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Can you summarize DCCO Title 28, Article 9?
Uniform Commercial Code. > Secured Transactions.
Short Summary
These legal documents cover various aspects related to secured transactions and rights of third parties. They govern the transition provisions for the 2012 amendments to the Uniform Commercial Code’s Secured Transactions, treatment of security interests and financing statements, remedies for non-compliance, duties and operations of filing offices, alienability of debtor’s rights in collateral, perfection and priority of security interests, effectiveness of security agreements, regulation of security interests in personal property and fixtures, and the applicability of Article 9 of the Uniform Commercial Code to transactions involving security interests. The documents apply to a wide range of entities, including secured parties, debtors, obligors, persons holding security interests or liens on collateral, filing offices, creditors with security interests in specific types of collateral, parties involved in security agreements, purchasers of collateral, creditors, individuals and organizations involved in secured transactions, and creditors with security interests in goods under Article 2 or Article 2A of the Uniform Commercial Code. The documents provide guidelines, rules, and procedures for maintaining the effectiveness of financing statements, enforcing compliance with the provisions of the article, operating filing offices, determining the applicable law, establishing the priority of security interests, and understanding the rights and obligations of parties involved in secured transactions. They also address specific exemptions and exceptions to their applicability. No specific penalties are mentioned in these documents.
Whom does it apply to?
Secured parties, debtors, obligors, persons holding security interests or liens on collateral, filing offices, persons presenting records for filing, creditors with security interests in specific types of collateral, parties involved in security agreements, purchasers of collateral, creditors, individuals and organizations involved in secured transactions, creditors with security interests in goods under Article 2 or Article 2A of the Uniform Commercial Code
What does it govern?
Transition provisions for the 2012 amendments to the Uniform Commercial Code's Secured Transactions, treatment of security interests and financing statements, remedies for non-compliance, duties and operations of filing offices, alienability of debtor's rights in collateral, perfection and priority of security interests, effectiveness of security agreements, regulation of security interests in personal property and fixtures, applicability of Article 9 of the Uniform Commercial Code to transactions involving security interests
What are exemptions?
Defenses against a holder in due course of a negotiable instrument, certain laws establishing different rules for account debtors who are individuals and incurred the obligation primarily for personal, family, or household purposes, transfers of the lessee's right of possession or use of goods, delegations of material performance of the lease contract, sales of payment intangibles or promissory notes pursuant to a disposition or acceptance of collateral, certain legal restrictions on assignment, federal law preemption, other statutes expressly governing the creation, perfection, priority, or enforcement of a security interest
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington, D.C.