Guide · Commercial

Secured Transactions: A Comprehensive Guide to Attachment, Perfection, Priority, Default, and Disposition of Collateral

7 U.S.C. § 1631

Type
Guide
Jurisdiction
National
Date
2024-05-18
Topic
Commercial

This guide covers secured transactions from documentation through enforcement. It separates attachment from perfection, then works through each attachment element and the collateral description rules that differ between the security agreement and the financing statement. It sets out the debtor name rules that decide more cases than any other provision, the filing office rules keyed to the debtor's location, and the maintenance obligations that cause a perfect filing to lapse. It then covers perfection by control, possession, and automatic operation, the full priority ordering including purchase-money superpriority and its different inventory conditions, and proceeds tracing. It addresses the buyer who takes free, the federal regimes that displace state filing entirely, and the bankruptcy provisions that turn documentation defects into total losses. It closes with default, disposition, notification, and deficiency practice.

Secured Transactions: A Comprehensive Guide to Attachment, Perfection, Priority, Default, and Disposition of Collateral

Commercial > Secured Transactions, Collateral, and UCC Article 9 | Published 18 May 2024 - Updated 5 December 2024 | UpLaw - uplaw.us

1. The distinction that organizes everything

Attachment creates rights between the debtor and the secured party. Perfection creates rights against third parties who were never in the deal — competing lenders, buyers, judgment creditors, and a bankruptcy trustee.

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