What does UCC Article 9 cover?
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.
How long is a UCC good for in Delaware?
five years
What is an UCC filing expiration? The UCC’s normal rule is that a financing statement remains valid for a period of five years from the date of filing. Unless a continuation statement is properly filed before expiration of the five year period, the effectiveness of the financing statement will lapse.
What is a UCC security interest?
Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.
How is an enforceable security interest created under Article 9 of the UCC?
In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the …
Does UCC Article 9 apply to consumer transactions?
Credit extended for the operation of a business is not consumer debt and even consumer goods or consumer intangibles taken as security would not make the transaction a consumer transaction (though as noted above, some provisions of Revised Article 9 apply to transactions secured by consumer goods even though the credit …
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.
Does UCC only apply to merchants?
The UCC defines a “merchant” in Section 2104 as “a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed.” While the UCC includes certain …
How to file UCC with the state of Delaware?
The filing office will no longer accept paper UCC filings submitted directly to the State via mail, courier or fax. Electronic UCC filings may be submitted directly to the Division via the State’s e-UCC web application or through a variety of UCC XML submitters.
When does the Uniform Commercial Code change in Delaware?
UCC Paper Filing Change Effective December 1, 2015, the Delaware Division of Corporations will modify the acceptable methods of communication authorized by the filing office for the acceptance of Uniform Commercial Code (UCC) filings. The Division will require that all UCC filings be submitted to the Division electronically.
What happens when secured party is removed from UCC?
As a result, a Secured Party Full or Partial Assignment filing, whether changed or new, will be reflected on a UCC Search listing as “Added”. A search listing will not show Secured Party as “Removed”. This change aligns the indexing results to be more in keeping with Article 9-511 (c) of the Delaware Uniform Commercial Code.
Which is the only form that is acceptable for UCC?
Effective July 1, 2001, the National Standard Form will be the only UCC form acceptable. The following forms are PDF files which require Acrobat Reader to view. PLEASE NOTE – DOWNLOADING UCC FORMS WILL TAKE YOU DIRECTLY TO THE IACA WEBSITE.
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