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Can you summarize 6 DECO Article 9?
Uniform Commercial Code > Secured Transactions
Short Summary
These legal documents provide transition provisions for security interests under the Uniform Commercial Code (UCC) Article 9. They state that a security interest that is already perfected before the effective date of this Act will remain perfected under the amended Article 9 if the applicable requirements for attachment and perfection are satisfied without further action. However, if the security interest is already perfected but the applicable requirements for perfection under the amended Article 9 are not satisfied at the effective date, the security interest will only remain perfected if the applicable requirements are satisfied within one year after the effective date. Additionally, the documents include a special transition provision regarding trusts and trustees, stating that a financing statement filed prior to the effective date will remain effective if the collateral is held in a trust and the trust is created under specific provisions of the Delaware Statutory Trust Act, is a common law business trust, or has a trustee authorized to exercise corporate trust powers under Delaware laws. These legal documents apply to secured parties, debtors, obligors, secondary obligors, transferees, and persons with an interest in the collateral involved in secured transactions. No specific exemptions or penalties are mentioned in these legal documents.
Whom does it apply to?
Secured parties, debtors, obligors, secondary obligors, transferees, persons with an interest in the collateral involved in secured transactions
What does it govern?
Transition provisions for security interests and their priority over lien creditors, requirements for a security interest to be considered perfected under this Act, special transition provision regarding trusts and trustees
What are exemptions?
No specific exemptions are mentioned in these legal documents.
What are the Penalties?
No penalties are mentioned in these legal documents.
Jurisdiction
Delaware