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Texas Business & Commerce Code - Chapter 9 Secured TransactionsLegal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Chapter 9 Secured Transactions Sponsored LinksThis chapter may be cited as Uniform Commercial Code--Secured Transactions. Amended by Acts 1999, 76th Leg., ch. 414, § 1.01, eff. July 1, 2001. ... (a) In this chapter: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original ... (a) In this section: (1) "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (2) "Purchase-money obligation" ... (a) A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; ... A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such ... (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 8.106. (b) A secured party has control ... A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated ... (a) Except as otherwise provided in Subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is ... (a) Except as otherwise provided in Subsections (c), (d), and (e), this chapter applies to: (1) a transaction, regardless of its form, that creates a ... A security interest arising under Section 2.401, 2.505, 2.711(c), or 2A.508(e) is subject to this chapter. However, until the debtor obtains possession of the goods: ... (a) Except as otherwise provided by this title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, ... Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with ... (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the ... (a) Except as provided in Subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) A security interest ... (a) A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, ... (a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) the person buys a financial asset through ... (a) Except as otherwise provided in Subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured ... (a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur ... (a) Except as otherwise provided in Subsection (c), this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is ... (a) In this section: (1) "Request" means a record of a type described in Subdivision (2), (3), or (4). (2) "Request for an accounting" means ... Except as otherwise provided in Sections 9.303 through 9.306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the ... While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority ... (a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate ... (a) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a ... (a) Except as otherwise provided in Subsection (c), the following rules apply: (1) While a security certificate is located in a jurisdiction, the local law ... (a) Subject to Subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, ... (a) In this section, "place of business" means a place where a debtor conducts its affairs. (b) Except as otherwise provided in this section, the ... (a) Except as otherwise provided in this section and Section 9.309, a security interest is perfected if it has attached and all of the applicable ... The following security interests are perfected when they attach: (1) a purchase money security interest in consumer goods, except as otherwise provided in Section 9.311(b) ... (a) Except as otherwise provided in Subsection (b) and Section 9.312(b), a financing statement must be filed to perfect all security interests and agricultural liens. ... (a) Except as otherwise provided in Subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in ... (a) A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing. (b) Except as otherwise provided in Sections ... (a) Except as otherwise provided in Subsection (b), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible ... (a) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral ... (a) Except as otherwise provided in this chapter and Section 2.403(b): (1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, ... (a) A security interest perfected pursuant to the law of the jurisdiction designated in Section 9.301(1) or 9.305(c) remains perfected until the earliest of: (1) ... (a) A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under Section 9.322; and (2) except ... (a) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the ... (a) Except as otherwise provided in Subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a ... (a) Except as otherwise provided by Subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person ... (a) In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without ... (a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the ... (a) Except as otherwise provided in Subsection (c), for purposes of determining the priority of a perfected security interest under Section 9.322(a)(1), perfection of the ... (a) Except as otherwise provided in Subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting ... (a) Except as otherwise provided in Subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral ... (a) Subject to Subsection (b), a security interest created by a new debtor that is perfected by a filed financing statement that is effective solely ... The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control ... The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control ... The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control ... (a) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject ... (a) This chapter does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document ... (a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the ... (a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) that secures payment or performance of ... (a) A security interest under this chapter may be created in goods that are fixtures or may continue in goods that become fixtures. A security ... (a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected ... (a) In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in ... If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title ... If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Section 9.516(b)(5) that is incorrect at the ... This chapter does not preclude subordination by agreement by a person entitled to priority. Added by Acts 1999, 76th Leg., ch. 414, § 1.01, eff. ... (a) Except as otherwise provided in Subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off ... Except as otherwise provided in Section 9.340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to ... This chapter does not require a bank to enter into an agreement of the kind described in Section 9.104(a)(2), even if its customer so requests ... (a) This section provides a security interest in favor of interest owners, as secured parties, to secure the obligations of the first purchaser of oil ... (a) Except as otherwise provided in Subsection (b) and Sections 9.406, 9.407, 9.408, and 9.409, whether a debtor's rights in collateral may be voluntarily or ... The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject ... (a) In this section, "value" has the meaning provided in Section 3.303(a). (b) Except as otherwise provided in this section, an agreement between an account ... (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to Subsections (b)-(e), the rights of an ... (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights ... (a) Subject to Subsections (b)-(i), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor ... (a) Except