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Can you summarize Tex. Bus. & Com. Chapter 9?
UNIFORM COMMERCIAL CODE > SECURED TRANSACTIONS
Short Summary
These legal documents, part of the Texas Statutes under the Business and Commerce Code, specifically the Uniform Commercial Code (UCC), govern various aspects of secured transactions. They provide definitions for terms used in secured transactions, establish the effectiveness and attachment of security interests, outline the rights and obligations of parties to a security agreement, and provide rules and guidelines for perfection, effect, and priority of security interests. The documents apply to a wide range of entities involved in secured transactions, including creditors, debtors, secured parties, buyers, lessees, licensees, banks, securities intermediaries, commodity intermediaries, account debtors, assignors, assignees, promissory note holders, health-care-insurance receivable assignees, general intangible assignees, applicants, issuers, nominated persons, beneficiaries, and transferee beneficiaries. Specific exemptions are provided for health-care-insurance receivables or interests in partnerships or limited liability companies. No specific penalties are mentioned in these documents.
Whom does it apply to?
Creditors, debtors, secured parties, buyers, lessees, licensees, banks, securities intermediaries, commodity intermediaries, account debtors, assignors, assignees, promissory note holders, health-care-insurance receivable assignees, general intangible assignees, applicants, issuers, nominated persons, beneficiaries, transferee beneficiaries
What does it govern?
Secured transactions, perfection, effect, and priority of security interests, rights and obligations of parties involved
What are exemptions?
Specific exemptions for health-care-insurance receivables or interests in partnerships or limited liability companies
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Texas