revised ucc article 9

8/3/2019 Revised UCC Article 9

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Revised New Article 9Part 1 - General Provisions

Subpart 1 - Short Title, Definitions, and General oncepts

Section 9-101 -Short TitleSection 9-102 -Definitions and Index of Definitions Article 9 definitionsSection 9-103 -Purchase-Money Security Interest; Alication of Pay!ents; "urden of#sta$lishin%Section 9-10& -'ontrol of Deosit AccountSection 9-10( -'ontrol of #lectronic 'hattel PaerSection 9-10) -'ontrol of In*est!ent ProertySection 9-10+ -'ontrol of ,etter-of-'redit i%htSection 9-10. -Sufficiency of Descrition

Subpart ! - Applicabilit" of Article

Section 9-109 -ScoeSection 9-110 -Security Interests Arisin% /nder Article 2 or 2A

Part ! - #ffectiveness of Securit" A$ree%ent& Attach%ent of Securit" 'nterest& Ri$hts ofParties to Securit" A$ree%ent

Subpart 1 - #ffectiveness and Attach%ent

Section 9-201 -eneral #ffecti*eness of Security A%ree!entSection 9-202 -Ttitle to 'ollateral I!!aterialSection 9-203 -Attach!ent and #nforcea$ility of Security Interest; Proceeds; Suortin%$li%ations; or!al euisitesSection 9-20& -After-Acuired Proerty; uture Ad*ancesSection 9-20( -/se or Disosition of 'ollateral Per!issi$leSection 9-20) -Security Interest Arisin% in Purchase or Deli*ery of inancial Asset

Subpart ! - Ri$hts and Duties

Section 9-20+ -i%hts and Duties of Secured Party 4a*in% Possession or 'ontrol of 'ollateralSection 9-20. -Additional Duties of Secured Party 4a*in% 'ontrol of 'ollateralSection 9-209 -Duties of Secured Party if Account De$tor has $een 5otified of Assi%n!entSection 9-210 -euest for Accountin%; euest e%ardin% ,ist of 'ollateral or State!ent of

Account

Part ( - Perfection and Priorit"

Subpart 1 - )aw Governin$ Perfection and Priorit"

Section 9-301 -,a6 o*ernin% Perfection and Priority of Security InterestsSection 9-302 -,a6 o*ernin% Perfection and Priority of A%ricultural ,iensSection 9-303 -,a6 o*ernin% Perfection and Priority of Security Interest in ood 'o*ered $y a'ertificate of TitleSection 9-30& -,a6 o*ernin% Perfection and Priority of Security Interests in Deosit AccountsSection 9-30( -,a6 o*ernin% Perfection and Priority of Security Interests in In*est!entProerty

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Section 9-30) -,a6 o*ernin% Perfection and Priority of Security Interests in ,etter-of-'rediti%htsSection 9-30+ -,ocation of De$tor

Subpart ! - Perfection

Section 9-30. -7hen Security Interest or A%ricultual ,ien is Perfected; 'ontinuity of PerfectionSection 9-309 -Security Interest Perfected /on Attach!entSection 9-310 -7hen ilin% euired to Perfect Security Interest or A%ricultural ,ien; SecurityInterests and A%ricultual ,iens to 7hich ilin% Pro*isions Do 5ot AlySection 9-311 -Perfection of Security Interests in Proerty Su$8ect to 'ertain Statutese%ulations and TreatiesSection 9-312 -Perfection of Security Interests in 'hattel Paer Deosit Accounts Docu!entsood 'o*ered $y Docu!ents Instru!ents In*est!ent Proerty ,etter-of-'redit i%hts andMoney; Perfection $y Per!issi*e ilin%; Te!orary Perfection 6ithout ilin% or Transfer ofPossessionSection 9-313 -7hen Possession $y or Deli*ery to Secured Party Perfects Security Interest7ithout ilin%Section 9-31& -Perfection $y 'ontrolSection 9-31( -Secured Party:s i%hts on Disosition of 'ollateral and in Proceeds

Section 9-31) -'ontinued Perfection of Security Interest ollo6in% 'han%e in o*ernin% ,a6

Subpart ( - Priorit"

