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Default itself is not defined in Article 9 of the UCC; rather, Article 9 leaves to the parties the task of determining?typically in the security agreement or other related document?the situations in which the debtor's failure to live up to its end of the bargain may entitle the secured party to exercise remedies ...
A Q&A guide to Uniform Commercial Code (UCC) Article 9 Sales in Virginia. Article 9 of the Model UCC is intended to create a uniform system across the country for creating, perfecting, and enforcing security interests in personal property.
Under Virginia law, the sale of goods is codified in great detail in the Virginia Code, directly resulting from Virginia's adoption of the UCC.
What constitutes ?seriously misleading?? ing to UCC Article 9-506(b), a Financing Statement is seriously misleading if a search for the debtor's legal name does not reveal the filing. seriously misleading. ?Standard Search Logic? is the holy grail of determining whether or not a filing is seriously misleading.
UCC Filing Fees Type of FilingFiling FeeFinancing Statement$20.00 eachFinancing Statement Amendment$20.00 each(i.e., assignment, change, continuation, termination)Information Statement$20.00 each
UCC § 9-203 sets forth the requirements for attachment and enforceability of security interests. In general: (1) the creditor must give value, (2) the debtor must have rights in the collateral, and (3) there must be a security agreement or other action indicating an intent to convey a security interest.
Copies or Search for UCC/Tax Lien Filings Requests must be made on the Information Request Form (UCC11). To ascertain the number of pages in a document and determine the proper amount of payment for your request, contact the Clerk's Office at (804) 371-9733 or toll-free in Virginia at 1-866-722-2551.
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.