as otherwise provided in Subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts, or ... (a) Except as otherwise provided in Subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor ... (a) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit that ... (a) Except as otherwise provided in Subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the ... (a) Subject to Subsection (b), a financing statement is sufficient only if it: (1) provides the name of the debtor; (2) provides the name of ... (a) A financing statement sufficiently provides the name of the debtor: (1) if the debtor is a registered organization, only if the financing statement provides ... A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to Section 9.108; ... (a) A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing ... (a) A financing statement substantially satisfying the requirements of this subchapter is effective, even if it has minor errors or omissions, unless the errors or ... (a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a ... (a) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral ... (a) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to ... (a) A filed record is effective only to the extent that it was filed by a person that may file it under Section 9.509. (b) ... (a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured ... (a) Subject to Section 9.509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to Subsection (e), ... (a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if ... (a) Except as otherwise provided in Subsection (c), an initial financing statement may reflect an assignment of all of the secured party's power to authorize ... (a) Except as otherwise provided in Subsections (b)-(g), a filed financing statement is effective for a period of five years after the date of filing. ... (a) Except as otherwise provided in Subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of ... The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. Added by Acts 1999, 76th ... (a) A person may file in the filing office a correction statement with respect to a record indexed there under the person's name if the ... (a) A person may not intentionally or knowingly present for filing or cause to be presented for filing a financing statement that the person knows: ... (a) For each record filed in a filing office, the filing office shall: (1) assign a unique number to the filed record; (2) create a ... (a) A filing office shall refuse to accept a record for filing for a reason set forth in Section 9.516(b) and may refuse to accept ... (a) Except as provided by Section 9.516(b), a filing office that accepts written records may not refuse to accept a written initial financing statement on ... (a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness ... (a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image ... Delay by the filing office beyond a time limit prescribed by this subchapter is excused if: (1) the delay is caused by interruption of communication ... (a) Except as otherwise provided in Subsections (e) and (f), the fee for filing and indexing a record under this subchapter, other than an initial ... (a) The Secretary of State shall adopt and publish rules to implement this chapter. The filing-office rules must be consistent with this chapter. (b) To ... The Secretary of State shall report before January 1 of each odd-numbered year to the Legislature on the operation of the filing office. The report ... (a) After default, a secured party has the rights provided in this subchapter and, except as otherwise provided in Section 9.602, those provided by agreement ... Except as otherwise provided in Section 9.624, to the extent that they give rights to a debtor or obligor and impose duties on a secured ... (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a ... (a) If a security agreement covers both personal and real property, a secured party may proceed: (1) under this subchapter as to the personal property ... A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, ... For purposes of this subchapter, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the ... (a) If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral ... (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply ... (a) After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral ... (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or ... (a) In this section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary ... (a) Except as otherwise provided in Subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) In a ... Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the ... In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) the information specified in Section 9.613(1); ... (a) A secured party shall apply or pay over for application the cash proceeds of disposition under Section 9.610 in the following order to: (1) ... (a) In this section: (1) "Explanation" means a writing that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance ... (a) A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in the collateral; (2) ... (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an ... (a) In this section, "transfer statement" means a record authenticated by a secured party stating: (1) that the debtor has defaulted in connection with an ... (a) Except as otherwise provided in Subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only ... (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) ... (a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented ... (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) ... (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 9.611 only by an agreement to that ... (a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, ... (a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, ... (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a ... (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate ... (a) In this subchapter, "revision" means the revision of this chapter enacted by the 76th Legislature, Regular Session, 1999. (b) The revision takes effect July ... (a) Except as otherwise provided in this subchapter, this chapter, as revised, applies to a transaction or lien within its scope, even if the transaction ... (a) A security interest that is enforceable immediately before the effective date of the revision and would have priority over the rights of a person ... A security interest that is enforceable immediately before the revision takes effect but that would be subordinate to the rights of a person that becomes ... (a) If action, other than the filing of a financing statement, is taken before the revision takes effect and the action would have resulted in ... (a) The filing of an initial financing statement in the office specified in Section 9.501, as revised, continues the effectiveness of a financing statement filed ... (a) In this section, "pre-effective-date financing statement" means a financing statement filed before the revision takes effect. (b) After the revision takes effect, a person ... A person may file an initial financing statement or a continuation statement under this subchapter if: (1) the secured party of record authorizes the filing; ... (a) This chapter, as revised, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the ... Last modified: August 11, 2007 |