UCC Article 9 Mississippi Code is the set of rules governing secured transactions in Mississippi. It is part of the Uniform Commercial Code (UCC), which is a comprehensive set of laws governing commercial activities in the United States. UCC Article 9 Mississippi Code applies to a wide variety of transactions, including loans, leases, and sales of goods. The main types of UCC Article 9 Mississippi Code are: • General Provisions: These provisions contain the definitions and general rules of the UCC, applicable to all Article 9 transactions. • Security Interests in Personal Property: These provisions cover the rules for creating, perfecting, and enforcing security interests in personal property. • Priority Rules: These provisions set out the circumstances in which a security interest has priority over other creditors. • Sale of Accounts and Chattel Paper: These provisions govern the sale, assignment, and transfer of accounts, contract rights, and certain other forms of intangible personal property. • Investment Securities: These provisions cover the rules for creating, perfecting, and enforcing security interests in investment securities. • Funds Transfer: These provisions govern the use of certain electronic payment systems, such as Automated Clearing House (ACH) transfers. • Commodities Contracts: These provisions cover the rules for creating, perfecting, and enforcing security interests in commodities contracts. • Real Property: These provisions cover the rules for creating, perfecting, and enforcing security interests in real property.
UCC Article 9 Mississippi Code
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FAQ
The main point of Article 9 is to be a secured creditor: If a creditor is secured it has a claim in something of the buyer's (the goods exchanged for future payment or other collateral). This gives the creditor: Right of repossession of goods extended in exchange for future payment if the payment is never made.
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.
Section 9-504 of the UCC states that a financing statement may use the super generic identification of collateral such as ?all assets? or ?all personal property,? which is directly contrary to the security agreements, which do not allow that.
As defined by the UCC, general intangibles include any personal property - except for money, documents, investment property, instruments, goods, accounts, chattel paper, proceeds from letters of credit, and oil, gas, or other minerals before extraction.
A common and useful practice is to specify types of assets that are collateral using UCC Article 9 definitions of asset types. Some common asset types defined under UCC Article 9 include accounts, chattel paper, documents, equipment, general intangibles, instruments, inventory, and investment property.
UCC forms are standardized to reflect the use of the Uniform Commercial Code across all 50 states. Consequently, forms used in Mississippi should be nearly identical to those used in every other state.
Article 9 of the UCC governs security interests in ?general intangibles,? namely patents, trademarks, copyrights, and other intellectual properties.