Section 9-31+ -Interests that Tae Priority *er or Tae ree of Security Interest or A%ricultual,ienSection 9-31. -i%hts and Title of Seller of Account or 'hattel Paer 6ith esec to 'reditorsand PurchasersSection 9-319 -i%hts and Title of 'onsi%nee 6ith esect to 'reditors and PurchasersSection 9-320 -"uyer of oods

Section 9-321 -,icensee of eneral Intan%i$le and ,essee of oods in rdinary 'ourse of"usiness

Section 9-322 -Priorities A!on% 'onflictin% Security Interests in and A%ricultural ,iens on Sa!e'ollateralSection 9-323 -uture Ad*ancesSection 9-32& -Priority of Purchase-Money Security InterestsSection 9-32( -Priority of Security Interests in Transferred 'ollateralSection 9-32) -Priority of Security Interests 'reated $y 5e6 De$torSection 9-32+ -Priority of Security Interests in Deosit AccountSection 9-32. -Priority of Security Interests in In*est!ent ProertySection 9-329 -Priority of Security Interests in ,etter-of-'redit i%ht

Section 9-330 -Priority of Purchasers of 'hattel Paer or Instru!entSection 9-331 -Priority of i%hts of Purchasers of Instru!ents Docu!ents and Securities /nderther Articles; Priority of Interests in inancial Assets and Security #ntitle!ents under Article .

Section 9-332 -Transfer of Money< Transfer of unds ro! Deosit AccountSection 9-333 -Priority of 'ertain ,iens Arisin% $y eration of ,a6Section 9-33& -Priority of Security Interests in ixtures and 'rosSection 9-33( -AccessionsSection 9-33) -'o!!in%led oodsSection 9-33+ -Priority of Security Interests in oods 'o*ered $y 'ertificate of TitleSection 9-33. -Priority of Security Interests or A%ricultural ,ien Perfected $y iled inancin%State!ent Pro*idin% 'ertain Incorrect Infor!ationSection 9-339 -Priority Su$8ect to Su$ordination

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Subpart * - Ri$hts of +an

Section 9-3&0 -#ffecti*eness of i%ht of ecou!ent or Set-off A%ainst Deosit AccountSection 9-3&1 -"an:s i%hts and Duties 6ith esect to Deosit AccountSection 9-3&2 -"an:s i%ht to efuse to #nter into or Disclosure existence of 'ontrol

A%ree!ent

Part * - Ri$hts of Third Parties

Section 9-&01 -Aliena$ility of De$tor:s i%htsSection 9-&02 -Secured Party 5ot $li%ated on 'ontract of De$tor or in TortSection 9-&03 -A%ree!ent not to Assert Defenses A%ainst Assi%neeSection 9-&0& -i%hts Acuired $y Assi%nee; 'lai!s and Defenses A%ainst Assi%neeSection 9-&0( -Modification of Assi%ned 'ontractSection 9-&0) -Dischar%e of Account De$tor; 5otification of Assi%n!ent; Identification and Proofof Assi%n!ent; estrictions on Assi%n!ent of Accounts 'hattel Paer Pay!ent Intan%i$les andPro!issory 5otes Ineffecti*eSection 9-&0+ -estrictions on 'reation or #nforce!ent of Security Interest in ,easehold Interestor in ,essor:s esidual InterestSection 9-&0. -estrictions on Assi%n!ent of Pro!issory 5otes 5otes 4ealth-'are-Insurance

ecei*a$les and 'ertain eneral Intan%i$les Ineffecti*eSection 9-&09 -estrictions on Assi%n!ent of ,etter-of-'redit i%hts Ineffecti*e

Part - .ilin$Subpart 1 - .ilin$ /ffice0 ontents and #ffectiveness of .inancin$ State%ent

Section 9-(01 -ilin% fficeSection 9-(02 -'ontents of inancin% State!ent; ecord of Mort%a%e as inancin% State!ent;Ti!e of ilin% inancin% State!entSection 9-(03 -5a!e of De$tor and Secured PartySection 9-(0& -Indication of 'ollateralSection 9-(0( -ilin% and 'o!liance 6ith other Statutes and Treaties for 'onsi%n!ents,eases other "ail!ents and other Transactions

