What is Article 9 of the Uniform Commercial Code?

What is Article 9 of the Uniform Commercial Code?

Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.

What is revised Article 9?

, under Revised Art. 9 a security interest in letter of credit rights as original. collateral may only be perfected by control and not by possession or filing (except where the. letter of credit constitutes proceeds of other collateral or is a “supporting obligation” for. collateral perfected by some other method.

When was the UCC Article 9 last amended?

The Uniform Commercial Code’s Article 9-Secured Transactions was substantially revised in 1998 and then further amended in 2010. All fifty states have enacted the changes to create a uniform system of laws for commercial transactions.

What does Article 9 of the Universal Declaration of Human rights mean?

Article 9. No one shall be subjected to arbitrary arrest, detention or exile.

What is a secured transaction under Article 9?

Article 9 of the Uniform Commercial Code (UCC), as adopted by all fifty states, generally governs secured transactions where security interests are taken in personal property. It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.

When was the UCC last revised?

The Uniform Law Commission and American Law Institute approved a revised Article 2 in 2003 that was not adopted in any state, and was subsequently withdrawn by both organizations in 2011. Thus the 1951 version of Article 2 is the most recent official version.

When was the UCC Revised?

Article 9 of the Uniform Commercial Code (the “UCC”) was substantially revised in 1998 by the Uniform Law Commission and was enacted in all 50 states and the District of Columbia. Over the years, it became clear that there need to be some amendments to address filing issues and other concerns.

Why is the 9th human right important?

With Article 9, part of the large section of the UDHR (Articles 6-11) devoted to standards for the administration of justice, the Universal Declaration makes clear that a person’s freedom does not automatically evaporate on arrest or conviction.

Is it a human right to have a passport?

The right to leave also includes the right to a passport or other necessary travel documents which is normally a positive duty of the state of nationality.

What are proceeds under Article 9?

As discussed in last issue’s column, revised Article 9 greatly expands the definition of “proceeds” so that a security interest in specific collateral will automatically extend to after-acquired property that is derived from the original collateral, even if there is no disposition of the original collateral.

What is the new UCC?

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.

What is Article 9 of the Human Rights Act?

Article 9 protects your right to hold both religious and non-religious beliefs. This is an absolute right which means it can’t be interfered with by the state. Article 9 includes the right to choose or change your religion or beliefs.

Can the government take away your human rights?

Public authorities must respect your human rights. But there are some situations where the Human Rights Act says it’s lawful for a public authority to interfere with your rights. Read this page to find out more about when your human rights can be restricted.

Do I have the right to travel freely?

The U.S. Constitution and Supreme Court recognize and protect the right to interstate travel. The travel right entails privacy and free domestic movement without governmental abridgement.