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Article 9 of the Uniform Commercial Code (UCC) provides various methods for a secured creditor to repossess collateral after default. The method for obtaining possession depends on the nature of the collateral and, to some extent, how the security interest was perfected.

In order to become a secured party, one must (i) prepare a document which grants a security interest (which is the agreement between the parties) and (ii) also perfect on that security interest (which is the notice to the world of the security interest). Without both steps occurring, the lender will be unsecured.

What makes someone a secured party? To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.

What constitutes ?seriously misleading?? ing to UCC Article 9-506(b), a Financing Statement is seriously misleading if a search for the debtor's legal name does not reveal the filing. seriously misleading. ?Standard Search Logic? is the holy grail of determining whether or not a filing is seriously misleading.

Default itself is not defined in Article 9 of the UCC; rather, Article 9 leaves to the parties the task of determining?typically in the security agreement or other related document?the situations in which the debtor's failure to live up to its end of the bargain may entitle the secured party to exercise remedies ...

UCC § 9-203 sets forth the requirements for attachment and enforceability of security interests. In general: (1) the creditor must give value, (2) the debtor must have rights in the collateral, and (3) there must be a security agreement or other action indicating an intent to convey a security interest.