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Can you summarize 47 TNCO Chapter 9?
Commercial Instruments And Transactions > Secured Transactions
Short Summary
The ‘Uniform Commercial Code Secured Transactions’ is a legal document that governs secured transactions in Tennessee. It provides a comprehensive framework for the regulation of security interests in personal property and fixtures. The document covers various topics such as the creation, perfection, and enforcement of security interests, priority rules, and the rights and obligations of debtors, secured parties, and third-party creditors. It applies to all parties involved in secured transactions in Tennessee and aims to provide a simple and unified structure for such transactions. The chapter of the Tennessee Code governs various transactions related to secured transactions, including the creation of security interests in personal property or fixtures, agricultural liens, sales of accounts, chattel paper, payment intangibles, promissory notes, consignments, and certain security interests arising under specific sections of the law. It applies to creditors, debtors, and other relevant entities involved in these transactions. However, there are exemptions to the application of this chapter, such as when federal law preempts it or when another statute of the state expressly governs the creation, perfection, priority, or enforcement of a security interest. The chapter does not specify any penalties for non-compliance.
Whom does it apply to?
Parties involved in secured transactions in Tennessee, including creditors, debtors, and other relevant entities
What does it govern?
Secured transactions, creation, perfection, and enforcement of security interests, priority rules, rights and obligations of debtors, secured parties, and third-party creditors
What are exemptions?
Exemptions include cases where federal law preempts the application of this chapter or when another statute of the state expressly governs the creation, perfection, priority, or enforcement of a security interest
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
Tennessee