Section 9-(0) -#ffect of #rrors or !issionsSection 9-(0+ -#ffect of 'ertain #*ents on #ffecti*eness of inancin% State!entSection 9-(0. -#ffecti*eness of inancin% State!ent if 5e6 De$tor "eco!es "ound $y Security

A%ree!entSection 9-(09 -Persons #ntitled to ile a ecordSection 9-(10 -#ffecti*eness of iled ecordSection 9-(11 -Secured Party of ecordSection 9-(12 -A!end!ent of inancin% State!entSection 9-(13 -Ter!ination State!entSection 9-(1& -Assi%n!ent of Po6ers of Secured Party of ecordSection 9-(1( -Duration and #ffecti*eness of inancin% State!ent; #ffect of ,ased inancin%State!entSection 9-(1) -7hat 'onstitutes ilin%< #ffecti*eness of ilin%

Section 9-(1+ -#ffect of Indexin% #rrorsSection 9-(1. -'lai! 'oncernin% Inaccurate or 7ron%fully iled ecord

Subpart ! - Duties and /peration of .ilin$ /ffice

Section 9-(19 -5u!$erin% Maintainin% and Indexin% ecords; 'o!!unicatin% Infor!ationPro*ided in ecordsSection 9-(20 -Accetance and efusal to Accet ecordSection 9-(21 -/nifor! or! of 7ritten inancin% State!ent and A!end!entSection 9-(22 -Maintenance and Destruction of ecords

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Section 9-(23 -Infor!ation ro! ilin% ffice; Sale or ,icense of ecordsSection 9-(2& -Delay $y ilin% fficeSection 9-(2( -eesSection 9-(2) -ilin% ffice ulesSection 9-(2+ -Duty to eort

Part - DefaultSubpart 1 - Default and #nforce%ent of Securit" 'nterest

Section 9-)01 -i%hts After Default; =udicial #nforce!ent; 'onsi%nor or "uyer of Accounts'hattel Paer Pay!ent Intan%i$les or Pro!issory 5otesSection 9-)02 -7ai*er and >ariance of i%hts and DutiesSection 9-)03 -A%ree!ent on Standards 'oncernin% i%hts and DutiesSection 9-)0& -Procedure if Security A%ree!ent 'o*ers eal Proerty or ixturesSection 9-)0( -/nno6n De$tor or Secondary $li%orSection 9-)0) -Ti!e of Default for A%ricultural ,ienSection 9-)0+ -'ollection and #nforce!ent $y Secured PartySection 9-)0. -Alication of Proceeds of 'ollection or #nforce!ent; ,ia$ility for Deficiency andi%ht to SurlusSection 9-)09 -Secured Party:s i%ht to Tae Possession After Default

Section 9-)10 -Disosition of 'ollateral After DefaultSection 9-)11 -5otification "efore Disosition of 'ollateralSection 9-)12 -Ti!eliness of 5otification "efore Disosition of 'ollateralSection 9-)13 -'ontents and or! of 5otification "efore Disositioin of 'ollateral; eneralSection 9-)1& -'ontents and or! of 5otification "efore Disosition of 'ollateral; 'onsu!er-oods TransactionSection 9-)1( -Alication of Proceeds of Disosition; ,ia$ility for Deficiency and i%ht toSurlusSection 9-)1) -#xlanation of 'alculation of Surlus or DeficiencySection 9-)1+ -i%hts of Transferee of 'ollateralSection 9-)1. -i%hts and Duties of 'ertain Secondary $li%orsSection 9-)19 -Transfer of ecord or ,e%al TitleSection 9-)20 -Accetance of 'ollateral in ull or Partial Satisfaction of $li%ation; 'o!ulsory

Disosition of 'ollateral

Section 9-)21 -5otification of Proosal to Accet 'ollateralSection 9-)22 -#ffect of Accetance of 'ollateralSection 9-)23 -i%ht to edee! 'ollateralSection 9-)2& -7ai*erSection 9-)2( -e!edies for Secured Party:s ailure to 'o!ly 6ith Article

Subpart ! - Nonco%pliance with Article

Section 9-)2) -Action in 7hich Deficiency or Surlus is in IssueSection 9-)2+ -Deter!ination of 7hether 'onduct 6as 'o!!ercially easona$leSection 9-)2. -5onlia$ility and ,i!itation on ,ia$ility of Secured Party; ,ia$ility of Secondary

