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- These changes specify that the filings required under Article 9 should be done in the location of the debtor and naming the debtor under the name filed when it was organized with the state (if a business) or the individual's name (if the debtor is an individual).
www.investopedia.com/terms/a/article-9.asp
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Jul 2, 2024 · Under Article 9, if a debtor defaults on their debt, the creditor may repossess the secured property. For example, suppose that Alex brings a computer to be serviced by Sam. Upon...
May 3, 2024 · If an entity is a corporation, for example, the location of the debtor is the state in which the corporate charter is filed or registered. In old Article 9, the entity that is a debtor is located in the state in which it has its chief executive office.
Jun 25, 2021 · Learn how debt relief under Article 9 is a cooperative process–benefitting both business owners and creditors. Business debt relief under UCC Article 9 involves an out-of-court, cooperative reorganization that preserves a business operation in a new, debt-free operating entity, as reported by Bloomberg Businessweek in August of 2020.
Nov 1, 2022 · 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. Once the security interest has “attached,” it is effective between the debtor and the creditor.
Under Article 9, a lender seeking to secure its debt with the personal property of a debtor may: Negotiate and memorialize its security interest in an agreement. Perfect its position as a secured lender relative to other interests in the property.
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Sep 24, 2018 · Article 9 provides a detailed instruction manual on steps to take to legally protect a debt by staking a claim in the debtor’s property. The understanding and use of the basic elements of a secured transaction in Article 9 can be a daunting task.
Jul 15, 2019 · This article explains the different methods available for perfecting a security interest in fixtures under Article 9, the priority rules applied to each, and how to correctly calculate the applicable lapse date.
