Personal Property. The UCC divides personal property or goods into different classes: consumer goods, equipment, inventory, general intangibles, farm products and fixtures. As far as tangible personal property is concerned, the goods are classified by the debtor's intended use.Moreover, what is investment property under the UCC?
"Investment Property" means a security, whether certificated or uncertificated; securities account; securities entitlement; commodity account; or commodity contract. [10] Examples of securities include stocks, bonds and similar assets that qualify as securities under Article 8 of the UCC.
Likewise, does the UCC apply to real property? Application of the UCC. The Uniform Commercial Code (UCC) is a large body of regulations that governs commercial business transactions. Generally, the UCC deals with transactions of personal property but not of real property. This is because states can apply the UCC differently.
In this way, what is a fixture under the UCC?
“Fixtures,” is defined by UCC Section 9-102(a)(41) as goods that have become so related to particular real property that an interest in them arises under real property law. A security interest in fixtures can be perfected by filing a financing statement or record of mortgage.
What transactions does the UCC cover?
The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions.
What is a general intangible under the UCC?
(42) "General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction.Is a car a consumer good under the UCC?
The use of a vehicle by its owner for purposes of traveling to and from his employment is a personal, as opposed to a business use, as that term is used in UCC § 9-109(l), and the vehicle will be classified as consumer goods rather than equipment.Is chattel paper a stock?
Stocks and bonds are examples of paper collateral. Another common form of paper collateral is chattel paper. Chattel paper is a writing that indicates that the holder is owed money and has a security interest in valuable goods associated with the debt.What is collateral article9?
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.What is as extracted collateral?
The term “as-extracted collateral” is defined as “oil, gas, or other minerals that are subject to a security interest that (i) is created by a debtor having an interest in the minerals before extraction and (ii) attaches to the minerals as extracted” (UCC § 9-102(a)(6)(A)).What is a consumer goods transaction?
Consumer-Goods Transaction Law and Legal Definition. Pursuant to the Uniform Commercial Code, "Consumer-goods transaction" means a consumer transaction in which an individual incurs an obligation primarily for personal, family, or household purposes; and a security interest in consumer goods secures the obligation.What is a public finance transaction under the UCC?
Public-Finance Transaction Law and Legal Definition. . Pursuant to the Uniform Commercial Code, "Public-finance transaction" means a secured transaction in connection with which debt securities are issued, and all or a portion of the securities issued have an initial stated maturity of at least 20 years.What is chattel paper UCC?
The UCC defines chattel paper as “a record or records that evidence both a monetary obligation and a security interest in specific goods… or a lease of specific goods.”1 The definition expands to include a security interest in, or license of, software used in connection with the specific goods.Do fixture filings need to be continued?
A: If it is a county fixture filing, it is treated as a financing statement and must be continued after five years. It does not relate to the deed of trust or any other mortgage lapse period. There are a few limited exceptions.What does fixture filing mean?
A fixture filing is “the filing of a financing statement covering goods that are or are to become fixtures and satisfying Section 9-502(a) and (b). The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures.” – Article 9-102(40)What is a UCC filing used for?
UCC filings or liens are legal forms that a creditor files to give notice that it has an interest in the personal or business property of a debtor. Essentially, UCC lien filings allow a lender to formally lay claim to collateral that a debtor pledges to secure their financing.What is a ucc1 fixture Lien?
A UCC-1 Lien or Fixture Filing is present in all leased and PPA agreements. A lien is a type of security interest that is granted over a piece of property to give the lender protection in case any problems arise from the borrower.Are crops fixtures?
Paragraph (b) of the definition of “crops” provides that trees which have not been harvested will constitute crops if they are “personal property”. The definition of “land” excludes “fixtures”, with the result that fixtures are personal property. The definition of “fixtures” excludes “crops”.How long are UCC fixture filings good for?
five years
What is a transmitting utility?
—The term 'transmitting utility' means any electric utility, qualifying cogeneration facility, qualifying small power production facility, or Federal power marketing agency which owns or operates electric power transmission facilities which are used for the sale of electric energy at wholesale.”Where are fixture filings filed?
A fixture filing covers goods that are permanently attached to the land or real property. Fixture filings are recorded at a county Register of Deeds office.Does UCC Article 9 apply to mortgages?
The UCC is a model code sponsored by the American Law Institute and the Uniform Law Commission that governs commercial transactions and has been enacted, in one form or another, in each of the 50 states. Generally, Articles 3 and 9 of the UCC are relevant to mortgage loans. 
