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Can you summarize UTCO Title 70A, Chapter 9a?
Uniform Commercial Code > Uniform Commercial Code - Secured Transactions
Short Summary
The provided legal document content pertains to the transition provisions for the 2010 Amendments to the Uniform Commercial Code - Secured Transactions in the state of Utah. It specifies the effectiveness of actions taken before and after the effective date of Laws of Utah 2013, Chapter 225. The document explains that if the relative priorities of conflicting claims to collateral were established before Laws of Utah 2013, Chapter 225 takes effect, the chapter as it existed before amendment determines priority. It also states that a person may file an initial financing statement or a continuation statement under this part if authorized by the secured party of record and if necessary to continue the effectiveness of a financing statement filed before the mentioned law takes effect, or to perfect or continue the perfection of a security interest. The document further provides guidance on amending pre-effective-date financing statements, continuing their effectiveness, and terminating them. It also mentions that the filing of an initial financing statement in a specified office continues the effectiveness of a financing statement filed before a certain date, subject to specific requirements. Additionally, the document specifies that a security interest that is already perfected before July 1, 2013, will continue to be considered perfected under the amended chapter if the applicable requirements for attachment and perfection under the amended chapter are satisfied without further action. Overall, these documents provide important information and guidelines for parties involved in secured transactions and financing statements in the state of Utah.
Whom does it apply to?
Persons who have filed a financing statement before the effective date of this act, secured parties, debtors, obligors, transferees of collateral
What does it govern?
Amendment of pre-effective-date financing statements, procedure for security agreements covering personal and real property or goods that are or become fixtures, rights and duties of secured parties, debtors, and obligors after default, acceptance of collateral in satisfaction of obligation, compulsory disposition of collateral, commercially reasonable conduct, actions arising from transactions with deficiency or surplus, remedies for secured party non-compliance, transfer of record or legal title in defaulted obligations, rights of transferees of collateral
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Utah