Washington 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
Article 9 details exactly how to create a secured transaction between a creditor and debtor and requires three (3) essential components: (A) Value must be given, this is typically a line of credit; (B) the Debtor must have rights in the collateral, the individual using their property as collateral (car, house, a ...
Article 9 governs security interests in personal property, though other parts of the Uniform Commercial Code sometimes play a role in the creation, enforcement, perfection, and priority of security interests. In Washington, Article 9 is at Chapter 62A. 9A RCW.
As of July 24, 2023, 8 states have adopted the 2022 Amendments to the Uniform Commercial Code, including Article 12 regarding "Controllable Electronic Records" ? Alabama, Colorado, Hawaii, Indiana, Nevada, New Mexico, North Dakota, and Washington.
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.
Article 9 of the Uniform Commercial Code requires a financing statement to include the name of the debtor. It is important to set forth the exact legal name of the debtor in any filings that are made.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
§§ 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.
Section 9-102(a)(64) of the UCC provides that proceeds are whatever is received upon the sale, lease, license, exchange, or other disposition or collection of, or distribution on account of, collateral.