$li%or

Part 2 - Transition

Section 9-+01 -#ffecti*e DateSection 9-+02 -Sa*in%s 'lauseSection 9-+03 -Security Interest Perfected "efore #ffecti*e DateSection 9-+0& -Security Interest /nerfected "efore #ffecti*e DateSection 9-+0( -#ffecti*eness of Action Taen "efore #ffecti*e Date of ActSection 9-+0) -7hen Initial inancin% State!ent Suffices to 'ontinue #ffecti*eness of inancin%

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/ra9text.html#9-627.html%239-627.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-628.html%239-628.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-628.html%239-628.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-628.html%239-628.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-701.html%239-701.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-701.html%239-701.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-702.html%239-702.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-702.html%239-702.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-703.html%239-703.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-703.html%239-703.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-704.html%239-704.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-704.html%239-704.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-705.html%239-705.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-705.html%239-705.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-706.html%239-706.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-706.html%239-706.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-523.html%239-523.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-524.html%239-524.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-525.html%239-525.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-526.html%239-526.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-527.html%239-527.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-601.html%239-601.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-601.html%239-601.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-602.html%239-602.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-603.html%239-603.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-604.html%239-604.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-605.html%239-605.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-606.html%239-606.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-607.html%239-607.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-608.html%239-608.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-608.html%239-608.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-609.html%239-609.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-610.html%239-610.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-611.html%239-611.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-612.html%239-612.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-613.html%239-613.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-614.html%239-614.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-614.html%239-614.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-615.html%239-615.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-615.html%239-615.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-616.html%239-616.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-617.html%239-617.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-618.html%239-618.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-619.html%239-619.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-620.html%239-620.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-620.html%239-620.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-621.html%239-621.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-622.html%239-622.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-623.html%239-623.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-624.html%239-624.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-625.html%239-625.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-626.html%239-626.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-627.html%239-627.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-628.html%239-628.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-628.html%239-628.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-701.html%239-701.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-702.html%239-702.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-703.html%239-703.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-704.html%239-704.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-705.html%239-705.htmlhttp://www.bankersonline.com/lending/ra9text.html#9-706.html%239-706.html


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State!entSection 9-+0+ -Persons #ntitled to ile Initial inancin% State!entSection 9-+0. -Persons #ntitled to ile Initial inancin% State!ent or 'ontinuation State!entSection 9-+09 -Priority

PART 1 - G#N#RA) PR/3'S'/NS

Section 9-101

S4T TIT,#

This article !ay $e cited as /nifor! 'o!!ercial 'ode ? Secured Transactions@

Section 9-102

D#I5ITI5S A5D I5D# D#I5ITI5S

BaC Article 9 definitions0 In this articleir%in Islands or any territory or insular ossession su$8ect to the 8urisdiction of the /nitedStates@

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B++C Supportin$ obli$ation !eans a letter-of-credit ri%ht or secondary o$li%ation that suortsthe ay!ent or erfor!ance of an account chattel aer a docu!ent a %eneral intan%i$le aninstru!ent or in*est!ent roerty@

B+.C Tan$ible chattel paper !eans chattel aer e*idenced $y a record or records consistin%of infor!ation that is inscri$ed on a tan%i$le !ediu!@

B+9C Ter%ination state%ent !eans an a!end!ent of a financin% state!ent 6hich#STM#5T PP#TH

BaC ontrol under Section ;-1


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BaC Sufficienc" of description0#xcet as other6ise ro*ided in su$sections BcC BdC and BeC ofthis section a descrition of ersonal or real roerty is sufficient 6hether or not it is secific if itreasona$ly identifies 6hat is descri$ed@

B$C #4a%ples of reasonable identification0#xcet as other6ise ro*ided in su$section BdC ofthis section a descrition of collateral reasona$ly identifies the collateral if it identifies the

collateral $y /. ART')#

Section 9-109

S'P#

BaC General scope of article0#xcet as other6ise ro*ided in su$sections BcC and BdC of thissection this article alies to##D "H A '#TII'AT# TIT,#

