracts and other documents concerning them, including sales, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, other documents of title, investment. Ucc search manual the ucc search service encompasses a database management system and two search processes. Goodrich was the chairman of the editorial board of the original 1952 edition, and the code itself was drafted. Construction of uniform commercial code to promote its.
How to attach and perfect your security interest in collateral. Essential ucc filing system concepts ucc is a just a notice filing system ucc records do not establish ownership or rights. Uniform commercial code ucc michigan fees 010105 filing and search fees for the state ucc office. Ucc article 9 revised continued from page 1 o n july 1, 2001, revised article 9 ra9 of the uniform commercial code ucc became effective in each of the 45 states and the district of columbia with a delayed effective date for the other states. An article under the uniform commercial code ucc that governs secured transactions. Ucc revised article 9 executive summary the following is a list of important points to consider when seeking to comply with the new ucc revised article 9 legislation ra9. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9602, those provided by agreement of the parties. The ucc text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the national conference of commissioners on uniform state laws referred to as the uniform law.
This book chapter traces the history of article 9 secured transactions of the u. Weise the rule of section 9 3184 can be regarded as a revolutionary departure only by those who still cherish the hope that we may yet return to the views entertained some two hundred years ago by the court of kings bench. Secured transactions enforcing security interests under. The uniform commercial code ucc division of the secretary of states office serves as the state repository for financing statements regarding security interests under kentucky revised statutes chapter 355, revised article 9. Priority of rights of purchasers of instruments, documents and securities under other articles. The authority approves a grace period of 30 days from the july 1, 20 effective date provided for in. The rules of article 9 may apply to a variety of financing transactions, including when a manufacturer finances the purchase of equipment, when a retailer borrows money to buy inventory, and when a consumer uses store credit to purchase a new. After setting out the pre1940 legal setting in the united states for the use of movable property in secured transactions, the chapter studies three stages in the evolution of article 9. Short ucc page 4 short title, construction, application and subject matter of the title 1101. The revised article 9 is now in effect in all states. Free ucc article 9 legal form for download 49,002 words state of michigan uniform commercial code excerpt act 174 of.
Feb 14, 20 the ucc article 1 general provisions sets forth general provisions, definitions, and rules that apply to entire ucc most important section is 1201, the general definitions article 9 secured transactions governs how a security interest is created in personal property to secure a debtarticle 9. The ucc can be downloaded to pdf see the blue bar above the text, look to the right to download. Commercial impracticability and fair allocation under ucc. Uniform commercial code ucc in january of 1990, louisiana adopted the uniform commercial code. Forms available for all states accepting ucc national standard forms. This article may be cited as uniform commercial codesecured transactions. The uniform commercial code ucc online service is available 24 hours a day for the filing and searching of financing statements, federal tax liens, state tax liens and unemployment liens. Mar 20, 2012 article 9 was most recently revised, extensively, in 1998, with a uniform effective date of july 1, 2001. This article shall be known and may be cited as uniform commercial codesales. The plaintiff contracted with the defendant to supply november 2010 michigan bar journal 43 commercial impracticability generally when the parties have allocated certain risks by contract e.
Article 9 of the uniform commercial code during the 2001 regular legislative session senate bill 2626. The code has been a longterm, joint project of the national conference of commissioners on uniform state laws nccusl and the american law institute ali, which began drafting its first version in 1942. The uniform commercial code was enacted by 1965 ex. Reasons for rejecting ucc filings ucc1 and ucc3 filings can be rejected for a number of reasons. This book explains the terminology, structure, and methodology of security interests governed by article 9 in a readable, concise, and yet thorough manner. Subsection g, c in the most recent version of article 1 which is essentially identical to former section 11052, indicates that choice of law rules provided in the other articles govern when applicable. Uniform commercial code ucc american law institute. As of july 1, 2001, under revised article 9 of the uniform commercial. Al administrative rules, chapter 82043 procedures for revised article 9. Buy 2 or more nonce products and get 10% off your subtotal. An historical overview of ucc article 9 by peter winship ssrn. Uniform commercial code forms the uniform commercial code is defined as a set of regulations that are adopted to make commerce from state to state easier. 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 article applies to a transaction to the extent that it is governed by another article of the uniform commercial code.
This situation results from changes to both the debtor name rules and the form layouts. Article 2 is meant to provide default rules and gapfillers that apply where two parties have not comprehensively addressed common issues in a written contract. In order to distinguish between the applicable versions, we will cite the current version with the year that it became effective 2001. Goods become covered by a certificate of title when a valid application for the certificate of title. The 2010 amendments mostly clarify, but do not change, the existing law. Article 9 forms cogency global corporate business services. Section 9 601 states inter alia that, after default, a secured party. The ucc article 1 general provisions sets forth general provisions, definitions, and rules that apply to entire ucc most important section is 1201, the general definitions article 9 secured transactions governs how a security interest is created in personal property to secure a debtarticle 9. Its meant to give a high level view of the code and to highlight the riskier areas. Uniform laws annotated duke university school of law. Citations without the year refer to the prior version of article 9. Effective other essential ucc concepts page 9 role of the filing office is ministerial article 9 removed filing office discretion from the filing and search process. The ucc is the longest and most elaborate of the uniform acts.
Part 1 g eneral what changes do the 2010 amendments make to ucc article 9. This article applies to a transaction to the extent that it is governed by another article. Savage, mi, laying the ghost of reliance to rest in. Article 9 encompasses a wide variety of possessory liens and determines the legal right of. The financing of intellectual property under revised ucc. Uniform commercial code ucc duke university school of law. Michigan compiled laws complete through pa 182 of 2017.
Michigan secured transactions under article 9 of the uniform. Publish article 9 requires sos to publish ucc article 9 secretary of state must make the text of article 9 available either in printed form or on the secretary of states web site. If you are a current nic maryland subscriber, but you need to add this service to your account, please call 4109901090 or 8889633468. The code remains the same for all states, but the filing requirements will vary. When you begin studying a topic as complex as secured transactions, particularly if you have no experience with the transactions, it can be mystifying. The amendments are intended to give the filing office more effective tools for dealing with bogus ucc filings.
The ucc implemented provisions of article 9 with regard to the notice filing approach under which an abbreviated notice is filed with the appropriate filing officer. Article 1 general provisions article 2 sales article 2a leases article 3 commercial paper article 4 bank deposits and collections article 4a funds transfers article 5 5101 5120 letters of credit article 7 warehouse receipts, bills of lading and other documents of title. Article 9 of the uniform commercial code ucc contains hundreds of rules for how these types of loans and purchases are handled. Governing lien filings under the ucc, idapa 34, title 05, chapter 06. This statewide notification system replaced louisianas chattel mortgage laws and for the first time provides lenders with statewide information regarding liens on movable, personal property. Uniform commercial code louisiana secretary of state. Welcome to the michigan uniform commercial code online service. However, until the debtor obtains possession of the goods. A source of ongoing confusion since the 2010 amendments to ucc article 9 the amendments took effect in most states is how to properly complete the new ucc forms when the collateral is held in a trust. Under article 9, it is the responsibility of filers to ensure their forms are complete and accurate. A except as otherwise provided in this chapter and in division b of section 2. Delete all paragraphs appearing within framed border relating to maturity dates.
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