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Can you summarize NYCL UCC Article 9?
Uniform Commercial Code > Secured Transactions
Short Summary
The provided legal document content covers various aspects related to secured transactions, perfection and priority of security interests, assignment of rights in commercial transactions, control of collateral, requests for accounting and statements of account, and the responsibilities and functioning of filing offices. These documents apply to a wide range of entities, including creditors, local-filing offices, persons with security interests, lien creditors, secured parties, debtors, obligors, interested parties involved in secured transactions, banks, customers, brokers, securities intermediaries, commodity intermediaries, buyers, and consignors. The documents provide guidelines and regulations for maintaining and searching local-filing office records, continuation of the effectiveness of financing statements, priority of conflicting claims to collateral, amendment of pre-effective-date financing statements, effectiveness of actions taken before the effective date of Revised Article 9, security interests and lien creditors under Revised Article 9, transactions and liens governed by Revised Article 9, limitation of liability for secured parties, perfection and priority of security interests in different types of assets, restrictions on the assignment of certain rights, discharge of account debtors, notification and proof of assignment, restrictions on the assignment of accounts, chattel paper, payment intangibles, and promissory notes, creation, attachment, perfection, and enforcement of security interests in leasehold interests and the lessor’s residual interest, assignment of claims and defenses in commercial transactions, modification of assigned contracts, liability of a secured party for the debtor’s acts or omissions, alienability of a debtor’s rights in collateral, control of letter-of-credit rights, sufficiency of description for collateral, control of certificated securities, commodity contracts, securities accounts or commodity accounts, deposit accounts, and electronic chattel paper, and the responsibilities and functioning of filing offices. The documents do not mention specific exemptions or penalties.
Whom does it apply to?
Creditors, local-filing offices, persons with security interests, lien creditors, secured parties, debtors, obligors, interested parties involved in secured transactions, banks, customers, brokers, securities intermediaries, commodity intermediaries, buyers, consignors
What does it govern?
Secured Transactions, Perfection and Priority of Security Interests, Assignment of Rights in Commercial Transactions, Control of Collateral, Requests for Accounting and Statements of Account, Responsibilities and Functioning of Filing Offices
What are exemptions?
Exemptions apply in cases where the documents are preempted by a United States statute, regulation, or treaty; when another statute of the state expressly governs the creation, perfection, priority, or enforcement of a security interest; when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest; when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior; when it comes to specific types of liens, assignments, transfers, or rights; or when it involves real property, tort claims, or consumer transactions related to deposit accounts.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York