The file time for a UCC record delivered by this method, notwithstanding the time of delivery, is the next close of business following the time of delivery even though the UCC record may not yet have been accepted for filing and may be subsequently rejected. Postal service delivery to the Secretary of State's mailing address. The file time for a UCC record delivered by this method is the next close of business following the time of delivery even though the UCC record may not yet have been accepted for filing and may be subsequently rejected.
A UCC record delivered after regular business hours or on a day the Secretary of State's office is not open for business will have a filing time of the close of business on the next day the Secretary of State's office is open for business. Electronic filing.
UCC records, excluding information statements, may be transmitted electronically using the XML format approved by the International Association of Commercial Administrators. The Secretary of State's office publishes an implementation guide that prescribes the use of the XML format. The implementation guide shall be available to the public upon request.
The file time for a record delivered by this method is the time that the Secretary of State's UCC information management system analyzes the relevant transmission and determines that all the required elements of the transmission have been received in a required format and are machine readable. UCC records also may be transmitted electronically through online entry. The file date and time for a UCC record delivered by this method are the date and time that the UCC information management system receives it.
The appropriate fee shall be paid at the time a UCC record is submitted to the Secretary of State for filing. The methods of payment are United States dollars, check, money order, cashier's check, credit card, and a debit to a prepaid customer account established with the Secretary of State. History New section filed ; operative pursuant to Government Code section Search Request Delivery.
Back to Top Article 2. Acceptance and Refusal of Records Continuation Period for Financing Statements. First day permitted. The first day on which a continuation may be filed is the date corresponding to the date upon which the financing statement would lapse, six months preceding the month in which the financing statement would lapse.
If there is no such corresponding date the first day on which a continuation may be filed is the last day of the sixth month preceding the month in which the financing statement would lapse. Last day permitted. The last day on which a continuation may be filed is the date upon which the financing statement lapses. History New article 2 sections Procedure upon Refusal. Refusal Errors. Back to Top Article 3. History New article 3 sections Amendment of article heading and section filed ; operative Register , No.
Record Filing Procedures. UCC records may be submitted directly to the Secretary of State's office using the UCC information management system which can be accessed through the Secretary of State's website. Record Indexing. A submitter may index a record into the UCC information management system by following the indexing procedures in the manner set forth in Section of these rules. Filing Date. Filing Time. The filing time of a UCC record is the time described in subdivision a 1 - 4 of Section Search Request Procedures.
Back to Top Article 4.
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Filing and Data Entry Procedures. History New article 4 sections Organization Names. Organization names are entered into the UCC information management system as set forth in the UCC record, even if it appears that multiple names are set forth in the record or it appears that the name of an individual has been included in the field designated for an organization name. Individual Names. Amendment of section and Note filed ; operative Register , No. Back to Top Article 5.
The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws referred to as the Uniform Law Commissioners , in collaboration with the American Law Institute. The Commissioners are all attorneys, qualified to practice law, including state and federal judges, legislators and law professors from throughout the United States and its territories.
These quasi-public organizations meet and decide whether to endorse the drafts or to send them back to the experts for revision.
The revision process may result in several different revisions of the original draft. Once a draft is endorsed, the Uniform Law Commissioners recommend that the states adopt these rules. The UCC is a model code , so it does not have legal effect in a jurisdiction unless UCC provisions are enacted by the individual state legislatures as statutes.
The rules for each of the transactional areas covered by the UCC are collected into separate parts called an "Article.
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Article 1 of the Code contains a set of general provisions equally applicable to all subsequent articles. Articles 10 and 11 contain provisions for effective dates, repeals and transitional matters. Besides the text of the Code itself, the Official Comments are almost universally treated as the most authoritative sources in the construction of the Code sections. The PEB Commentary was introduced in Note that some Commentary may be superseded by later Code amendments.
Lastly, a substantial body of case law exists on the UCC.
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UCC litigation occurs in both federal and state courts, including bankruptcy courts, for matters arising under Article 9. Some Articles are less litigated than others, resulting in limited case law for certain Articles. The following list includes the most widely consulted sources:.
Current edition on Reserve; earlier editions KF It includes the Official Comments to the Code as well as an unofficial table of cross-references from prior uniform acts to the Code. Some appendices include earlier texts of several Articles, as well as the texts of amendments incorporated into the Code at different times. PEB Commentaries are included in one of the appendices. PEB commentaries are available within the same database. The annual supplement pocket parts contain recent updates and case law; the online version in Westlaw is kept up to date.
When adopting the UCC, states may make revisions to the model code. This re-characterization of the proprietary right into a simple contractual right may enable the account provider to "re-use" the security without having to ask for the authorization of the investor.
This is especially possible within the framework of temporary operations such as security lending , option to repurchase , buy to sell back or repurchase agreement. This system the distinction between the downward holding chain which traces the way in which the security was subscribed by the investor and the horizontal and ascending chains which trace the way in which the security has been transferred or sub-deposited. Contrary to claims suggesting that Article 8 denies American investors their security rights held through intermediaries such as banks, Article 8 has also helped US negotiators during the negotiations of the Geneva Securities Convention , also known as the Unidroit Convention on Substantive Rules for Intermediated Securities.
Article 9 governs security interests in personal property as collateral to secure a debt. A creditor with a security interest is called a secured party. Fundamental concepts under Article 9 include how a security interest is created called attachment ; how to give notice of a security interest to the public, which makes the security interest enforceable against others who may claim an interest in the collateral called perfection ; when multiple claims to the same collateral exist, determining which interests prevail over others called priority ; and what remedies a secured party has if the debtor defaults in payment or performance of the secured obligation.
Article 9 does not govern security interests in real property, except fixtures to real property. Security interests in real property include mortgages , deeds of trusts , and installment land contracts. There may be significant legal issues around security interests in Bitcoin. The obligee which is the debtor shall return all assets stated in the collateral to secured party after the perfection of default by secured party in response to protest by the Obligee within specified time frame in the civil code and UCC Article Article 5, governing letters of credit , has been influential in international trade finance simply because so many major financial institutions operate in New York.
Article 9, which established a unified framework for security interests in personal property, directly inspired the enactment of Personal Property Security Acts in every Canadian province and territory except Quebec from onwards, followed by New Zealand 's Personal Property Securities Act and the Australian Personal Property Securities Act of From Wikipedia, the free encyclopedia.
Further information: Secured transactions in the United States.
State Legislative Alert: Uniform Commercial Code Article 1
American Law Institute. Retrieved August 23, Kidwell; William Whitford Contracts: Law in Action. I 3rd ed. Laws Ann. Roszkowski SMU Law Review. Speidel Teaching Materials on Commercial and Consumer Law 3rd ed. West Publishing Co.
We Use Coins. Retrieved November 27, Namespaces Article Talk.
Inside Articles of the UCC