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Can you summarize 4 CORS Article 9?
Uniform Commercial Code > SECURED TRANSACTIONS
Short Summary
The provided legal documents, governed by the Colorado Revised Statutes and the Uniform Commercial Code (UCC), address various aspects of secured transactions. They cover the creation, attachment, perfection, and enforcement of security interests in personal property and fixtures. The documents provide guidelines for creditors, debtors, banks, and other parties involved in secured transactions. They address the requirements for perfecting security interests, determining priority among conflicting security interests, and the rights and obligations of different parties in relation to collateral. The documents also cover specific types of collateral, such as goods covered by a certificate of title, deposit accounts, investment property, letter-of-credit rights, and agricultural liens on farm products. They establish rules for determining the applicable law, exemptions, and exceptions in different scenarios. The documents also provide guidance on the filing of financing statements to perfect security interests or agricultural liens. They specify the filing office based on the type of collateral and the nature of the transaction. The documents outline the requirements for a financing statement to be considered sufficient, including providing the name of the debtor, the name of the secured party, and indicating the collateral covered. They also address the effectiveness of a record of a mortgage as a financing statement filed as a fixture filing or to cover as-extracted collateral or timber to be cut. The documents govern the filing of initial financing statements, amendments, and termination statements, specifying the authorization requirements and the consequences of unauthorized filings. They establish the effectiveness of filed records and the determination of the secured party of record. The documents also cover the rights and actions of secured parties after default, including the enforcement of claims, security interests, and agricultural liens through judicial procedures. They outline the rights and duties of secured parties, the application of proceeds of collection or enforcement, the process of taking possession of collateral, the disposition of collateral after default, and the notification requirements before disposition. Additionally, the documents cover the transfer of record or legal title, the acceptance of collateral in satisfaction of obligations, the right to redeem collateral, the waiver of rights in secured transactions, and the remedies for non-compliance with secured transactions provisions. These documents apply to secured parties, debtors, obligors, account debtors, banks, lienholders, transferees, secondary obligors, and persons with an interest in the collateral. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Individuals and organizations involved in secured transactions
What does it govern?
Security interests in personal property and fixtures, perfection, priority, filing, default and enforcement, third-party rights, choice of law
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Colorado