Article 9 also sets forth the rights and obligations of secured parties upon default by the debtor, as well as any remaining protections that the debtor might still have between the parties. Its mission is to provide states with nonpartisan, wellconceived and welldrafted legislation that brings clarity and stability to critical areas of state statutory law. Give name of assignee in item 9a or 9b and address of assignee in item 9c. The 2010 amendments to ucc article 9 modify the existing statute to respond to filing issues and address other matters that have arisen in practice. Chapter 678 20 florida statutes the florida senate. The florida secured transaction registry is a centralized uniform commercial code ucc filing and retrieval system containing initial financing statements, amendments, assignments, and other ucc filings as authorized by florida statutes chapter 679 floridaucc llc is the contractvendor for the florida secretary of state that provides. Sep 21, 2017 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. Each article is then arranged systematically as consecutively numbered parts based upon subtopics as of this guides last update, the types of transactions included within the code are. The new law adopts the alternative a only if approach for individual debtor name sufficiency in section 9503a4 and takes effect on july 1, 20. There is no known cause of action for breach of that statute although one might be conjured.
Florida enacts the 2010 amendments to ucc article 9 csc. All references to the ucc refer to the florida uniform commercial code enacted under florida law and not the model ucc. An introduction to floridas newly revised ucc article 9 background. Corporate stock, interests in statutory or business trusts, and interests in similar entities are securities for purposes of article 8 of the ucc. The ohio ucc division maintains a manual filing sys tem of alphabetized. Taking security interests in equity collateral lorman. An article under the uniform commercial code ucc that governs secured transactions. Welcome to the florida secured transaction registry. And dont worry if you didnt take secured transactions in law school.
The florida secured transaction registry is a centralized uniform commercial code ucc filing and retrieval system containing initial financing statements, amendments, assignments, and other ucc filings as authorized by florida statutes chapter 679. The 2010 amendments are designed to go into effect simultaneously on july 1, 20. The new law adopts the alternative a only if approach for individual debtor name sufficiency in section 9 503a4 and takes effect on july 1, 20. Florida secured transactions under article 9 of the uniform commercial code. Conference adopted amendments to article 9 of the u. Under the 2010 amendments to ucc article 9, an entitys may designate its state of location by designating its main office, home office or other.
The uniform commercial code ucc is the result of an effort to harmonize the law of sales and other commercial transactions in all 50 states within the united states of america. Subject to subsections b through i, an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has been assigned and. The rules for each of the transactional areas covered by the ucc are collected into separate parts called an article. The 2010 amendments to article 9 modify the existing statute to respond to filing issues and address other matters that have arisen in practice following a decade of experience with the 1998 version. Uniform commercial code ucc article 9 governs secured transactions in personal property. A security interest is a consensual lien that arises by contract. Christenfeld is senior counsel at clifford chance us. Ucc sale basics need secured party with perfected security interest to cooperate. Statutory agricultural liens under revised article 9 of the uniform commercial code susan a. The uniform commercial code ucc the uniform commercial code ucc is a law enacted in all 50 states to regulate commercial transactions. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Secured transactions syllabus levin college of law.
Under article 1 of the uniform commercial code, good faith, defined as honesty in fact in the conduct or transaction concerned, is a purely subjective standard. Consignment means a transaction, regardless of its form, in which a person delivers goods to a. Ucc article 9 background uniform commercial code article 9 law governing security interests in personal property. How do i use article 9 203 ucc requiring value be paid for. Florida article 9 of the uniform commercial code ucc provides various methods for a secured creditor to repossess collateral after default. Enter file number of initial financing statement to which this amendment relates. Chapter 679 2012 florida statutes the florida senate. The ucc1 informs the public that a security interest exists and provides an address to obtain further information. Article 9 encompasses a wide variety of possessory.
Secured transactions filings under the florida uniform commercial. Statutory agricultural liens under revised article 9 of the. Court held that purchaserassignee could not acquire interest in chattel paper because assignee was not properly licensed under applicable texas law to hold chattel paper. The original model uniform commercial code provided three alternative places for filing the financing statement.
Article 9 secured transactions 2016 colorado revised. Articles of the ucc the uniform commercial code ucc is the result of an effort to harmonize the law of sales and other commercial transactions in all 50 states within the united states of america. The 1998 revision to article 9 of the uniform commercial code ucc was. Article 9 of the uniform commercial code prescribes a statutory framework governing the foreclosure process for security interests in personal property. Chapter 673 2012 florida statutes the florida senate. Florida court holds ucc article 9 governs in mortgage. Florida statutes definitions index 2019 pdf general laws conversion table 2019 pdf index to special and local laws 19712019 pdf preface to the florida statutes 2019 pdf table of section changes 2019 pdf table tracing session laws to florida statutes 2019 pdf index to special and local laws 18451970 pdf statute. An introduction to floridas newly revised ucc article 9. Assign and assignment to refer to the transfer of a partys contractual rights. Explains how to make the ucc 1 contract and how to properly file it explains how to establish own private treaty with the world supplemental.
