What is revised Article 9?

What is revised Article 9?

Revised Article 9 will also introduce a less burdensome rule for determining the “location” of most types of debtor. Under the old Article 9, a debtor other than a natural person was deemed located at its “place of business,” if it has one, or at its “chief executive office,” if it had more than one.

Has california adopted the UCC?

The code has the effect of law only when it is adopted by the particular state. California has largely adopted the UCC, with some changes. Indeed, the UCC has been adopted by all 50 states of the U.S, although with variations. It is the longest and most elaborate of the uniform acts.

What does Article 9 apply to?

Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.

What is UCC filing California?

SACRAMENTO, CA – The Secretary of State’s Office launched a new Uniform Commercial Code (UCC) Online web portal. The new UCC Online allows you to conduct free searches, access free copies, file notices of lien documents, and more.

What is not covered by Article 9?

As noted in Chapter 3 (The Nature of Secured Credit under Article 9), Article 9 generally governs only consensual liens on personal property, i.e., security interests in personal property created by agreement. The creation of most other types of liens is largely outside the scope of Article 9.

Did Florida adopt the UCC?

The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted….UCC adoption summary.

Jurisdiction Florida
Art. 6 No
Art. 7 Yes
Art. 8 Yes
Art. 9 Yes