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Can you summarize MGL Chapter 106, Article 9?
UNIFORM COMMERCIAL CODE > SECURED TRANSACTIONS
Short Summary
This legal document provides information on various sections of the Massachusetts General Law related to secured transactions under the Uniform Commercial Code. It covers topics such as the filing and effectiveness of financing statements, amendments, and termination statements, the continuation of financing statements, the perfection and priority of security interests, the disposition of collateral, the redemption of collateral, and the rights and duties of secured parties and debtors. The document outlines the requirements and procedures for filing and maintaining records, the duties of filing offices, and the rights and actions available to secured parties after default. It also addresses the calculation of surplus or deficiency, the waiver and variance of rights and duties, and the limitations of liability for secured parties and secondary obligors. Overall, these legal documents provide a comprehensive framework for secured transactions and aim to ensure the proper functioning and protection of the rights and interests of all parties involved.
Whom does it apply to?
Secured parties, debtors, obligors, and persons with security interests or liens on collateral
What does it govern?
Secured Transactions
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Massachusetts