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Can you summarize SDCL Chapter 57A-9?
UNIFORM COMMERCIAL CODE > Secured Transactions
Short Summary
The provided legal document content is from the South Dakota Codified Laws under the Uniform Commercial Code (UCC) - Secured Transactions. It governs various transactions and security interests in personal property or fixtures. The document applies to individuals and entities involved in secured transactions, including secured parties, debtors, account debtors, consignees, consignors, and other relevant parties. However, there are exemptions to its application, such as when federal law preempts it, when another statute of the state governs the creation 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, or when specific exemptions related to liens, assignments, transfers, or other interests apply. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Individuals and entities involved in secured transactions, including secured parties, debtors, account debtors, consignees, consignors, and other relevant parties
What does it govern?
Secured Transactions
What are exemptions?
Exemptions include when federal law preempts it, when another statute of the state governs the creation 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, or when specific exemptions related to liens, assignments, transfers, or other interests apply
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
South Dakota