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. Statutory agricultural liens under revised article 9 of the uniform commercial code susan a. An introduction to floridas newly revised ucc article 9. Article 9 encompasses a wide variety of possessory. 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. The ucc 1 informs the public that a security interest exists and provides an address to obtain further information. 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. Florida court holds ucc article 9 governs in mortgage. Welcome to the florida secured transaction registry. 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. The uniform laws commission was established over a hundred years ago. Article 9 of the uniform commercial code prescribes a statutory framework governing the foreclosure process for security interests in personal property. Effectuating a sale and evaluating article 9 alternatives protecting creditor and borrower interests and overcoming obstacles to the sale. Chapter 671 2018 florida statutes the florida senate.
The main goal of the course is to acquaint students with the fundamentals of article 9 of the ucc. The primary reading materials for this course are ucc article 9 and its official. Ucc sale basics need secured party with perfected security interest to cooperate. Understanding ucc article 9 for the bar exam magoosh. Article 9 encompasses a wide variety of possessory liens and determines the legal right of. Index to special and local laws 19712019 pdf preface to the florida statutes 2019 pdf table of section. 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. 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. 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. Corporate stock, interests in statutory or business trusts, and interests in similar entities are securities for purposes of article 8 of the ucc. 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. It has been highly publicized that the uniform commercial code permits financing statements to contain the words all assets or all personal property. The code has been a longterm, joint project of the national conference of.
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. Clarifies and simplifies article 9 following a decade of experience since ra9 enactment in 2001. Chapter 678 20 florida statutes the florida senate. Secured transactions enforcing security interests under.
Statutory agricultural liens under revised article 9 of the. And dont worry if you didnt take secured transactions in law school. There are entire semesterlong law school courses dedicated to secured transactions. Give name of assignee in item 9a or 9b and address of assignee in item 9c. The uniform commercial code ucc the uniform commercial code ucc is a law enacted in all 50 states to regulate commercial transactions. All section references contained herein are to article 9 of the new york state iteration of the ucc. Within the last few years, all fifty states have adopted most of the revisions to article 9 of the. Enter file number of initial financing statement to which this amendment relates. 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.
Florida enacted the 2010 amendments to ucc article 9 when the governor signed house bill 483 on saturday, april 6, 2012. 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. Security agreement this security agreement this agreement. The method for obtaining possession depends on the nature of the collateral and, to some extent, how the security interest was perfected. Article 9 of the ucc allows for a public notice ucc1 to be. See variations contained in state status and details highlights. The purpose was to conform the numbering of the code sections with the decimal numbering system used in other chapters of the florida statutes. These rights, obligations are protections are found generally in article 9 at part 6, sections 9 1601 through 9.
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. 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. This article may be cited as uniform commercial codesecured transactions. Assign and assignment to refer to the transfer of a partys contractual rights.
Ucc article 9 background uniform commercial code article 9 law governing security interests in personal property. 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. Secured transactions filings under the florida uniform commercial. Basics of creation and perfection of security interests under article 9 of the uniform commercial code presented by robert k. Apr 10, 2012 florida enacted the 2010 amendments to ucc article 9 when the governor signed house bill 483 on saturday, april 6, 2012.
The 1998 revision to article 9 of the uniform commercial code ucc was. 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 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 major subjects that will be explored in this course include. The ucc is the longest and most elaborate of the uniform acts. Schneider associate professor and director graduate program in agricultural law university of arkansas. Florida article 9 of the uniform commercial code ucc provides various methods for a secured creditor to repossess collateral after default. A security interest is a consensual lien that arises by contract. Florida court holds ucc article 9 governs in mortgage fraud dispute.
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. The 2010 amendments are designed to go into effect simultaneously on july 1, 20. Its mission is to provide states with nonpartisan, wellconceived and welldrafted legislation that brings clarity and stability to critical areas of state statutory law. Consignment means a transaction, regardless of its form, in which a person delivers goods to a. Secured transactions part 6 default 1default and enforcement of security interest 9601 rights after default. Perfecting your security interest requirements for.
An introduction to floridas newly revised ucc article 9 background. The rules for each of the transactional areas covered by the ucc are collected into separate parts called an article. Article 9 secured transactions 2016 colorado revised. All references to the ucc refer to the florida uniform commercial code enacted under florida law and not the model ucc. The balance of the security agreement can be kept private. Also check one of the following three boxes and provide appropriate information in items 8 andor 9.
The original model uniform commercial code provided three alternative places for filing the financing statement. How do i use article 9 203 ucc requiring value be paid for. 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. Mastering the uniform commercial code freedom school. Secured transactions syllabus levin college of law. Browse links to both the current and older article 9 forms in fillable pdf. The ohio ucc division maintains a manual filing sys tem of alphabetized. 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. District court of appeal of florida, fourth district. That also makes them securities for purposes of article 9, see 9 102b, and, by extension, investment property under article 9. Florida enacts the 2010 amendments to ucc article 9 csc. The ucc1 informs the public that a security interest exists and provides an address to obtain further information.
Perfecting your security interest requirements for listing. Florida secured transactions under article 9 of the uniform commercial code. An article under the uniform commercial code ucc that governs secured transactions. 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. Florida secured transactions under article 9 of the uniform. 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.
Current article 9 does not define good faith, but rather imports article 1s definition. Florida secured transactions under article 9 of the. Christenfeld is senior counsel at clifford chance us. Its meant to give a high level view of the code and to highlight the riskier areas. Obtain copies of your own states uniform commercial code. This twovolume serial is updated annually and provides comprehensive coverage of remedies available under the ucc.
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. The nonuniform commercial code unh scholars repository. Ucc article 9 is a challenging concept, and not one that can be easily explained or addressed in a short blog post. Weiler to the onondaga county bar association september 2006 i. Browse links to both the current and older article 9 forms in fillable pdf adobe acrobat format below. Article 9 forms cogency global corporate business services. Article 9 of the uniform commercial code was revised as of july 1, 2001 sometimes the code or revised article 9.
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. Senior attorney at van ness law firm, plc, miami, fl. Uniform commercial code ucc article 9 governs secured transactions in personal property. The 2010 article 9 amendments are effective in all states, the district of columbia and in puerto rico. Taking security interests in equity collateral lorman. 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. With the exception of new york and puerto rico, all jurisdictions now accept the new current article 9 forms. There is no known cause of action for breach of that statute although one might be conjured. Colorado may have more current or accurate information. Chapter 679 2012 florida statutes the florida senate. Conference adopted amendments to article 9 of the u.