BaC Applicabilit" of section0This section alies to %oods co*ered $y a certificate of title e*en ifthere is no other relationshi $et6een the 8urisdiction under 6hose certificate of title the %oodsare co*ered and the %oods or the de$tor@

B$C =hen $oods covered b" certificate of title0 oods $eco!e co*ered $y a certificate of title6hen a *alid alication for the certificate of title and the alica$le fee are deli*ered to thearoriate authority@ oods cease to $e co*ered $y a certificate of title at the earlier of the ti!ethe certificate of title ceases to $e effecti*e under the la6 of the issuin% 8urisdiction or the ti!e the%oods $eco!e co*ered su$seuently $y a certificate of title issued $y another 8urisdiction@

BcC Applicable law0 The local la6 of the 8urisdiction under 6hose certificate of title the %oods areco*ered %o*erns erfection the effect of erfection or nonerfection and the riority of a securityinterest in %oods co*ered $y a certificate of title fro! the ti!e the %oods $eco!e co*ered $y thecertificate of title until the %oods cease to $e co*ered $y the certificate of title@

Section 9-30&

,A7 >#5I5 P##'TI5 A5D PIITH

S#'/ITH I5T##STS I5 D#PSIT A''/5TS

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BaC )aw of ban:s @urisdiction $overns0The local la6 of a $anFs 8urisdiction %o*erns erfectionthe effect of erfection or nonerfection and the riority of a security interest in a deosit account!aintained 6ith that $an@

B$C +an:s @urisdiction0The follo6in% rules deter!ine a $anFs 8urisdiction for uroses of thisart#5I5 P##'TI5 A5D PIITH

S#'/ITH I5T##STS I5 I5>#STM#5T PP#TH

BaC Governin$ laws $eneral rules0#xcet as other6ise ro*ided in su$section BcC of thissection the follo6in% rules aly#STM#5T PP#TH ,#TT#--'#DIT I4TS A5D M5#H;

P##'TI5 "H P#MISSI># I,I5; T#MPAH P##'TI5 7IT4/T

I,I5 TA5S# PSS#SSI5

BaC Perfection b" filin$ per%itted0A security interest in chattel aer ne%otia$le docu!entsinstru!ents or in*est!ent roerty !ay $e erfected $y filin%@

B$C ontrol or possession of certain collateral0#xcet as other6ise ro*ided in su$sectionsBcC and BdC of Section 9-31( for roceeds#

BaC Ter% restrictin$ assi$n%ent $enerall" ineffective0#xcet as other6ise ro*ided insu$section B$C of this section a ter! in a ro!issory note or in an a%ree!ent $et6een anaccount de$tor and a de$tor 6hich relates to a health-care-insurance recei*a$le or a%eneral intan%i$le includin% a contract er!it license or franchise and 6hich ter!rohi$its restricts or reuires the consent of the erson o$li%ated on the ro!issory note

or the account de$tor to the assi%n!ent or transfer of or creation attach!ent orerfection of a security interest in the ro!issory note health-care-insurance recei*a$leor %eneral intan%i$le is ineffecti*e to the extent that the ter!#5#SS I5A5'I5 STAT#M#5T

BaC Disposition0A filed financin% state!ent re!ains effecti*e 6ith resect to collateralthat is sold exchan%ed leased licensed or other6ise disosed of and in 6hich asecurity interest or a%ricultural lien continues e*en if the secured arty no6s of orconsents to the disosition@

B$C 'nfor%ation beco%in$ seriousl" %isleadin$0 #xcet as other6ise ro*ided insu$section BcC of this section and Section 9-(0. a financin% state!ent is not renderedineffecti*e if after the financin% state!ent is filed the infor!ation ro*ided in the

financin% state!ent $eco!es seriously !isleadin% under Section 9-(0)@

BcC han$e in debtor:s na%e0If a de$tor so chan%es its na!e that a filed financin%state!ent $eco!es seriously !isleadin% under Section 9-(0)#5#SS I5A5'I5 STAT#M#5T;

##'T ,APS#D I5A5'I5 STAT#M#5T

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BaC .ive-"ear effectiveness0#xcet as other6ise ro*ided in su$sections B$C BeC BfCand B%C of this section a filed financin% state!ent is effecti*e for a eriod of fi*e B(C yearsafter the date of f ilin%@

