§ 9-203. Attachment and Enforceability of Security Interest; Proceeds; Formal Requisites.(1) Subject to the provisions of Section 4-208 on the security interest of a collecting bank, Section 8-321 on security interests in securities and Section 9-113 on a security interest arising under the Article on Sales, a security interest is not enforceable against the debtor or third parties with respect to the collateral and does not attach unless:
- (a) the collateral is in the possession of the secured party pursuant to agreement, or the debtor has signed a security agreement which contains a description of the collateral and in addition, when the security interest covers crops growing or to be grown or timber to be cut, a description of the land concerned;
- (b) value has been given; and
- (c) the debtor
has rights in the collateral.
(3) Unless otherwise agreed a security agreement gives the secured party the rights to proceeds provided by Section 9-306.
(4) A transaction, although subject to this Article, is also subject to _______*, and in the case of conflict between the provisions of this Article and any such statute, the provisions of such statute control. Failure to comply with any applicable statute has only the effect which is specified therein.
- Note: At * in subsection (4) insert reference to any local statute regulating small loans, retail installment sales and the like.
- The foregoing subsection (4) is designed to make it clear that certain transactions, although subject to this Article, must also comply with other applicable legislation.
- This Article is designed to regulate all the "security"
aspects of transactions within its scope. There is, however, much
regulatory legislation, particularly in the consumer field, which
supplements this Article and should not be repealed by its
enactment. Examples are small loan acts, retail installment selling
acts and the like. Such acts may provide for licensing and rate
regulation and may prescribe particular forms of contract. Such
provisions should remain in force despite the enactment of this
Article. On the other hand if a retail installment selling act
contains provisions on filing, rights on default, etc., such
provisions should be repealed as inconsistent with this Article
except that inconsistent provisions as to deficiencies, penalties,
etc., in the Uniform Consumer Credit Code and other recent related
legislation should remain because those statutes were drafted after
the substantial enactment of the Article and with the intention of
modifying certain provisions of this Article as to consumer credit.
See Appendices I and II for material relating to changes made in text in 1977 and 1972.
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