Arizona Revised Statutes

 

revised article 9

REVISED ARTICLE 9: WHAT BANKS NEED TO KNOW By Mark J. Volow and C. Mark Laskay Akin, Gump, Strauss, Hauer & Feld, L.L.P. In this article, the authors suggest a practical approach for secured lenders and other parties involved with secured transactions to prepare themselves for the new regime contained in Revised Article 9 of the Uniform. The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January (a) [Article 9 definitions.] In this article: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.(2) "Account", except as used in "account for", means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed.


Real Estate Transactions Under Revised Article 9 | ABI


The term includes health-care-insurance receivables. The term does not include i rights to payment evidenced by chattel paper or an instrumentii commercial tort claimsiii deposit accountsiv investment propertyv letter-of-credit rights or letters of credit, or vi rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card.

The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. A revised article 9 by a secured party. B indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and.

C whose effectiveness does not depend on the person's possession of the personal property. A oil, gas, or other minerals that are subject to a security interest that:. B accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction.

B with present intent to adopt or accept a recordto attach to or logically associate with the record an electronic sound, symbol, or process. The term includes savings banks, savings and loan associations, credit unions, and trust companies. In this paragraph, "monetary obligation" means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods.

The term does revised article 9 include i charters or other contracts involving the use or hire of a vessel or ii records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper.

The term includes:. A proceeds to which a security interest attaches. B accountschattel paperpayment intangiblesand promissory notes that have been sold; and. C goods that are the subject of a consignment. A traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or. B traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.

A is registered as a futures commission merchant under federal commodities law; or. B in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.

A to send a written or other tangible record. B to transmit a record by any means agreed upon by the persons sending and receiving the record; or. C in the case of transmission of a record to or by a filing officeto revised article 9 a record by any means prescribed by filing-office rule.

C the goods are not consumer goods immediately before delivery; and. D the transaction does not create a security interest that secures an obligation. A an individual incurs an obligation primarily for personal, family, or household purposes; and. B a security interest revised article 9 consumer goods secures the obligation. The term includes consumer-goods transactions. A identifies, by its file numberthe initial financing statement to which it relates; and. B indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.

A a person having an interest, other than a security interest or other lien, in the collateralwhether or not the person is an obligor. B a seller of accountsrevised article 9, chattel paperpayment intangiblesor promissory notes ; or. The term does not include investment property or accounts evidenced by an instrument.

The term includes mortgages and other liens on real property, revised article 9. B livestock, born or unborn, including aquatic goods produced in aquacultural operations. C supplies used or produced in a farming operation ; or. The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures. The term includes payment intangibles and software. The term includes i fixturesii standing timber that is to be cut and removed under a conveyance or contract for sale, iii the unborn young of animals, iv crops grown, revised article 9, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and v manufactured homes.

The term also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if i the program is associated with the goods in such a manner that it customarily is considered part of the goods, or ii by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods.

The term does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. The term also does not include accountschattel paperrevised article 9, commercial tort claimsdeposit accountsdocumentsgeneral intangiblesinstrumentsinvestment propertyletter-of-credit rightsletters of credit, money, or oil, gas, or other minerals before extraction.

The term includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States. The term does not include i investment propertyii letters of credit, or iii writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. B are held by a person for sale or lease or to be furnished under a contract of service.

D consist of raw materials, work in process, or materials used or consumed in a business, revised article 9. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit. A a creditor that has acquired a lien on the property involved by attachment, levy, or revised article 9 like. The term includes any structure that meets all of the requirements of this paragraph except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the United States Secretary of Housing and Urban Development and complies with the standards established under Title 42 of the United States Code.

A that creates a purchase-money security interest in a manufactured homeother than a manufactured home held as inventory ; or. B in which a manufactured homeother than a manufactured home held as inventoryis the primary collateral. The term does not include an obligation substituted for another obligation. The term does not include issuers or nominated persons under a letter of credit.

C an ancestor or lineal descendant of the individual or the individual's spouse; or. D any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual. A a person directly or indirectly controlling, controlled by, revised article 9, or under common control with the organization.

B an officer or director of, or a person performing similar functions with respect to, the organization;, revised article 9. C an officer or director of, revised article 9, or a person performing similar functions with respect to, a person described in subparagraph A.

D the spouse of an individual described in subparagraph ABor C ; or. E an individual who is related by blood or marriage to an individual described in subparagraph ABCor D and shares the same home with the individual.

A whatever revised article 9 acquired upon the sale, lease, license, exchange, or other disposition of collateral. B whatever is collected on, or distributed on account of, collateral. D to the extent of the value of collateralclaims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, the collateral; or.

E to the extent of the value of collateral and to the extent payable to the debtor or the secured revised article 9insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, the collateral.

B all or a portion of the securities issued revised article 9 an initial stated maturity of at least 20 years; and. C the debtorrevised article 9, obligorsecured partyaccount debtor or other person obligated on collateralrevised article 9, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a State or a governmental unit of a State.

A a record consisting of the record initially filed with or issued by a State or the United States to form or organize an organization and any record filed with or issued by the State or the United States which amends or restates the initial record.

B an organic record of a business trust consisting of the record initially filed with a State and any record filed with the State which amends or restates the initial record, if a statute of the State governing business trusts requires that the record be filed with the State; or.

C a record consisting of legislation enacted by the legislature of a State or the Congress of the United States which forms or organizes an organization, any record amending the legislation, and any revised article 9 filed with or issued by the State or the United States which amends or restates the name of the organization.

B the obligor has a right of recourse with respect to an obligation secured by collateral against the debtoranother obligor, or property of either. A a person in whose favor a security interest is created or provided for under a security agreementrevised article 9, whether or not any obligation to be secured is outstanding. B a person that holds an agricultural lien. D a person to which accountschattel paperpayment intangiblesor promissory notes have revised article 9 sold. E a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest revised article 9 agricultural lien is created or provided for; or.

F a person that holds a security interest arising under Section, 32A 5, or A to deposit in the mail, revised article 9, deliver for transmission, or transmit by any other usual means of communication, with postage or revised article 9 of transmission provided for, addressed to any address reasonable under the circumstances; or. B to cause the record or notification to be received within the time that it would have been received if properly sent under revised article 9 A.

The term does not include a computer program that revised article 9 included in the definition of goods. B indicates either that it is a termination statement or that the identified financing statement is no longer effective. B transmitting communications electrically, electromagnetically, or by light.

C transmitting goods by pipeline or sewer; or. D transmitting or producing and transmitting electricity, steam, gas, or water. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article, revised article 9. Please help us improve our site! No thank you. The term includes: A proceeds to which a security interest attaches; B accountschattel paperpayment intangiblesand promissory notes that have been sold; and C goods that are the subject of revised article 9 consignment.

 

SOS: Revised Article 9 Center

 

revised article 9

 

REVISED ARTICLE 9: WHAT BANKS NEED TO KNOW By Mark J. Volow and C. Mark Laskay Akin, Gump, Strauss, Hauer & Feld, L.L.P. In this article, the authors suggest a practical approach for secured lenders and other parties involved with secured transactions to prepare themselves for the new regime contained in Revised Article 9 of the Uniform. Revised Article 9 Center. Revised Article 9 Team Members; General Information; Public Notice of Administrative Rules; Indiana Administrative Rules; Revised Article 9 County Recorder Information Sessions; Indiana Code for Revised Article 9 () Bankers' Corner; Attorneys' Corner; Recorders' Corner. Revised Article 9 of the Uniform Commercial Code: An Introduction. Find out more about this topic, read articles and blogs or research legal issues, cases, and codes on aprtiestens.tk