This article may be cited as uniform commercial codesecured transactions. Basics of creation and perfection of security interests under article 9 of the uniform commercial code presented by robert k. Twentysix states have enacted the 2010 amendments to article 9 of the ucc may 22, 2012 important new amendments to article 9 of the uniform commercial code ucc have now been enacted in 26 states 17 new this year. Mastering the uniform commercial code freedom school. Article 9 of the uniform commercial code was revised as of july 1, 2001 sometimes the code or revised article 9. These rights, obligations are protections are found generally in article 9 at part 6, sections 9 1601 through 9. District court of appeal of florida, fourth district. The 2010 article 9 amendments are effective in all states, the district of columbia and in puerto rico. 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. Article 9 of the ucc allows for a public notice ucc1 to be. Security agreement this security agreement this agreement. The ucc is the longest and most elaborate of the uniform acts. Floridaucc, llc floridaucc, which entity has been approved by the florida department of state, is pleased to offer internet access to search this website for locating and searching the official records e.
There are entire semesterlong law school courses dedicated to secured transactions. Clarifies and simplifies article 9 following a decade of experience since ra9 enactment in 2001. The main goal of the course is to acquaint students with the fundamentals of article 9 of the ucc. Its meant to give a high level view of the code and to highlight the riskier areas. Within the last few years, all fifty states have adopted most of the revisions to article 9 of the. Browse links to both the current and older article 9 forms in fillable pdf adobe acrobat format below. Florida lenders seeking to secure a lien against the personal property of a borrower in default must follow the guidelines detailed in article 9 of the uniform commercial code ucc and florida s article 9, which governs secured transactions and is applied to a wide range of consumer and commercial credit transactions.
The uniform laws commission was established over a hundred years ago. The method for obtaining possession depends on the nature of the collateral and, to some extent, how the security interest was perfected. The primary reading materials for this course are ucc article 9 and its official. Florida enacted the 2010 amendments to ucc article 9 when the governor signed house bill 483 on saturday, april 6, 2012. The purpose was to conform the numbering of the code sections with the decimal numbering system used in other chapters of the florida statutes. Obtain copies of your own states uniform commercial code. Uniform commercial code ucc duke university school of law. Weiler to the onondaga county bar association september 2006 i. Also check one of the following three boxes and provide appropriate information in items 8 andor 9. Secured transactions part 6 default 1default and enforcement of security interest 9601 rights after default. Nov 17, 2014 florida lenders seeking to secure a lien against the personal property of a borrower in default must follow the guidelines detailed in article 9 of the uniform commercial code ucc and floridas article 9, which governs secured transactions and is applied to a wide range of consumer and commercial credit transactions. Article 9 encompasses a wide variety of possessory liens and determines the legal right of.
The nonuniform commercial code unh scholars repository. Secured transactions enforcing security interests under. Chapter 671 2018 florida statutes the florida senate. Ucc article 9 background role of the filing system because article 9 allows parties to adjust other creditors rights by private agreement, fairness requires public notice to achieve priority, a security interest must be perfected filing a financing statement is by far the most common method to perfect. Ucc article 9 is a challenging concept, and not one that can be easily explained or addressed in a short blog post. The balance of the security agreement can be kept private. Florida court holds ucc article 9 governs in mortgage fraud dispute. Current article 9 does not define good faith, but rather imports article 1s definition. The ucc 1 informs the public that a security interest exists and provides an address to obtain further information. Enforcing security interests under article 9 of the ucc secured transactions alan m.
The code has been a longterm, joint project of the national conference of. Article 9 forms cogency global corporate business services. The major subjects that will be explored in this course include. Understanding ucc article 9 for the bar exam magoosh. Reinert, has drawn from his extensive experience to bring you this practical, easytouse book, containing a comprehensive collection of all the current rules of revised article 9, along with extensive commentaries on how they affect the forms and. Apr 10, 2012 florida enacted the 2010 amendments to ucc article 9 when the governor signed house bill 483 on saturday, april 6, 2012. That also makes them securities for purposes of article 9, see 9 102b, and, by extension, investment property under article 9. Florida secured transactions under article 9 of the.
Effectuating a sale and evaluating article 9 alternatives protecting creditor and borrower interests and overcoming obstacles to the sale. Index to special and local laws 19712019 pdf preface to the florida statutes 2019 pdf table of section. See variations contained in state status and details highlights. This twovolume serial is updated annually and provides comprehensive coverage of remedies available under the ucc. Colorado may have more current or accurate information. Florida secured transactions under article 9 of the uniform. Senior attorney at van ness law firm, plc, miami, fl. It has been highly publicized that the uniform commercial code permits financing statements to contain the words all assets or all personal property. Perfecting your security interest requirements for. With the exception of new york and puerto rico, all jurisdictions now accept the new current article 9 forms.