Article 9 of the _____ governs secured transactions in personal property.

(1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

(2) an agricultural lien;

(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes;

(4) a consignment;

(5) a security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5), as provided in Section 9-110; and

(6) a security interest arising under Section 4-210 or 5-118.

(b) [Security interest in secured obligation.]

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.

(c) [Extent to which article does not apply.]

This article does not apply to the extent that:

(1) a statute, regulation, or treaty of the United States preempts this article;

(2) another statute of this State expressly governs the creation, perfection, priority, or enforcement of a security interest created by this State or a governmental unit of this State;

(3) a statute of another State, a foreign country, or a governmental unit of another State or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the State, country, or governmental unit; or

(4) the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under Section 5-114.

(d) [Inapplicability of article.]

This article does not apply to:

(1) a landlord's lien, other than an agricultural lien;

(2) a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but Section 9-333 applies with respect to priority of the lien;

(3) an assignment of a claim for wages, salary, or other compensation of an employee;

(4) a sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;

(5) an assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;

(6) an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;

(7) an assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;

(8) a transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but Sections 9-315 and 9-322 apply with respect to proceeds and priorities in proceeds;

(9) an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;

(10) a right of recoupment or set-off, but:

(A) Section 9-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and

(B) Section 9-404 applies with respect to defenses or claims of an account debtor;

(11) the creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:

(A) liens on real property in Sections 9-203 and 9-308;

(B) fixtures in Section 9-334;

(C) fixture filings in Sections 9-501, 9-502, 9-512, 9-516, and 9-519; and

(D) security agreements covering personal and real property in Section 9-604;

(12) an assignment of a claim arising in tort, other than a commercial tort claim, but Sections 9-315 and 9-322 apply with respect to proceeds and priorities in proceeds; or

(13) an assignment of a deposit account in a consumer transaction, but Sections 9-315 and 9-322 apply with respect to proceeds and priorities in proceeds.

‹ § 9-108. SUFFICIENCY OF DESCRIPTION. up § 9-110. SECURITY 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]

• § 9-201. GENERAL EFFECTIVENESS OF SECURITY AGREEMENT.
• § 9-202. TITLE TO COLLATERAL IMMATERIAL.
• § 9-203. ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES.
• § 9-204. AFTER-ACQUIRED PROPERTY; FUTURE ADVANCES.
• § 9-205. USE OR DISPOSITION OF COLLATERAL PERMISSIBLE.
• § 9-206. SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET.

[Subpart 2. Rights and Duties]

• § 9-207. RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL.
• § 9-208. ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL.
• § 9-209. DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT.
• § 9-210. REQUEST FOR ACCOUNTING; REQUEST REGARDING LIST OF COLLATERAL OR STATEMENT OF ACCOUNT.

Part 3. Perfection and Priority

[Subpart 1. Law Governing Perfection and Priority]

• § 9-301. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS.
• § 9-302. LAW GOVERNING PERFECTION AND PRIORITY OF AGRICULTURAL LIENS.
• § 9-303. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY A CERTIFICATE OF TITLE.
• § 9-304. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNTS.
• § 9-305. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY.
• § 9-306. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHTS.
• § 9-307. LOCATION OF DEBTOR.
• § 9-308. WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED; CONTINUITY OF PERFECTION.
• § 9-309. SECURITY INTEREST PERFECTED UPON ATTACHMENT.
• § 9-310. WHEN FILING REQUIRED TO PERFECT SECURITY INTEREST OR AGRICULTURAL LIEN; SECURITY INTERESTS AND AGRICULTURAL LIENS TO WHICH FILING PROVISIONS DO NOT APPLY.
• § 9-311. PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO CERTAIN STATUTES, REGULATIONS, AND TREATIES.
• § 9-312. PERFECTION 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.
• § 9-313. WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING.
• § 9-314. PERFECTION BY CONTROL.
• § 9-315. SECURED PARTY'S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS.
• § 9-316. CONTINUED PERFECTION OF SECURITY INTEREST FOLLOWING CHANGE IN GOVERNING LAW.

