UCC 9 Consice Outline

UCC 9 Consice Version [Secured Transactions]

Although this is an extremely concise outline of the UCC 9, Secured Transactions, if a Secured Transactions essay question appears on the Florida Bar Exam, the following information should help you to earn a few points by knowing the “lingo”/buzz words. You can find a more detailed version of this subject here: Extensive Outline UCC 3 Secured Transactions.

1. Secured Transactions – Article 9 of the UCC applies.
2. PMSI – always check for this regarding top priority (2^nd in time, 1^st in right).
3. Security Interest – created by a written security agreement or by the Secured Party’s taking possession, delivery or control of the collateral with the intent to service a debt, plus attachment of the Security Interest to the Collateral, (then need to “Perfect”.)
4. After-acquired collateral in Inventory is okay, (even if not referenced in Security Agreement), but after-acquired collateral in Consumer Goods not okay unless debtor acquires goods within 10 days of Secured Party giving value.
5. If a PMSI in consumer goods, Automatic Perfection Forever (no need to file or have possession), but for PMSI in fixtures or Real Property, need to file to Perfect.
6. A secured interest attaches to any “identifiable proceeds” of the collateral upon disposition (sale) of the collateral.
7. A “Buyer in the Ordinary Course” is a buyer who:
   1. Buys goods in good faith;
   2. Without knowledge that the sale violates the rights of another person in the goods; and
   3. Buys in the ordinary course from a Seller in the business of selling goods of that kind.
8. A Buyer in the Ordinary Course almost always wins, even over PMSI.
9. A debtor may not waive right to redeem in a Consumer Goods transaction.

See also Extensive Outline UCC 3 Secured Transactions [Password Protected Page]

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