District of Columbia Amended Uniform commercial code security agreement
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How to fill out Amended Uniform Commercial Code Security Agreement?
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FAQ
In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the ...
The 1998 Revisions modified Article 9 to split the term chattel paper into ?electronic chattel paper? ?chattel paper stored in an electronic medium?and ?tangible chattel paper??chattel paper consisting of tangible writings.
Over the years, it became clear that there need to be some amendments to address filing issues and other concerns. Thus Article 9 was further amended in 2010. Like the 1998 revisions, the 2010 amendments were adopted in all 50 states and the District of Columbia.
A security agreement creates the security interest, making it enforceable between the secured party and the debtor. A UCC-1 financing statement neither creates a security interest nor does it alter its scope; it only gives notice of the security interest to third parties.
The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.
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.
§§ 9-306B, 12-107. The 2022 Amendments amend the Article 9 definition of chattel paper to make it clear that it is the underlying right of payment of a monetary obligation that is chattel paper and not record or records that evidence that right.
The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 9 governs secured transactions in personal property. The 2010 amendments provide greater guidance as to the form of a name on listed on a financing statement.