[Subpart 3. Priority]

• § 9-317. INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE OF UNPERFECTED SECURITY INTEREST OR AGRICULTURAL LIEN.
• § 9-318. NO 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.
• § 9-319. RIGHTS AND TITLE OF CONSIGNEE WITH RESPECT TO CREDITORS AND PURCHASERS.
• § 9-320. BUYER OF GOODS.
• § 9-321. LICENSEE OF GENERAL INTANGIBLE AND LESSEE OF GOODS IN ORDINARY COURSE OF BUSINESS.
• § 9-322. PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL.
• § 9-323. FUTURE ADVANCES.
• § 9-324. PRIORITY OF PURCHASE-MONEY SECURITY INTERESTS.
• § 9-325. PRIORITY OF SECURITY INTERESTS IN TRANSFERRED COLLATERAL.
• § 9-326. PRIORITY OF SECURITY INTERESTS CREATED BY NEW DEBTOR.
• § 9-327. PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNT.
• § 9-328. PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY.
• § 9-329. PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHT.
• § 9-330. PRIORITY OF PURCHASER OF CHATTEL PAPER OR INSTRUMENT.
• § 9-331. PRIORITY OF RIGHTS OF PURCHASERS OF INSTRUMENTS, DOCUMENTS, AND SECURITIES UNDER OTHER ARTICLES; PRIORITY OF INTERESTS IN FINANCIAL ASSETS AND SECURITY ENTITLEMENTS UNDER ARTICLE 8.
• § 9-332. TRANSFER OF MONEY; TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT.
• § 9-333. PRIORITY OF CERTAIN LIENS ARISING BY OPERATION OF LAW.
• § 9-334. PRIORITY OF SECURITY INTERESTS IN FIXTURES AND CROPS.
• § 9-335. ACCESSIONS.
• § 9-336. COMMINGLED GOODS.
• § 9-337. PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY CERTIFICATE OF TITLE.
• § 9-338. PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION.
• § 9-339. PRIORITY SUBJECT TO SUBORDINATION.

[Subpart 4. Rights of Bank]

• § 9-340. EFFECTIVENESS OF RIGHT OF RECOUPMENT OR SET-OFF AGAINST DEPOSIT ACCOUNT.
• § 9-341. BANK'S RIGHTS AND DUTIES WITH RESPECT TO DEPOSIT ACCOUNT.
• § 9-342. BANK'S RIGHT TO REFUSE TO ENTER INTO OR DISCLOSE EXISTENCE OF CONTROL AGREEMENT.

Part 4. Rights of Third Parties

• § 9-401. ALIENABILITY OF DEBTOR'S RIGHTS.
• § 9-402. SECURED PARTY NOT OBLIGATED ON CONTRACT OF DEBTOR OR IN TORT.
• § 9-403. AGREEMENT NOT TO ASSERT DEFENSES AGAINST ASSIGNEE.
• § 9-404. RIGHTS ACQUIRED BY ASSIGNEE; CLAIMS AND DEFENSES AGAINST ASSIGNEE.
• § 9-405. MODIFICATION OF ASSIGNED CONTRACT.
• § 9-406. DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, AND PROMISSORY NOTES INEFFECTIVE.
• § 9-407. RESTRICTIONS ON CREATION OR ENFORCEMENT OF SECURITY INTEREST IN LEASEHOLD INTEREST OR IN LESSOR'S RESIDUAL INTEREST.
• § 9-408. RESTRICTIONS ON ASSIGNMENT OF PROMISSORY NOTES, HEALTH-CARE-INSURANCE RECEIVABLES, AND CERTAIN GENERAL INTANGIBLES INEFFECTIVE.
• § 9-409. RESTRICTIONS ON ASSIGNMENT OF LETTER-OF-CREDIT RIGHTS INEFFECTIVE.

Part 5. Filing

[Subpart 1. Filing Office; Contents and Effectiveness of Financing Statement]

• § 9-501. FILING OFFICE.
• § 9-502. CONTENTS OF FINANCING STATEMENT; RECORD OF MORTGAGE AS FINANCING STATEMENT; TIME OF FILING FINANCING STATEMENT.
• § 9-503. NAME OF DEBTOR AND SECURED PARTY.
• § 9-504. INDICATION OF COLLATERAL.
• § 9-505. FILING AND COMPLIANCE WITH OTHER STATUTES AND TREATIES FOR CONSIGNMENTS, LEASES, OTHER BAILMENTS, AND OTHER TRANSACTIONS.
• § 9-506. EFFECT OF ERRORS OR OMISSIONS.
• § 9-507. EFFECT OF CERTAIN EVENTS ON EFFECTIVENESS OF FINANCING STATEMENT.
• § 9-508. EFFECTIVENESS OF FINANCING STATEMENT IF NEW DEBTOR BECOMES BOUND BY SECURITY AGREEMENT.
• § 9-509. PERSONS ENTITLED TO FILE A RECORD.
• § 9-510. EFFECTIVENESS OF FILED RECORD.
• § 9-511. SECURED PARTY OF RECORD.
• § 9-512. AMENDMENT OF FINANCING STATEMENT.
• § 9-513. TERMINATION STATEMENT.
• § 9-514. ASSIGNMENT OF POWERS OF SECURED PARTY OF RECORD.
• § 9-515. DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING STATEMENT.
• § 9-516. WHAT CONSTITUTES FILING; EFFECTIVENESS OF FILING.
• § 9-517. EFFECT OF INDEXING ERRORS.
• § 9-518. CLAIM CONCERNING INACCURATE OR WRONGFULLY FILED RECORD.

