US Uniform Commercial Code Article 9 Secured Transactions
Article 9 of the Uniform Commercial Code as enacted by the States: how a security interest attaches (value, debtor rights, a signed security agreement or possession or control), how it is perfected (filing a financing statement in the State of the debtor's location, possession, control, automatic perfection, certificate-of-title statutes) and kept perfected through proceeds, relocation and name changes, who takes free of it and how competing interests rank (first to file or perfect, purchase-money priority, buyers in ordinary course, fixtures, deposit accounts), the account debtor and anti-assignment rules, the filing system (contents, exact debtor name, amendments, termination within twenty days of demand, five-year lapse and the six-month continuation window, filing office duties), and enforcement after default (collection, peaceful repossession, commercially reasonable disposition with notification, application of proceeds and the consumer explanation, acceptance in satisfaction, redemption, and the damages and rebuttable-presumption consequences of non-compliance), with the 2022 amendments for controllable electronic records noted.
US Uniform Commercial Code Article 9 Secured Transactions is a compliance framework from United States (State law, uniform) with 5 domains and 22 controls. The largest domains are Part 6: default, collection, repossession, disposition, acceptance of collateral, redemption and remedies – US Uniform Commercial Code Article 9 Secured Transactions (7 controls), Part 5: the filing system, the financing statement, lapse, continuation, termination and filing office duties – US Uniform Commercial Code Article 9 Secured Transactions (5 controls), Part 3 subpart 3 and Part 4: priority rules, deposit account and bank rights, and rights of third parties and account debtors – US Uniform Commercial Code Article 9 Secured Transactions (4 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (5)
Part 2: effectiveness of the security agreement, attachment and the rights and duties of parties – US Uniform Commercial Code Article 9 Secured Transactions
| Code | Title |
|---|---|
| us-uniform-commercial-code-article-9-secured-transactions::9-201-9-203-attachment | Make the security interest attach: value given, debtor rights in the collateral, and an authenticated security agreement describing the collateral (or possession, delivery or control under the agreement) |
| us-uniform-commercial-code-article-9-secured-transactions::9-204-9-206-after-acquired-future-advances | Use after-acquired property and future advance clauses where permitted, respecting the consumer goods and commercial tort claim limits |
| us-uniform-commercial-code-article-9-secured-transactions::9-207-9-210-secured-party-duties | A secured party in possession or control must use reasonable care, account for proceeds, keep collateral identifiable, and answer the debtor's requests for an accounting or a list of collateral within fourteen days |
Part 3 subpart 3 and Part 4: priority rules, deposit account and bank rights, and rights of third parties and account debtors – US Uniform Commercial Code Article 9 Secured Transactions
| Code | Title |
|---|---|
| us-uniform-commercial-code-article-9-secured-transactions::9-317-9-321-takers-free | Know which parties take free of or ahead of a security interest: lien creditors and buyers against unperfected interests, buyers in ordinary course, consumer-to-consumer buyers, licensees and lessees |
| us-uniform-commercial-code-article-9-secured-transactions::9-322-9-324-priority-rules | Apply first-to-file-or-perfect priority among conflicting security interests, with the purchase-money super-priorities on their notice and timing conditions and future advances dated to the first filing |
| us-uniform-commercial-code-article-9-secured-transactions::9-332-9-342-money-liens-fixtures-accessions-commingled-titles-deposit-accounts | Apply the special priority rules for transferees of money and funds, possessory liens, fixtures and crops, accessions, commingled goods, certificate-of-title goods, set-off against deposit accounts and the bank's rights |
| us-uniform-commercial-code-article-9-secured-transactions::9-401-9-409-account-debtors-anti-assignment | Respect the account debtor's rights: the debtor's rights are alienable, assignees take subject to defences until notified, notified account debtors pay the assignee, and anti-assignment terms are overridden as the statute provides |
Part 3 subparts 1 and 2: governing law and perfection (filing, possession, control, automatic perfection, proceeds) – US Uniform Commercial Code Article 9 Secured Transactions
| Code | Title |
|---|---|
| us-uniform-commercial-code-article-9-secured-transactions::9-301-9-307-governing-law | Determine the law governing perfection and priority by the debtor's location (registered organisations in their State of organisation), with the special rules for goods, deposit accounts, investment property, letter-of-credit rights and certificated collateral |
| us-uniform-commercial-code-article-9-secured-transactions::9-308-9-312-perfection-methods | Perfect by the method the collateral type permits: filing for most collateral, possession, control or delivery where the statute allows, and compliance with certificate-of-title or federal registration statutes where they displace filing |
| us-uniform-commercial-code-article-9-secured-transactions::9-313-9-315-possession-control-proceeds | Maintain possession or control where perfection depends on it, and track proceeds, which stay perfected for twenty days and beyond only on the statutory conditions |
Part 5: the filing system, the financing statement, lapse, continuation, termination and filing office duties – US Uniform Commercial Code Article 9 Secured Transactions
| Code | Title |
|---|---|
| us-uniform-commercial-code-article-9-secured-transactions::9-501-9-502-9-504-where-and-what-to-file | File the financing statement in the central filing office (or the real property records for fixtures, timber and as-extracted collateral) with the debtor's name, the secured party's name and an indication of the collateral |