B$C Public-finance or %anufactured-ho%e transaction0 #xcet as other6ise ro*idedin su$sections BeC BfC and B%C of this section an initial financin% state!ent filed in

connection 6ith a u$lic-finance transaction or !anufactured-ho!e transaction iseffecti*e for a eriod of thirty B30C years after the date of filin% if it indicates that it is filedin connection 6ith a u$lic-finance transaction or !anufactured-ho!e transaction@

BcC )apse and continuation of financin$ state%ent0The effecti*eness of a filedfinancin% state!ent lases on the exiration of the eriod of its effecti*eness unless$efore the lase a continuation state!ent is filed ursuant to su$section BdC of thissection@ /on lase a financin% state!ent ceases to $e effecti*e and any securityinterest or a%ricultural lien that 6as erfected $y the financin% state!ent $eco!esunerfected unless the security interest is erfected other6ise@ If the security interest ora%ricultural lien $eco!es unerfected uon lase it is dee!ed ne*er to ha*e $eenerfected as a%ainst a urchaser of the collateral for *alue@

BdC =hen continuation state%ent %a" be filed0A continuation state!ent !ay $e filedonly 6ithin six B)C !onths $efore the exiration of the fi*e-year eriod secified insu$section BaC of this section or the thirty-year eriod secified in su$section B$C of thissection 6hiche*er is alica$le@

BeC #ffect of filin$ continuation state%ent0 #xcet as other6ise ro*ided in Section 9-(10 uon ti!ely filin% of a continuation state!ent the effecti*eness of the initialfinancin% state!ent continues for a eriod of fi*e B(C years co!!encin% on the day on6hich the financin% state!ent 6ould ha*e $eco!e ineffecti*e in the a$sence of the filin%@/on the exiration of the fi*e-year eriod the financin% state!ent lases in the sa!e!anner as ro*ided in su$section BcC of this section unless $efore the lase anothercontinuation state!ent is filed ursuant to su$section BdC of this section@ Succeedin%continuation state!ents !ay $e filed in the sa!e !anner to continue the effecti*eness of

the initial financin% state!ent@

BfC Trans%ittin$ utilit" financin$ state%ent0If a de$tor is a trans!ittin% utility and afiled financin% state!ent so indicates the financin% state!ent is effecti*e until ater!ination state!ent is filed@

B%C Record of %ort$a$e as financin$ state%ent0 A record of a !ort%a%e that iseffecti*e as a financin% state!ent filed as a fixture filin% under su$section BcC of Section9-(02 re!ains effecti*e as a financin% state!ent filed as a fixture filin% until the !ort%a%eis released or satisfied of record or its effecti*eness other6ise ter!inates as to the realroerty@

9-(1)

74AT '5STIT/T#S I,I5; ##'TI>#5#SS I,I5

BaC =hat constitutes filin$0#xcet as other6ise ro*ided in su$section B$C of thissection co!!unication of a record to a filin% office and tender of the filin% fee oraccetance of the record $y the filin% office constitutes filin%@

B$C Refusal to accept record& filin$ does not occur0ilin% does not occur 6ith resectto a record that a filin% office refuses to accet $ecauseID#D I5 #'DS

BaC .ilin$ office duties0or each record filed in a filin% office the f ilin% office shallID/A,:S ,AST 5AM# IST 5AM# MIDD,# 5AM# S/I

1c@ MAI,I5 ADD#SS 'ITH STAT# PSTA, 'D# '/5TH

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1d@ TA ID@ 5@ ADD:, I5@ # 1e@ THP# A5IQATI5

SS5 #I5 A5IQATI5 D#"T

1f@ =/ISDI'TI5 A5IQATI5 1%@ A5IQATI5A, ID 5o@

if any

J K 55#

2@ ADDITI5A, D#"T:S #A'T /,, ,#A, 5AM# - insert onlyone de$tor na!e B2a or 2$C - do not a$$re*iate or co!$ine na!es