[Subpart 2. Duties and Operation of Filing Office]

• § 9-519. NUMBERING, MAINTAINING, AND INDEXING RECORDS; COMMUNICATING INFORMATION PROVIDED IN RECORDS.
• § 9-520. ACCEPTANCE AND REFUSAL TO ACCEPT RECORD.
• § 9-521. UNIFORM FORM OF WRITTEN FINANCING STATEMENT AND AMENDMENT.
• § 9-522. MAINTENANCE AND DESTRUCTION OF RECORDS.
• § 9-523. INFORMATION FROM FILING OFFICE; SALE OR LICENSE OF RECORDS.
• § 9-524. DELAY BY FILING OFFICE.
• § 9-525. FEES.
• § 9-526. FILING-OFFICE RULES.
• § 9-527. DUTY TO REPORT.

Part 6. Default

[Subpart 1. Default and Enforcement of Security Interest]

• § 9-601. RIGHTS AFTER DEFAULT; JUDICIAL ENFORCEMENT; CONSIGNOR OR BUYER OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, OR PROMISSORY NOTES.
• § 9-602. WAIVER AND VARIANCE OF RIGHTS AND DUTIES.
• § 9-603. AGREEMENT ON STANDARDS CONCERNING RIGHTS AND DUTIES.
• § 9-604. PROCEDURE IF SECURITY AGREEMENT COVERS REAL PROPERTY OR FIXTURES.
• § 9-605. UNKNOWN DEBTOR OR SECONDARY OBLIGOR.
• § 9-606. TIME OF DEFAULT FOR AGRICULTURAL LIEN.
• § 9-607. COLLECTION AND ENFORCEMENT BY SECURED PARTY.
• § 9-608. APPLICATION OF PROCEEDS OF COLLECTION OR ENFORCEMENT; LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS.
• § 9-609. SECURED PARTY'S RIGHT TO TAKE POSSESSION AFTER DEFAULT.
• § 9-610. DISPOSITION OF COLLATERAL AFTER DEFAULT.
• § 9-611. NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
• § 9-612. TIMELINESS OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
• § 9-613. CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL: GENERAL.
• § 9-614. CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL: CONSUMER-GOODS TRANSACTION.
• § 9-615. APPLICATION OF PROCEEDS OF DISPOSITION; LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS.
• § 9-616. EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY.
• § 9-617. RIGHTS OF TRANSFEREE OF COLLATERAL.
• § 9-618. RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS.
• § 9-619. TRANSFER OF RECORD OR LEGAL TITLE.
• § 9-620. ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL.
• § 9-621. NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.
• § 9-622. EFFECT OF ACCEPTANCE OF COLLATERAL.
• § 9-623. RIGHT TO REDEEM COLLATERAL.
• § 9-624. WAIVER.

[Subpart 2. Noncompliance with Article]

• § 9-625. REMEDIES FOR SECURED PARTY'S FAILURE TO COMPLY WITH ARTICLE.
• § 9-626. ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.
• § 9-627. DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE.
• § 9-628. NONLIABILITY AND LIMITATION ON LIABILITY OF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR.

Part 7. Transition

• § 9-701. EFFECTIVE DATE.
• § 9-702. SAVINGS CLAUSE.
• § 9-703. SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.
• § 9-704. SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE.
• § 9-705. EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE.
• § 9-706. WHEN INITIAL FINANCING STATEMENT SUFFICES TO CONTINUE EFFECTIVENESS OF FINANCING STATEMENT.
• § 9-707. AMENDMENT OF PRE-EFFECTIVE-DATE FINANCING STATEMENT.
• § 9-708. PERSONS ENTITLED TO FILE INITIAL FINANCING STATEMENT OR CONTINUATION STATEMENT.
• § 9-709. PRIORITY.

• Part 1. General Provisions
• Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement
• Part 3. Perfection and Priority
• Part 4. Rights of Third Parties
• Part 5. Filing
• Part 6. Default
• Part 7. Transition
• Part 8. TRANSITION PROVISIONS FOR 2010 AMENDMENTS

‹ § 8-603. SAVINGS CLAUSE. up Part 1. General Provisions ›

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