| us-uniform-commercial-code-article-9-secured-transactions::9-503-9-506-debtor-name | Use the debtor's exact name: the registered organisation's name on its public organic record, an individual's name as on an unexpired driver's licence (in licence States), or the name rules for trusts, estates and others; minor errors are fatal if a standard search would not find the filing |
| us-uniform-commercial-code-article-9-secured-transactions::9-510-9-514-amendment-termination-assignment | File amendments and continuations only when authorised, file termination statements when required (within twenty days of demand, or unprompted for consumer goods), and record assignments of the secured party of record |
| us-uniform-commercial-code-article-9-secured-transactions::9-515-9-516-duration-continuation-filing | Continue the financing statement within the six-month window before its five-year lapse (thirty years for manufactured-home and public-finance transactions), and know what constitutes filing and when a filing office may refuse |
| us-uniform-commercial-code-article-9-secured-transactions::9-518-9-526-filing-office | Filing offices index records by debtor name, assign file numbers, respond to search requests within two business days, retain lapsed records for a year, and operate under filing-office rules; any person may file an information statement about a wrongly filed record |
Part 6: default, collection, repossession, disposition, acceptance of collateral, redemption and remedies – US Uniform Commercial Code Article 9 Secured Transactions
| Code | Title |
|---|---|
| us-uniform-commercial-code-article-9-secured-transactions::9-601-9-606-rights-after-default | After default, exercise the rights the agreement and the statute give, follow judicial procedure where used, respect the non-waivable debtor protections, and apply the reasonable standards agreed |
| us-uniform-commercial-code-article-9-secured-transactions::9-607-9-608-collection | Collect directly from account debtors after default, deal with collateral in a commercially reasonable way when undertaking collection, and apply proceeds in the statutory order with the surplus and deficiency consequences |
| us-uniform-commercial-code-article-9-secured-transactions::9-609-9-610-repossession-disposition | Repossess only without breach of the peace (or by judicial process), and dispose of collateral by a commercially reasonable public or private disposition, with the secured party buying only at a public disposition or where market-priced |
| us-uniform-commercial-code-article-9-secured-transactions::9-611-9-614-notification-of-disposition | Send reasonable authenticated notification of the disposition to the debtor, secondary obligors and other secured parties of record (searched twenty to thirty days before), in the statutory content and form, and in a consumer-goods transaction with the additional consumer content |
| us-uniform-commercial-code-article-9-secured-transactions::9-615-9-616-proceeds-surplus-deficiency-explanation | Apply disposition proceeds in the statutory order, account for surplus and collect only the deficiency the statute allows, and in a consumer-goods transaction send the written explanation of the surplus or deficiency calculation |
| us-uniform-commercial-code-article-9-secured-transactions::9-620-9-623-acceptance-redemption | Accept collateral in full or partial satisfaction only with the debtor's consent and no timely objection, never for consumer goods in partial satisfaction, dispose of consumer goods within ninety days where sixty per cent has been paid, and allow redemption until disposition |
| us-uniform-commercial-code-article-9-secured-transactions::9-625-9-628-remedies-non-compliance | Comply with Part 6 because non-compliance exposes the secured party to court orders, actual damages, the statutory consumer-goods minimum, five hundred dollar penalties for listed failures, and loss of the deficiency under the rebuttable presumption rule |
What is US Uniform Commercial Code Article 9 Secured Transactions and who does it apply to?
US Uniform Commercial Code Article 9 Secured Transactions is a compliance framework from United States (State law, uniform) with 5 domains and 22 controls. Article 9 of the Uniform Commercial Code as enacted by the States: how a security interest attaches (value, debtor rights, a signed security agreement or possession or control), how it is perfected (filing a financing statement in the State of the debtor's location, possession, control, automatic perfection, certificate-of-title statutes) and kept perfected through proceeds, relocation and name changes, who takes free of it and how competing interests rank (first to file or perfect, purchase-money priority, buyers in ordinary course, fixtures, deposit accounts), the account debtor and anti-assignment rules, the filing system (contents, exact debtor name, amendments, termination within twenty days of demand, five-year lapse and the six-month continuation window, filing office duties), and enforcement after default (collection, peaceful repossession, commercially reasonable disposition with notification, application of proceeds and the consumer explanation, acceptance in satisfaction, redemption, and the damages and rebuttable-presumption consequences of non-compliance), with the 2022 amendments for controllable electronic records noted. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does US Uniform Commercial Code Article 9 Secured Transactions actually require?
US Uniform Commercial Code Article 9 Secured Transactions has 22 controls organised across 5 domains. The largest domains are Part 6: default, collection, repossession, disposition, acceptance of collateral, redemption and remedies – US Uniform Commercial Code Article 9 Secured Transactions (7 controls), Part 5: the filing system, the financing statement, lapse, continuation, termination and filing office duties – US Uniform Commercial Code Article 9 Secured Transactions (5 controls), Part 3 subpart 3 and Part 4: priority rules, deposit account and bank rights, and rights of third parties and account debtors – US Uniform Commercial Code Article 9 Secured Transactions (4 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of US Uniform Commercial Code Article 9 Secured Transactions do I already cover?
US Uniform Commercial Code Article 9 Secured Transactions does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement US Uniform Commercial Code Article 9 Secured Transactions?
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