2a@ A5IQATI5:S 5AM#

2$@ I5DI>ID/A,:S ,AST 5AM# IST 5AM# MIDD,# 5AM# S/I


2d@ TA ID@ 5@ ADD:, I5@ # 2e@ THP# A5IQATI5

SS5 #I5 A5IQATI5 D#"T

2f@ =/ISDI'TI5 A5IQATI5 2%@ A5IQATI5A, ID 5o@

if any

J K 55#

3@ S#'/#D PATH:S 5AM# Bor na!e of total assi%nee of assi%norSRPC - insert only one secured arty na!e B3a or 3$C

3a@ A5IQATI5:S 5AM#



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&@ This I5A5'I5 STAT#M#5T co*ers the follo6in% collateral# D#SI5ATI5 Jif alica$leK< J K ,#SS##R,#SS

J K '5SI5##R'5SI5 J K "AI,##R"AI, J K S#,,#R"/H#

J K A@ ,I#5 J K 55-/'' I,I5

)@ J K This I5A5'I5 STAT#M#5T is to $e filed a%ainst the tract indexin the #A, #STAT# #'DS@

Attach Addendu! Jif alica$leK

+@ 'hec to #/#ST S#A'4 #PTBSC on De$torBsC

J K All De$tors J K De$tor 1 J K De$tor 2

JADDITI5A, ##K JotionalK

.@ PTI5A, I,# ###5'# DATA

I,I5 I'# 'PH - 5ATI5A, /'' I,I5 STAT#M#5T BM /'' 1CC

J"A'L MK

/'' I5A5'I5 STAT#M#5T ADD#5D/M

,,7 I5ST/'TI5S Bfront and $acC 'A#/,,H@

9@ 5AM# IST D#"T B1a or 1$C 5 #,AT#D I5A5'I5 STAT#M#5T

9a@ A5IQATI5:S 5AM#


FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

10@ MIS'#,,A5#/S 'NT#R#ST

9-)01

95


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I4TS AT# D#A/,T; =/DI'IA, #5'#M#5T;

'5SI5 "/H# A''/5TS '4ATT#, PAP#

PAHM#5T I5TA5I",#S PMISSH 5T#S

BaC Ri$hts of secured part" after default0After default a secured arty has the ri%htsro*ided in this art and excet as other6ise ro*ided in Section 9-)02 those ro*ided$y a%ree!ent of the arties@ A secured artyAIA5'# I4TS A5D D/TI#S

96


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#xcet as other6ise ro*ided in Section 9-)2& to the extent that they %i*e ri%hts to ade$tor or o$li%or and i!ose duties on a secured arty the de$tor or o$li%or !ay not6ai*e or *ary the rules stated in the follo6in% listed sections#S #A, PP#TH IT/#S

BaC #nforce%ent personal and real propert"0If a security a%ree!ent co*ers $othersonal and real roerty a secured arty !ay roceed#5#SS A'TI5 TAL#5

"## ##'TI># DAT# A'T

BaC Pre-effective-date action& one-"ear perfection period unless reperfected0Ifaction other than the filin% of a financin% state!ent is taen $efore this act taes effectand the action 6ould ha*e resulted in riority of a security interest o*er the ri%hts of aerson that $eco!es a lien creditor had the security interest $eco!e enforcea$le $eforethis act taes effect the action is effecti*e to erfect a security interest that attachesunder this act 6ithin one B1C year after this act taes effect@ An attached security interest$eco!es unerfected one B1C year after this act taes effect unless the security interest$eco!es a erfected security interest under this act $efore the exiration of that eriod@

B$C Pre-effective-date filin$0The filin% of a financin% state!ent $efore this act taeseffect is effecti*e to erfect a security interest to the extent the filin% 6ould satisfy the

alica$le reuire!ents for erfection under this act@

BcC Pre-effective-date filin$ in @urisdiction for%erl" $overnin$ perfection0This actdoes not render ineffecti*e an effecti*e financin% state!ent that $efore this act taeseffect is filed and satisfies the alica$le reuire!ents for erfection under the la6 of the

8urisdiction %o*ernin% erfection as ro*ided in Jfor!er Section 9-103K@ 4o6e*er excetas other6ise ro*ided in su$sections BdC and BeC of this section and Section 9-+0) thefinancin% state!ent ceases to $e effecti*e at the earlier of

revised ucc article 9

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